missold car / finance

ChumLee

Herzlos wrote: »

If she lost £3+k on each of the trade ins, she could easily have started term 4 for £10k in negative equity.

Since the first one was a new 308 and sold back after a year, it could have been a whole lot worse.


OP - You're going to be stuck with the payments, just please don't trade it up again, and read things more carefully in future.

Like you have? :whistle:

gemmab1985 wrote: »

First of all they weren't brand new cars and yes we did. The car I have now is worth 6,000 we owe 20,000 do you think if I had realised I would be in this mess?

Mercdriver

ChumLee wrote: »

Well that's probably why you're not getting help..

she is getting plenty of accusations of being a troll though. Funny that :j

ChumLee

Mercdriver wrote: »

she is getting plenty of accusations of being a troll though. Funny that :j

Only motorguy and bigjl have suggested that.

motorguy

Herzlos wrote: »

If she lost £3+k on each of the trade ins, she could easily have started term 4 for £10k in negative equity.

Since the first one was a new 308 and sold back after a year, it could have been a whole lot worse.


OP - You're going to be stuck with the payments, just please don't trade it up again, and read things more carefully in future.

You've missed my point - what finance company these days would allow you to finance £20,000 on a £10K car?

Doesnt make sense - unless its a personal loan agreement, which would be bad news.

Hopfully the O/P can shed some light later.

motorguy

gemmab1985 wrote: »

Not just yet no I'm out with my son but I will tonight and read it all properly.

Grand, have a read and see what it says.

Also, see if you can tell if its a personal loan agreement or Hire Purchase (it should be clearly marked)

If its HP, you will have options under the Consumer Credit Act which could allow you to hand the car back once 50% of the total cost of the agreement has been reached, with nothing further to pay.

Also, of interest would be :-

Deposit paid, and length of loan.

Also does it mention a final payment at the end?

Herzlos

ChumLee wrote: »

Like you have? :whistle:

Fair enough, I mistook the "new car" in the 2nd line of the thread to mean new and not just new to the OP. I assumed cars 2, 3 & 4 were used.

motorguy wrote: »

You've missed my point - what finance company these days would allow you to finance £20,000 on a £10K car?

Doesnt make sense - unless its a personal loan agreement, which would be bad news.

Hopfully the O/P can shed some light later.

Agreed, it's certainly odd. But if they have decent enough earnings I doubt there's any issue with them having £20k on finance. There's certainly details missing!

motorguy

Herzlos wrote: »

Agreed, it's certainly odd. But if they have decent enough earnings I doubt there's any issue with them having £20k on finance. There's certainly details missing!

Theres no issue with having £20K of finance, however HP is against the car, so they wont over finance it by 100%