My car has died & I still owe on finance

19lottie82

Get what you can for it and use the money to buy a diesel Golf or something along those lines. Don't worry too much about age / mileage in comparison to condition / service history.

jaydeeuk1

dgtazzman wrote: »

£3000? There's actually quite a selection of these on Autotrader for under £1500. I'm sorry, but you must have been out of your mind taking a 4.5 year HP agreement out on an 8-year-old car, pure madness.

Hope you manage to get it running again for a decent price.

I would forget about flipping it out for a new car with the finance company's help, you still owe over 5 grand in payments on a car that is probably only going to achieve a fraction of this price. If I was the finance company, I wouldn't be touching it with a barge pole.

The £1500 cars will all be near engine failures with hot start issues and most likely already has the uprated starter which is basically a bodge fix on pre 2006 cacars. If its on its original engine and has the uprated starter expect a £2000 - £3000 bill just for the engine from a rotary specialist.

jaydeeuk1

19lottie82 wrote: »

Get what you can for it and use the money to buy a diesel Golf or something along those lines. Don't worry too much about age / mileage in comparison to condition / service history.

In failed condition with possible engine problems on top of the cat and coils it will be worth between £700 and £1000 if paintwork is immaculate. Rx8's rust at sills where doors close and on bootlid, alloys corrode too. If it doesn't have these issues then £1000 might be possible for someone wanting a project car to race.

I know all this as I was thining of getting one. Saw that many dogs I just gave up on the idea.

roddydogs

In other words the engines are Wankels.

19lottie82

jaydeeuk1 wrote: »

In failed condition with possible engine problems on top of the cat and coils it will be worth between £700 and £1000 if paintwork is immaculate. Rx8's rust at sills where doors close and on bootlid, alloys corrode too. If it doesn't have these issues then £1000 might be possible for someone wanting a project car to race.

I know all this as I was thining of getting one. Saw that many dogs I just gave up on the idea.

I meant condition of a second hand golf Golf.

Yes, you're right. RX8s are impossible to shift at a decent price due to all the known faults.

My Dad has a 2007 model and it's in perfect working order (at the moment, after a lot of previous work!) and he will get 2k MAX for it when he sells it shortly.

Smi1er

OP, Is it a loan? Or HP? Can you terminate and hand the car back after you've made 50% of payments?

Clive_Woody

Smi1er wrote: »

OP, Is it a loan? Or HP? Can you terminate and hand the car back after you've made 50% of payments?

If doing an HP handback I think it needs to be handed back in decent condition.......


....not 100% sure on the correct terminology/rules but pretty sure that a non working car would cause problems with handing it back.

ALTEA

The dealer would obviously tell you it has to be in working order if doing a hp handback but it might be worth checking first. Where is the line as milage is not an excuse for them to refuse to take it back. You could do a million miles in it and then hand it back when it is virtually not worth a penny.

nomoneytoday

Smi1er wrote: »

OP, Is it a loan? Or HP? Can you terminate and hand the car back after you've made 50% of payments?

AFAIK a 54 month loan taken out in 2013 won't be anywhere near the 50% mark..

Zkr65

Atrixblue seems to have this covered. Well done sir.

Some car finance agreements will cover if the car has problems over that time (not often on such an old model) also.. where did you buy it.. dealership? Warranty?

Going to a main Mazda dealer is akin to building up a huge pile of £50 notes.. then torching it.. either do it yourself if its basic.. or local mech.. and as mentioned, buy the parts yourself.. then your just paying the labour.. don't believe all the "mechanics get preferred business rates etc" rubbish, they do (marginally) but you don't see any of that ofset.

Shame you didn't go for an MX5.. so fantastically reliable and good fun.. I've got two MX5s over 20 years old and never had a problem that's cost me more that £200