Black Horse Finance

Clarescrimshaw

I bought a car through Black Horse finance 3yrs ago on a 5yr loan deal, the car cost £7,995 at the time and the monthly repayments were £220 a month.
I rang them today to get a settlement figure as I am looking to trade the car in for one of peugeot's just put petrol in deals to be told that I still owe £4,849 !!!!
Having calculated the total repayment it works out by the end of the deal I would have paid a total of £13,200
Not being very good at maths I am trying ( unsuccessfully ) to work out the APR on the initial loan.
I am sure it should not be that much but need help to work this out before trying to take this further.
According to parkers guide and ebay the car is worth between £3,000 and £3,500.
So there is no equity in the car therefore leaving me stuck with it for another 2yrs even though it is no longer needed as a much smaller car would be so much better.

Apples2

If you have it on a HP agreement, why not VT the car, hand it back and walk away?

NeverEnough

You could also check with the Peugeot dealership what possible part-exchange deal they would offer you - sometimes dealerships will provide a deal wherby they settle the HP outstanding and you get the new car you want at an affordable price. Its worth asking them if there is a deal to be had.

Otherwise, VTing does make sense, except that getting another car HP agreement may prove difficult.....it shouldn't in theory, but it does......

chanz4

NeverEnough wrote: »

You could also check with the Peugeot dealership what possible part-exchange deal they would offer you - sometimes dealerships will provide a deal wherby they settle the HP outstanding and you get the new car you want at an affordable price. Its worth asking them if there is a deal to be had.

Otherwise, VTing does make sense, except that getting another car HP agreement may prove difficult.....it shouldn't in theory, but it does......

not on the just add fuel, his whole settlement figure is more than most the just add fuel deals