I need advice!

Phildba

Hi guys,
I'll get straight to the point cause this is a really worrying situation for me, Basically due to work commitments - I needed to get a car.
So I took a stroll to Carcraft, Just to have a look around, get the gist of prices etc. - But ended up driving out in a far far far too expensive car for what I can comfortably afford. Then the insurance quote on it has crippled me, Im basically paying most of my wage for this car, and having to pay rent as well!
What are the options for getting rid of this car, Can I take it to the finance company and tell them I cant afford it?
The original deal was over 5 years, and I could manage that - And it was the car I wanted, But after signing the forms, I read them and the finance was over 4 years, and the repayments are to high for me.
Worst case I can make payments, but it means Im going to be skint for the next 4 years!
Please help - Im not sleeping properly because of this situation and its effecting work etc.
Thanks in advance and best regards

nomoneytoday

When did you purchase it?

Have you taken delivery of the car yet?

brownie2

Check the terms and conditions of your loan re if there are any early repayment charges for paying your loan back early if you sell your car or find a cheaper loan elsewhere

A11yson

Check if you have PPI on the loan - that's expensive and you don't HAVE to have it! Cancel it straight away and ask for the recalculated monthly payment. The finance company will know! If that's still too expensive then check with the finance company if you can extend the loan - it is very likely to be one of the main car finance houses that has underwritten the loan, and they can usually be flexible.

Phildba

I got the car yesterday, And Ive taken delivery of it yes.
One of the parts of the t&c's is that:
"If the customer is unable or unwilling to pay, the car may be delivered Ucan Car finance, or we have rights to enter any property to retrieve the car"

Something like that anyway, So Im unsure as to if I can just ring them and tell them I cant afford it, I suppose Im willing to pay a certain amount to get out of the contract cause its better than being raped on payments for 4 years.

I dont think I can sell the car to pay the loan cause of HPI