Car loan money trouble!

Bakerboy3685

Hi


Wasn't sure where to post this so apologies if it's in the wrong place!

I bought quite an expensive car at start of the year on finance through the manufacturer and although it's a great car, I have a problem in that I can no longer afford the finance payments.

I'm not looking for the violins to come out for me but basically I was living with my girlfriend and we split up, meaning I now have the place to myself, with rent and bills to pay, plus my new car! I have not missed any of the payments and I am having to borrow money to get by, but basically I can't warrant having such an expensive car over paying rent! The last thing I want is to miss payments on the car as I know my credit rating will go through the floor!

Am I wasting my time if I go back to the dealer asking for them to take the car off me? What about if I got a cheaper vehicle from them, as it's not that I can't afford any car, just not this one! If I was staying with the same manufacturer would this maybe tempt them?

Just thought I would see if anyone has been in this situation as I can't be the only one and I'm trying to find a workable solution.

Tixy

What sort of finance agreement do you have on the car?

Did you put down a reasonable deposit (i.e. is the amount outstanding on the finance likely to be less than the value of the car)?

Bakerboy3685

It's an agreement where you don't put down much of a deposit and at the end of the agreement you have to pay an amount to keep the car or hand it back or trade it for another one.

I only bought it at the start of the year though, so only paid a few months off and it's a 36 month deal!

There is still a lot to pay as a result.

eschaton

Bakerboy3685 wrote: »

It's an agreement where you don't put down much of a deposit and at the end of the agreement you have to pay an amount to keep the car or hand it back or trade it for another one.

I only bought it at the start of the year though, so only paid a few months off and it's a 36 month deal!

There is still a lot to pay as a result.

Have you read your credit agreement? Good starting point. What does it say?

Bakerboy3685

Yes I have, unfortunately there is no way out it seems unless I pay it off early, not something that I can do by a long way.

Of course I do not want to stop making payments because although the car would be taken off me, that would leave me with an abysmal credit rating.

eschaton

Bakerboy3685 wrote: »

Yes I have, unfortunately there is no way out it seems unless I pay it off early, not something that I can do by a long way.

Of course I do not want to stop making payments because although the car would be taken off me, that would leave me with an abysmal credit rating.

Well if there is no way out of it then going to speak to the dealer is your only option. Asking a bunch of strangers how to get out of a finance agreement with no way out is a bit pointless.

PCP agreements are not a good idea really.

Bakerboy3685

Ok thanks, I will have to see what they say.

It's my own fault for enterting such agreement, I should have thought more about what could change.

triple_choc_chip

Do you have a spare room? It may be easier to get a lodger and increase your income which would enable you to manage the payments.

KingElvis

triple_choc_chip wrote: »

Do you have a spare room? It may be easier to get a lodger and increase your income which would enable you to manage the payments.

Or put a lodger or small family up in the car and it will pay for itself.

27col

It would appear that your only way forward is to arrange some form of income replacement. As already suggested, a lodger might be a good start.