Hire purchase with black Horse

Rossy.

Hi all,

A year ago i took out finance on a 2008 RenaultSport Clio 197 but due to having a child and coming into some serious financial hardship i am struggling to meet all my outgoings from my wages

I had the car valued by Renault 2 months ago for approx £9,000 and the settlement figure from Black horse was aroung £9,300 so i would have been -£300 to pay it off

Anyway due to this really getting on top of me should i ring black horse and explain my situation and see if they will take the car back or take it to the dealer and get the car sold and try and find the remaining balance to pay the finace off?

I'm so confused, i just want rid of the car as it's killing me in fuel costs (23mpg!!) so with insurance and payment for car and fuel etc it's costing me is around £600 PM to own and run it !

My dad said he'll buY me a nice 2nd hand car so i'll have a car to get about in but i just need rid of this car otherwise i feel that i will have to go bankrupt or get into a repayment plan through the CCCS or CAB

I'm trying to grab all my debt by the horns and get it sorted as i want to give my child the best start possible and this would be a massive boost in the right direction

Many thank's in advance for any advice

Mark

Common_Sense_2

2 options here -
1)give it back to the dealer and give them the difference and be shot of the finance.
2) sell the car privately for (probably) more money than you would get trading it in at the dealer, - this option comes with problems, 1) you must make sure you pay the whole loan off straitaway - don't spend it like some people do! 2) you run the risk of dodgy buyers.

skintdragon

Have you had a good read of the terms and conditions of the finance agreement? What does it say?

Rossy.

Hi guys and thank's for the replies

@ Common Sense - I am going to ring black Horse today to see how much finace is remaining as the last figure i got was about 2 months ago so i'm hoping the car hasn't depreciated too much

@ Skintdragon - If i'm honest i havent read the T&C's yet as i have been all over the place but i will do this today

I just really hope i have enough equity in the car to complete the finance and get rid

ILW

Has a dealer actually offered you £9000 for the car, or is that a valuation of what they would expect to sell one for?

Rossy.

ILW wrote: »

Has a dealer actually offered you £9000 for the car, or is that a valuation of what they would expect to sell one for?

That is what i was offered if i decided to sell the car to them but that was 8 weeks ago so hopefully it shouldn't have dropped too much

I get on extremely well with the dealership too as i have bought a few cars from them in the past so i know they will look after me

Rossy.

Bit of an update

I rang blackhorse and have a settlement figure of £9,23.73 and is valid until 7th May

Webuyanycar.com have offered £8,755 so its just short, Renault have offered £8,200 as they claim car sales are poor

Maybe i should try and sell privately? Blackhorse confirmed i can do this and to state in the advert that finance is outstanding but will be cleared on pick up as they say i can call them with the buyer and get the buyer to pay blackhorse direct meaning no finance outstanding

Is this viable do you think ? I dont want people being put off a fantastic car because of this, I dont want the money paid to me i want it straight to BH that way me and the buyer know it's fully paid off

Any tips on how to word an advert? Best place to sell

Regards !