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Advice needed for Hire Purchase Agreement
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
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
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Comments
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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.0
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I wouldn't let it go to auction in an undriveable state, you'll get peanuts for it."We want the finest wines available to humanity, we want them here, and we want them now!"0
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and if i'm right in thinking, in a situation like this you would still be liable for repairsDebts at LBM (May '08) £5760 - Lloyds CC £4260, Lloyds OD £1500;Debts as of May 28th 2011:Santander CC: £0.00Lloyds OD : £0.00DFW Nerd #1247 - Proudly dealt with my Debts
Olympic 2012 Challenge #12
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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 too0
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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.
XXbigman's guide to a happy life.
Eat properly
Sleep properly
Save some money0
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