Balloon payment. Lost job. Refused finance. What can I do?

eatmychips

Been with this particular car brand for 3 cars over 8 years - have not missed a payment ever, we've handed our last two cars in a year early and upgraded.

Our last car has a balloon payment coming up. Can't pay it as I lost my job but the car is in my partner's name. She works full time. They won't give us finance to refinance the balloon payment.

Is there anything we can do to first refinance with them?

And second, any other ideas please?

Need the car has have started freelancing, without a car I can't work.

motorguy

eatmychips wrote: »

Been with this particular car brand for 3 cars over 8 years - have not missed a payment ever, we've handed our last two cars in a year early and upgraded.

Our last car has a balloon payment coming up. Can't pay it as I lost my job but the car is in my partner's name. She works full time. They won't give us finance to refinance the balloon payment.

Is there anything we can do to first refinance with them?

And second, any other ideas please?

Need the car has have started freelancing, without a car I can't work.

Bank loan?

Borrow the money from a friend of relative?

Personally, i'd let the car go back, and buy a very cheap car to get you started in your new role.

eatmychips

a bit of tough love in know. Still can't give it up. Do I have any recourse with the brand finance company?

KTF

'They' being the car manufacturers finance? Have you tried other lenders for a loan to cover the balloon payment instead?

As already suggested you do have the option of handing it back and buying something you can afford in the current situation.

spiro

eatmychips wrote: »

Do I have any recourse with the brand finance company?

Recourse for what. If you were planning to keep the car you should have been saving for the balloon payment since you got the car not paniced at the 11th hour. As its your partners car what was she planning to do before you lost your job?

Road_Hog

spiro wrote: »

Recourse for what. If you were planning to keep the car you should have been saving for the balloon payment since you got the car not paniced at the 11th hour. As its your partners car what was she planning to do before you lost your job?

I always love it, when people come here looking for helpful advice and options on what they could possibly do and get replies like this. Perhaps some just don't understand the question, perhaps when they read it, it translates to, please berate me like an incompetent fool that I am.

To the OP, you seem to be asking if you can somehow force the finance company to lend you the money for the balloon payment because you've previously been a good customer. The answer to that is no. You need to check alternative sources of finance/loans.

rodenal

Assuming you're being honest with your application and saying you're unemployed (which it sounds like you are, technically?) that will have a big bearing on the finance decision - has your partner tried getting finance in her name only? (I don't think this is the best of ideas as at the end of the day a roof over your head is far more important than a financed car but it may be an option)

I would reccommend that in your current situation you hand the car back and get something for even £500 - alternatively if the car is worth more than the forthcoming balloon payment then sell it privately and purchase something outright with the remainder.

Strider590

I know a number of guys who ended up in similar strife after redundancy, they'd all gone out and bought shiny new cars on finance...... All bar one had to get rid of the car.

So the lesson really is only buy what you could pay for in cash

mikey72

You're unlikely to get finance freelancing, until you have some figures on the books.
You can try to get a loan as a business start up, and use that to pay for the car as an asset.
Not usually a good rate though, it's usually more cost effective to get a loan solely in your partners name, and use that.

ninnoodle

How much is the balloon payment? Could you do a week of hardcore ebay selling to cover it? I made £400 last month just by selling some unwanted miscellaneous items (clothes mostly).

eatmychips

I love the amount of tough love here. Yes we have looked at other finance options. Lost my job in the last two weeks. 8 years with this brand finance company not a single missed payment. We always planned to refinance with them as we didn't think it would be an issue at the time.

Spiro you're an IT !!!!.

And thank you all for the advice. Rodenal that sounds interesting but how can I sell the car if I don't own it?