Car Lease

fez00

Hi their need your advice just been made redundant from work and i have a personal car lease which finishes in december of this yr,
i have a look through the small print but dont understand it
can anybody help what can i do
would appreciate it
thanks

smitchy73

I'd say you're best bet is to phone the car leasing company and speak to them about the circumstances, and ask for clarification. Things like these are best dealt with sooner rather than later.

The deal I have on one car is an early repayment charge of 40% of the outstanding rental/lease or 6 months payments whichever is the lesser amount.

lawrie28

Do you want to keep the car? If so keep making the payments. If not get on the phone and see what they say.
Ask if the agreement is covered under the consumer credit act? This could help you.
50% of remaining payments is not unusual.

Is the car damaged/over the mileage allowance?

fez00

Appreciate your help
no the car is in perfect working order with a few minor scratches here and their im on 23000 miles at the moment my limit is 30000

fez00

ive finaly rang mercedez about my options they said
1. pay them 2,000 pounds to hand the car back which i cannot afford as im on job seekers allounce
2. sell the car to a third party with a quote from them, even if i cant sell the car their is no way i can afford the payment
Ive only got enough left to pay for this months and that is that is their any other way out of this please i really need your help
I was even going to stop the payments and get the car reposessed

forgotmyname

Stop paying & tell them the sooner they take their car back the better would be my option BUT..

It might affect your credit rating, Also if your a home owner they may take you to court for the balance anyway. Less likely if you own nothing of value & rent.

Take proper advice.

smitchy73

Why don't you get in touch with the Citizens Advice Bureau they'll be able to look at your paperwork and know exactly what it all means. By the sounds of it you may not have a car lease but a hire purchase, you can't sell a lease car as you don't own it, you only lease it, or is it a pcp, or a purchase lease?
I'd say get some proper advice your CAB should be open during the week, have a look online for your local one and opening hours.

fez00

yes its a hire purchase im going to citizens advice to see wot they say either way im not going to afford ther next payment anyway

smitchy73

Didn't you get any redundancy pay?

fez00

no i was their less than 2yrs so all i got was my weeks notice and remaning holidays which was crap