Really stuck, don't know what to do

kitty_and_gucci_2008

In a situation, don't know what to do.

I have a car on HP finance with welcome finance. If I pay another £2000 this will mean I have paid 50% of the HP agreement and can hand the car back. The other day the car had a few noises so took it to the garage, they stated it would cost 1700 to replace the gearbox as there is a fault with it.

The car still works fine drives well, can't tell it has a faulty gearbox.

I went to a garage to obtain credit but was declined due to poor credit score. I have however been given credit by a company called ACF Finance. They have said they can offer me finance upto 7.5K. They are unable to take my car as part ex (too much to carry over from the welcome finance hp).

I can afford to managed 2 cars, as I wouldn take the car off the road (SCORN) cancel the insurance, and keep the car in my garage. My only worry is that if I take the 2nd car, welcome may not take the car back after I have paid the 50%.

Can you please advise on what you would do?

Would be a great help for your advice, would really appreciate it, thank you.

stephane_2

First I would get another quotation for repairing your car...£1700 for a gear box sounds expensive. So you're about to buy another car for the sake of a gear box. I think you need to think twice about what you're about to do. Would it not be cheaper to borrow money from somewhere & repair car?

kitty_and_gucci_2008

thanks for the advice, appreciate it.

kitty_and_gucci_2008

hi, family members friend can source a gearbox and fit it for £550. Paid it today. Going to be ready for the weekend yay.

My only issue now is with handing the car back to welcome finance after paying the 50%.