Car finance question please

westiedog

Hi everyone

I have been on a Dmp since January 2009 with Payplan but I am just a bit concerned about my vehicle.

I work a rotational 24 hour shift system and I am based in a rural area approx 14 miles away from home and public transport is non existent. Out of the 6 days on I work I take my vehicle 3 days a week and a work colleague takes his vehicle 3 days a week - to cut down on fuel costs.

In 1998 I suffered quite a serious car accident at work and was eventually diagnosed Post traumatic stress disorder and also panic disorder as a result of the accident - hence why I am based in a rural area out of harms way behind a desk. I am ok driving on country roads but will not travel on dual carriageways. I start to feel panicy and out of control. This also means that I have to have confidence in my own vehicle which I do have. I bought it brand new in April 2007. I bought this on a lease purchase scheme with a balloon payment through BMW finance- the balloon payment at the end which seemed ok at the time as I wasnt in such a pickle with finances etc.

Now here goes with the credit terms etc:
Amount of credit April 2007 £15028
Duration of Agreement 48 months
Total amount payable £22,795.12
First payment - credit arrangement fee £100 + £250
Followed by 46 monthly payments of £250
2nd instalment on the Credit Arrangement fee of £40 will be payable, together with an optional Final Rental of £8222.94.
The apr is 11.3%.

Just need to add that insurance is £38.79 per month, tax is £35 a year and diesel costs me about £70 per month and this includes driving to work and when off work so vehicle is very cheap to run and I can comfortably manage the £250 per month payment.

The dilemma is (and I apologise for worrying about something that is over a year 18 months away). Car is currently worth between £13500 -£12005 in todays current climate. Amount of finance paid to date £11434.86. I have never missed a payment etc etc on this agreement as it is so important for me to have a vehicle that I have confidence in. So I have a further £250 to be paid on 1st of month up until 1st April 2011 then on 1st of May 2011 final payment of £8222.94 is due.

What Iam wanting to know is has anyone else been in a similar situation where a balloon payment is due whilst on a DMP. When I bought the car I thought I would be in a position to refinance the end payment until I owned the vehicle but as I am on a Dmp finance is not an option.

Have spoke to the BMW finance anonymously and stated my concerns - who said it doesnt matter at all if I have excellent payment record to themselves - the only option would be for them to take the vehicle back or pay the payment - which required a credit check if it is to be refinanced - Which I would nt pass.

Thats why iam concerned £250 flushed down pan everymonth for 4 years.

Sorry for long post - also might add am trying to save as much as I can but there is no way I would have £8222 saved up by the end of the agreement.

Thanks in advance xx :money:

westiedog

Bumped as any help would be appreciated please xx :money: