car loan help!

stansmam88

Hi,
Im just wondering if theres anything at all i can do??...
I bought a car in december, brand new £13000. At the time, i could afford this, 5 days later..... my bf split up with me meaning that i had to move out.
Im now stuck with a car i dont need/cant really afford. Ive been back to the dealer and they offered me a shed of a car for £20 a month less, that would be chuckimg money away!!
Any other ideas?

iolanthe07

Could you re-finance the loan over a longer period? Most new cars suffer huge depreciation as soon as you drive out of the showroom, so best to hang on to it if you can, especially if it is on ly a month old.

Clive_Woody

stansmam88 wrote: »

Hi,
Im just wondering if theres anything at all i can do??...
I bought a car in december, brand new £13000. At the time, i could afford this, 5 days later..... my bf split up with me meaning that i had to move out.
Im now stuck with a car i dont need/cant really afford. Ive been back to the dealer and they offered me a shed of a car for £20 a month less, that would be chuckimg money away!!
Any other ideas?

New (rich) BF.

forgotmyname

What did the dealer offer you for your car? £10,000?

Get a settlement figure from the finance. Sell the car and get a loan to pay the balance.
You will be paying thousands for nothing though. But if you dont have any other options then getting rid of it now maybe the way forward.

CherlokHomes

Can't you use the old "the car you bought doesn’t match its description, and I want my money back and you'll pay the mileage.

puglet

See if you can trade it in on a new car for lower repayments? There's lots of 0% deals around but be mindful you may need to finance the gap between the pay out and what they offer you. Cars are non investment money pits at the end of the day with rampant depreciation so unless you really need one out of necessity then avoid getting involved. You could always go for the outright 'Sale to Dealer' option ( I did it once for a small-ish outlay) but there's no easy way out with cars, you will end up paying them to offload it one way or another. In this situation it's really about shopping around all the dealers and trying to minimise your loss in how much you have to pay them to take it off your hands.

forgotmyname

puglet. They can sell or trade it in but the car will be worth a lot less than they owe due to depreciation. So getting a new car will mean the price of the new car + the balance from the old one.

Unless they put a large deposit on it of course.

The cars probably worth about £10k. So an instant £3k loss.

bigadaj

forgotmyname wrote: »

puglet. They can sell or trade it in but the car will be worth a lot less than they owe due to depreciation. So getting a new car will mean the price of the new car + the balance from the old one.

Unless they put a large deposit on it of course.

The cars probably worth about £10k. So an instant £3k loss.

They actually be doing well to get ten grand for it in my opinion, could easily be a grand or two less than that.

Cornucopia

Shop around.

With a large trade-down the difference between dealers can be significant.