Have a new car on car finance ,however I can't afford the repayments.

stephane_2

How on earth can you make a mistake like that!!!! and realise after a week on holidays that you can't afford it. I have read some daft tread on here but this one has to be on top of the list....

Meriam_2

Inactive wrote: »

Nice one, I have this nice new car, I have wrecked it with a bike rack, been on holiday to Holland in it, now can I bring it back and walk away from the debt... :rotfl:


You couldn't make it up...well perhaps you could.:rolleyes:

I would expect a little bit of consideration,at least. You don't always know what situation you can get in . Hope life's for you a rollercoaster over roses. Thanks for your reply!!!

CHR15

Meriam wrote: »

Thanks for your reply!!!

Happy motoring :rotfl::rotfl:

Meriam_2

gerkin wrote: »

Can I have your babies Meriam?

Ever heard of sympathy? If you can't give me advice why bother even writing a message. I have a genuine problem and it is terrible seeing people like you taking the mikky!!! Hope your life is like a rollercoaster over roses mate.

Meriam_2

stephane wrote: »

How on earth can you make a mistake like that!!!! and realise after a week on holidays that you can't afford it. I have read some daft tread on here but this one has to be on top of the list....

I know ,first I really wanted to purchase the car. I bought it in a hurry and now I'm in deep trouble....

more_money_for_me

You didn't do this on the scrappage scheme did you?.................and trade in a vintage porsche?:D

ILW

Meriam wrote: »

Ever heard of sympathy? If you can't give me advice why bother even writing a message. I have a genuine problem and it is terrible seeing people like you taking the mikky!!! Hope your life is like a rollercoaster over roses mate.

OK lets be sympathetic.
Did something change drastically with your finances between you buying the car and now?
Did you have insurance on the payments?
Are you genuine or is this a bit of a wind up?

standupguy

The agreement cannot be cancelled as it was signed on trade premises.

If you cannot pay, the account will fall into arrears and the car will be repossessed - your credit record will also be affected and you will find credit in the future harder to get and more costly,if at all.

Once the car is sold at auction you will face a bill of several thousand pounds and will be taken to court to obtain repayment of the outstanding amount.

You could contact the Finance company now and say that you want to vt the ageement, subject to it being HP, but your liability afterwards would be to half the HP price, so again, several thousand pounds.

The original dealer may buy the car back but you would need to stump up any difference in the amount between what he gives you and the amount of settlement on the finance agreement - you would need to come up with this amount straight away but it would be your least loss, guessing between £3000 and £4000.

peter5710

What kind of mileage have you put on it? If it's only a few hundred, I would try and sell it privately for a couple of thousand less than the purchase price, if you are lucky enough to sell it, get a loan for the balance, and pay off the finance company. If the finance company siezes the car, they will auction it off for peanuts. It will be an expensive lesson, but you will owe less than if they just take the car back.

wayne99

Meriam wrote: »

Please help? Any advice greatly appreciated:j!
I've just "bought" a new car with car finance about 2 and a half weeks ago. Travelled with it to Holland and back. What are my options of returning the vehicle without being stuck to have to pay monthly £450,00 which I really can't afford. I know it's a stupid mistake! _pale_ You agreed to this when you signed the agreement, the repayment amount would of been made quite clear to you then, surely if you cant afford it now you should of known that you couldnt afford it then ?

I went back to the dealer and the manager said she'll contact the finance company (which will be tomorrow)and give me a ring.

I would be very suprised if the finance company call you, or if the sales agent even calls them, car sales people work on commission, they get payed a fair amount from the finance company, do you honestly believe that they will help you cancel ? when its there commision on the line ?

Sorry but i have little sympanthy for you, when you take out a car finance agreement you are told the costs and repayment amounts involved before you sign. if you cant afford it DONT SIGN IT

if i were you i would call the finance company yourself, as i strongly do not believe the dealer will call them.