Mercedes Benz Finance- HELP?!

curtisbennett155

I recently purchased a Mercedes Benz on their Agility finance and I am paying £361 per month (£388 with the service plan etc on top)... However I recently took a job in London (whichif I hadn't of taken, would have been made redundant from my previous job) which means I get the train which costs me £400 per month!

I have only had the car 2 and a half months (7th Sept 2012) and have done 2,500 miles but I am really struggling with my finances with having to pay for the cost of the car along with diesel and having the additional expense of the train fare. I really no longer need the car and I am in a complete dilema as I have signed an agreement for 3 years but am in a cycle of having to go into my overdraft every single month just to survive.

Is there any advice or any way I can get out of the agreement as I can no longer afford it?? I understand that they probably will not care too much as I am still making the monthly payments but obviously I am struggling every month because of it and getting further and further in debt. I really need to try and get rid of it before I get further in debt and paying over £750 on transport a month out of my salary is killing me!

Any advice or experience would be really appreciated! Thank you in advance for any replies!

colino

Get on to the garage that sold you the package and see if they will play ball. Realistically, even though it will be easier to get someone else into the car so early in its life, they aren't going to do it for free and there will still be a bit of financial pain to swallow.

neilmcl

Yes, I believe you can "get out", or rather settle the finance deal. You really need to go back to your MB dealer and speak to them.

curtisbennett155

colino wrote: »

Get on to the garage that sold you the package and see if they will play ball. Realistically, even though it will be easier to get someone else into the car so early in its life, they aren't going to do it for free and there will still be a bit of financial pain to swallow.

Thanks, should I go directly to the dealer or direct to the finance company and are there any tricks of the trade that might help me in the process. I understand they may charge me and I have no idea how much money I would have lost from driving it off the forecourt but I would rather spend £500 handing it back and being in my overdraft than for the next few years. Unless you think they are going to be asking for a more substantial amount?

colino

Go to the garage and let them do the work, but I'm sorry if you think £500 will get this done.

curtisbennett155

colino wrote: »

Go to the garage and let them do the work, but I'm sorry if you think £500 will get this done.

I originally paid £4,600 as a deposit? Do you think that this would be taken into consideration or discounted completely?

gilbert_and_sullivan

If the settlement cost is too much would you be able to drive to work instead of train?

curtisbennett155

gilbert_and_sullivan wrote: »

If the settlement cost is too much would you be able to drive to work instead of train?

I've already had that as a consideration but there is limited mileage on the car of 10,000 per year due to agreement and to ensure the GFV is met. If I go over this mileage I end up getting charged for any extra miles and I also would have to pay the congestion charge every day on top of fuel.

At the moment it isn't looking like there will be an inexpensive way of giving the car back due to the depreciation as soon as I drove it off the forecourt.

iolanthe07

OP, you have started this same thread on at least three different boards. This is confusing and not helpful. On another bboard you said that £7000 represented 20% of the cost of the car, so the question has to be asked, could you ever really afford a £35K car?

DCFC79

Duplicate thread #1

https://forums.moneysavingexpert.com/discussion/comment/57498599#Comment_57498599

thread #2

https://forums.moneysavingexpert.com/discussion/comment/57498545#Comment_57498545