car finance - BIG HUGE mistake

sunflower_2

hi

in november i decided a would like to have a new car, went to have a look, ended up with a test drive and 2 hours later had signed for finance and paid £3k deposit!!!!

got the new car in december and it hasnt made my life any happier at all.
i am just now really struggling with cash and resent the car

the car itself isnt what i thought it would be, feels quite cheap to drive and not at all worth the £12k price tag
has already been back in for few faults and am waiting for them to contact me once "part" comes in

i know there is nothing i can do - but is there anything i can do - other than sell it and lose a small fortune?

Broken_hearted

Hugs. Can't think of anything you can do.

duncans-mum_2

I can totally sympathise with you. Car finance was actually the start of my money downfall, but don't let that make you feel worse, I didn't have MSE in my life to sort me out. All I did was firstly cancelled the PPI because that reduced the payments that I cold not afford, and then when half of the finance had been paid (which was £7500) I asked them to take the car back, job done thank you very much. It was completely guttingthat I paid so much money already with nothing to show for it but it was a huge weight off my shoulders. I don't think there is any other way out of it in the short term unfortunately. I then got a loan from the bank to buy a cheaper car that I could actually afford. Sorry it's not the ray of sunshine that you hoped for, maybe someone else will know some quicker get out clauses.

x

climbgirl

I'm not entirely sure what you're asking us here... we don't know the 'get-out' clauses in your contract, you'll need to read through that with a fine-tooth comb. I doubt very much that there's going to be a clause that's going to allow you to return it and get your money back! (unless they've sold it as something it's clearly not, you may have some kind of legal case there)

As an earlier poster said, you can usually return cars when you're over halfway through your finance agreement, but you'll lose out that way, so it's a last resort really.

I'm not sure it's actually possible to make a private sale of a car that still has finance owing on it. Again, you'll need to check your contract on that one too.

dinkylou

I know this is not good and I really would nt recommend it, but the fastest way to get rid cheaply would be to write off the car.

The insurance company would give you the value of the car and you would have to pay the rest to the HP people.

Part of your problem is that AFAIK you cant sell a car on HP unless the HP people agree this.

Had a HP myself last year and it was biggest financial mistake I made. Was in an accident which wrote off my car and so this is what happened to me. Didnt intend to be though.

climbgirl

dinkylou wrote:

I know this is not good and I really would nt recommend it, but the fastest way to get rid cheaply would be to write off the car.

The insurance company would give you the value of the car and you would have to pay the rest to the HP people.

It's also illegal and if the insurance people decide that you did try and write it off on purpose, you'll get nothing!

Broken_hearted

Ok we will pretend we didn't read that

vwman_3

dinkylou wrote:

I know this is not good and I really would nt recommend it, but the fastest way to get rid cheaply would be to write off the car. /QUOTE]

Not recommended unless you need some time alone, quite a lot of time alone if you get caught.

CLAPTON

if and only if it is a HP deal then after you have paid half the payments you can return the car and the debt can be cancelled...read the small print

http://www.direct.gov.uk/MoneyTaxAndBenefits/ManagingDebt/DebtsAndArrears/DebtsAndArrearsArticles/fs/en?CONTENT_ID=10013226&chk=1uPl5U

Bargain_Annie

You could ask for a settlement figure from your finance company and try and refinance it with an unsecured personal loan. That way the car is yours, and then you can sell it - even if you end up only breaking even at the end. Depends if you have one of the finance deals with a balloon payment at the end........ Also check to see if you took payment protection insurance with it - you may be able to cancel that and reduce your monthly payments.

Batfink

I had a car on finance once and regretted it hugely. It was a PCP type deal, paid £7000 deposit, then just under £300 a month for three years and then there was a final payment of about £10k to keep it at the end.

After 11 months the value of the car was a whole £50 more than the outstanding finance so I took it back to the dealers, handed it over and got the bus home with £50 in my pocket.

Never, ever again.

You have my sympathies.

Phil