Can I get out of my car finance ?

Stan11

Problem you've got is that you owe over £14000 on a car that has a trade value in the region of £8500-£9000 if that.

You could try to sell it privately but you will still be in negative equity unfortunately.

Another option is to take out a loan to cover the difference between what you can sell it for and what owe on the finance. But do you really want to be paying a monthly payment for a car you don't own.

I think you might have to stay in the car for 3-4 years before you can change it without having to put your own cash in to do so.

People get sucked in to the 0% that Vauxhall offer but because of the bad residuals they end up having to stay in poor car.

It's not worth ruining your credit score to get out of the Corsa, it will still get you from A-B and just put it down to experience the next time you change your car.

Good luck

wba31

Stan11 wrote: »

Problem you've got is that you owe over £14000 on a car that has a trade value in the region of £8500-£9000 if that.

You could try to sell it privately but you will still be in negative equity unfortunately.

Another option is to take out a loan to cover the difference between what you can sell it for and what owe on the finance. But do you really want to be paying a monthly payment for a car you don't own.

I think you might have to stay in the car for 3-4 years before you can change it without having to put your own cash in to do so.

People get sucked in to the 0% that Vauxhall offer but because of the bad residuals they end up having to stay in poor car.

It's not worth ruining your credit score to get out of the Corsa, it will still get you from A-B and just put it down to experience the next time you change your car.

Good luck

You only have to wait until you've paid back 50% of the deal to walk away, so it's not even another 3-4 years, unless you put a huge deposit down it's 2 years.

You say you don't care about trashing your credit report, but it will be affected for 6 years. do you even know where you'll be in 6 years? wanting a mortgage? get your own rented place?

bigjl

Apart from the smaller engined models being a little sluggish i have driven the new Corsa and yes it is not Clio or Fiesta but it is a decent little run about.

We had the 1.3 cdti at work as a runaround car, was a huge improvement on the old 1.7 diesel which needed 2 gearboxes in 6 years and 40k miles!

Stan11

wba31 wrote: »

You only have to wait until you've paid back 50% of the deal to walk away, so it's not even another 3-4 years, unless you put a huge deposit down it's 2 years.

Good point, as it's 0% you will have to make another 2 years worth of payments before you've paid half of the total amount payable.

burlington6

Buyers remorse. The poor build quality statement is just an excuse to justify his inability to stand by the decisions he made

Mr_Mink

If it's a 5 year term that's almost certainly HP finance.

To be honest, it sounds like you're stuck with the car for a while. The negative equity on that car right now will be crippling to try and buy your way out of and a VT again would cost a fortune as you've said.

The only bodge I can see is if you can find another car you actually like (and you'll need to be certain with this one) that has a large discount the dealership may be able to transfer most of the negative equity into your new deal. As a working example, you find a car that's being sold for 10k but with an original screen price of 13k, the dealership could transfer around 3k of your negative equity into the new finance package. Chances are you'll be looking at a used car at a big dealership that's doing a "big sale" type event for a screen price reduction that's big enough. This is the only way I can see it working but it's going to cost you a lot. You'll also need to be 100% on the new car because it'll be carrying it's on negative equity and the load you've transferred from the Corsa.

colino

Apart from paying 50% early and VTing it, your only other legal option is trading up. I don't hate Corsas enough to waste my money in either scenario, so I'd keep it and lump it until the VT comes naturally around.

AdrianC

WUW1 wrote: »

Really regret getting the car, I'd never recommend a Corsa to anyone, imo most new cars for companies that are not German or Japanese, are just cheap hunks of plastic with technology gimmicks.

Umm, if a Corsa isn't German, what is it?

gilbert_and_sullivan

AdrianC wrote: »

Umm, if a Corsa isn't German, what is it?

Spanish i thought, but that's only a guess.

AdrianC

gilbert_and_sullivan wrote: »

Spanish i thought, but that's only a guess.

Individual Corsas are built in Spain or Germany, to German design and engineering by a German company.

If the location of the factory defines the nationality, then smaller Mercedes are Hungarian...