Advice on handing finance car back

sophiefxxx

Writing this on behalf of my boyfriend he has bad credit but has a good salarynow he had a mini before from bmw but he had a low salary at the time and was kicked out of his family home so he lost his car. He recently brought a seat ibiza 2010 from a really dodgy company called concept car credit they pressured us into buying that car. They picked us up from home in leeds and brought us to manchester we told them all of our income and they worked out how much he could spend on a car. They showed us the seat ibiza which was the only decent car there we agreed to have it for £365 a month for four years. Anyway moving on the car has a box on it that can turn the car off if you dont pay for it. We no longer want the car after checking the agreement last week we realised were paying £17000 pounds for a 6k car we were never told this. They drove us to leeds and manchester back and fourth and left us in a dirty draining room waiting around for two days to make sure we brought the car and now my boyfriend feels like hes stuck with it. We just want it gone what are our options? We feel very stupid after this but at the time it felt like our only option.

thanks

[Deleted User]

Check the t&cs you signed. That should lay out your options.

But I expect paying off the finance and selling it is the only real option.

Gaz83

You signed up to pay £365 a month for four years and you didn't work out that was going to be over £17,000?

Transformers

sophiefxxx wrote: »

Writing this on behalf of my boyfriend he has bad credit but has a good salarynow he had a mini before from bmw but he had a low salary at the time and was kicked out of his family home so he lost his car.

He recently brought a seat ibiza 2010 from a really dodgy company called concept car credit they pressured us into buying that car. They picked us up from home in leeds and brought us to manchester we told them all of our income and they worked out how much he could spend on a car.

They showed us the seat ibiza which was the only decent car there we agreed to have it for £365 a month for four years.

Anyway moving on the car has a box on it that can turn the car off if you dont pay for it. We no longer want the car after checking the agreement last week we realised were paying £17000 pounds for a 6k car we were never told this.

They drove us to leeds and manchester back and fourth and left us in a dirty draining room waiting around for two days to make sure we brought the car and now my boyfriend feels like hes stuck with it.

We just want it gone what are our options? We feel very stupid after this but at the time it felt like our only option.

thanks

Is this a wind up?

If not, I assume you are both adults? So - why didn't you do the sums before you signed the AGREEMENT?

Your only option is to read your agreement to see how to end the agreement.

How long have you had the car?

somethingcorporate

There are calculators on almost all phones now.

(£)365 * 48 (months in 4 years) = £17,520.

dcouponzzzz

Big question... how much was the car's advertised price, and what was the % interest on the loan?

My suggestion would be to recruit a family member or older/wiser/experienced friend who is willing to back you up. Ask them to read the terms and conditions you've signed, find where it says how long you have to cancel the finance deal and cancel it immediately.

The car company are unlikely to be obligated to take the car back so deal with the loan providers not them. If you cancel the loan you will need to pay the settlement fee, which will be much less than 17.5k if the interest is mental (eg. If the loan is for 10k, you will only need to pay around this figure to settle in the first week unless there's a buyout fee). Sell the car and add funds from wherever else you can to gather enough to settle.


Edit: The phrase 'Wherever else you can' does not mean another dodgy loan. If you're absolutely unable to gather the funds to meet the settlement fee you'll need expert advice on where to get it. I would suggest 0% credit cards but I'm not sure your money savvy enough to do so without messing it up

dcouponzzzz

Just a quick look on the website, 49.9%APR. using a loans calculater that puts the car price at around 7.6k. Looking on Autotrader there are some versions of the 2010 Seat Ibiza still selling for around this price, so get this car sold ASAP and meet the settlement figure.

tonycottee

They left you in a draining room for 2 days? That is some high pressure selling!

lynz68

£365 per month for a Seat Ibiza you could buy a new one for less than half that. I doubt they held you prisoner for 2 days in a drainage room for the sake of a sale. Your boyfriend obviously made contact with this company looking for a vehicle they didn't just turn up at your door as if by magic.

Your problem will be just because your boyfriend now has a good salary it's not going to change the fact that he has a poor credit history it takes 6 yrs to clean up a credit history completely. He is still not going to get regular car finance.

dcouponzzzz

lynz68 wrote: »

£365 per month for a Seat Ibiza you could buy a new one for less than half that. I doubt they held you prisoner for 2 days in a drainage room for the sake of a sale. Your boyfriend obviously made contact with this company looking for a vehicle they didn't just turn up at your door as if by magic.

Your problem will be just because your boyfriend now has a good salary it's not going to change the fact that he has a poor credit history it takes 6 yrs to clean up a credit history completely. He is still not going to get regular car finance.

I agree with Lynz, I think if a car is absolutely essential and your credit is that bad, then you should swallow your pride take a leaf out of these guy's books:

Bangernomics success stories: https://forums.moneysavingexpert.com/discussion/3803929