How to get out of a private car lease?

vickieodell

I need some help!
My current living situation will be changing soon, my rent is going up more than I can afford and my car lease costs me 1/3 of my current wages just to have without driving it anywhere. I took out a 3 year lease I am just over a year through it, I have spoken with the leasing company (they say they can help if you have problems with payments) I told them I can’t afford the car in a couple of months, they said I cannot sell my lease to anyone else and the only option would be to pay £2500 to get out of the contract. If I had that type of money I certainly wouldn’t be arguing about the contract. I don’t know if anyone can but any advice would be great.

Thanks

LandyAndy

Unfortunately, for you, you have signed a contract and it looks like they are going to expect you to honour it.

drew2k9

looks like you'll have to move house to somewhere cheaper, that might be your best option, you will probably find you are stuck in the finance contract for the full 3 years, but im sure someone else will be of more help than me, but thats the first option i would consider, being stuck in the contract with the car i would try to move somewhere cheaper, or try to haggle with your landlord about the house price, they may be compassionate towards your situation.

Hintza

Have you read your contract? What does that say?

It is normally 6 months of payments which makes your car quite expensive at over £400/month.

vickieodell

Thanks for your help guys.

Unfortunately my landlord is my dad and the reason for the hike in rent is he is moving out and having twins in August, dad is currently unemployed so cannot do anything to help and even when he does get in work he has a new family to pay for. I can’t move in with any of my family because they all have single bed places.

The payments for my car are £250pcm, so I don’t know how they calculated it to be honest. They have said if I have problems paying to contact them and they can help. What help, pay it all or £2500, not helpful if you ask me!

The last thing I want to do is get bad credit, coming up to 25 now, I want to be able to get a mortgage in a few years.

I just don’t know what to do!

LandyAndy

Perhaps you should look at where else you could make savings. Go to the DFW board and ask for help there. There may be plenty of savings you can make.

Inactive

LandyAndy wrote: »

Perhaps you should look at where else you could make savings. Go to the DFW board and ask for help there. There may be planty of savings you can make.

Good advice LA, I was about to suggest similar, it looks like the OP is stuck with the car.,

drew2k9

thats the problem with mixing family and business, it never ends well as people dont want to hurt other people, or they feel obliged to help out in the circumstances, and in your situation id probably do the same, pay my dad the money he needs for the rent.

but you have a contract that you are bound to, you could try ringing them and suggest extending the length of the contract and reducing monthly payments? some leasing companies can do this as they know they will make more interest out of you by doing that.

i hope it works out well for you in the end and that you get the help you require.

Inactive

Duplicate post...Ignore.

vickieodell

I will see if thats an option with them, although not the best its better than carrying on with it at the current price. Thanks for your help.