Advice needed for Hire Purchase Agreement

skegyuk

Hey,

I purchased a BMW 320D about a year and a half ago. It is currently a non runner (Turbo has failed £980 to fix).

It is currently worth around £7500 if sold privately (Which I know I cannot do) and I owe Santander around £9500.

They have informed me that if I pay £2300 up front I can hand the car back.

If I cannot afford this, they will send it to auction and I will need to pay them the difference.

I was wondering what my best option was to hand the car back. Should I get it repaired first or give it to them in the current state.

I have been made redundant and cannot afford the payments any more.

Any help would be much appreciated.

Thanks,
Danny

chalkie99

What is it going to be worth at auction? Not much I imagine and it will still leave you with a blot on your credit record and a large sum to pay back which looks like might not be easy if you cannot afford current repayments.

KingElvis

I wouldn't let it go to auction in an undriveable state, you'll get peanuts for it.

onlypaddy

and if i'm right in thinking, in a situation like this you would still be liable for repairs

PNPSUKNET

you are required on hp to take reasonable care of the car, including repair of it. What they will do is repair and charge you top wack for it too

Xbigman

How long until you reach the halfway point of the HP contract? It might be that getting it repaired plus the payments to take you half way are less than £2300. And you get the use of the car in the meantime.




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