Car not worth repairing but 2 years left on finance

code-a-holic

Hi,

A year ago my mum purchased a car from a car dealer with a 3 year finance deal.
The car in the last few weeks has needed some work done from wear and tear but it's then discovered that many other elements are failing. A few days later and almost all at once drive shaft, front and rear shocks all giving up. Garage say the cost of repair outlays the value of the vehicle. Right now it has been towed from the side of the road.
My mum is a career and uses the car all day and can't be without a car so has to resolve quickly.

The finance company said to repair and then part exchange for a new vehicle. But is this really all she can do? Any help would be appreciated! Two mechanics have confirmed that the repairs would be considerably more than it is worth and she would be a fool to do so!

HappyMJ

code-a-holic wrote: »

Hi,

A year ago my mum purchased a car from a car dealer with a 3 year finance deal.
The car in the last few weeks has needed some work done from wear and tear but it's then discovered that many other elements are failing. A few days later and almost all at once drive shaft, front and rear shocks all giving up. Garage say the cost of repair outlays the value of the vehicle. Right now it has been towed from the side of the road.
My mum is a career and uses the car all day and can't be without a car so has to resolve quickly.

The finance company said to repair and then part exchange for a new vehicle. But is this really all she can do? Any help would be appreciated! Two mechanics have confirmed that the repairs would be considerably more than it is worth and she would be a fool to do so!

Scrap it...she might get a couple hundred in scrap value.

If the car is on HP then just return it. Most cars can be returned if they have fair wear and tear which this may qualify for. If she's done something to damage it then she'll have to pay.

If it's just a money loan then she owns the car and do anything she wants with it including scrapping it.

Make sure you get the VED road tax back by taking the car off road and cancel the insurance if it's worth it. If the insurance only has less than a month to go it may be cheaper not to cancel it and just let it run.

Bailey73

I had a car on finance and the cost to repair it was quite high so I spoke to the finance company and they allowed me to return the vehicle with no further payments. A certain % of the term must have passed before they will consider it though. Hope that helps

code-a-holic

Thank you both, this is really helpful!

[Deleted User]

Was this a quick fit type garage?

And what exactly did they say needs doing?

bigjl

How many miles on the car when bought?

How many miles on the car now?

What price was paid?

Unless the car no longer moves under its own steam then you could part ex it now.

motorguy

code-a-holic wrote: »

Hi,

A year ago my mum purchased a car from a car dealer with a 3 year finance deal.
The car in the last few weeks has needed some work done from wear and tear but it's then discovered that many other elements are failing. A few days later and almost all at once drive shaft, front and rear shocks all giving up. Garage say the cost of repair outlays the value of the vehicle. Right now it has been towed from the side of the road.
My mum is a career and uses the car all day and can't be without a car so has to resolve quickly.

The finance company said to repair and then part exchange for a new vehicle. But is this really all she can do? Any help would be appreciated! Two mechanics have confirmed that the repairs would be considerably more than it is worth and she would be a fool to do so!

This sounds like a Kwik Fit type put-the-fear-of-god into you type organisation?

I dont get this at all?

The driveshaft, maybe £200
Even IF IF IF it needed four shocks, the £70 a corner tops, £30 a corner to fit, so £400.

So how does a car with a three year finance deal, one year in, with 2 years left to pay be worth less than those total repairs?

PLUS, i'd get the driveshaft done, any ESSENTIAL maintenance then worry about the shocks at MOT. Most are gas these days so you just end up with a firmer ride rather than the bounciness you used to get from oil filled ones with the oil leaked out.

motorguy

code-a-holic wrote: »

Thank you both, this is really helpful!

You need to have paid more than 50% of the total transaction cost (deposit + interest + fees + amount financed) before you can hand it back with nothing further to pay.

The car must be in good condition, subject to fair wear and tear. They WILL bill you for repairs that make the car unroadworthy and body damage beyond fair wear and tear.

motorguy

Bailey73 wrote: »

I had a car on finance and the cost to repair it was quite high so I spoke to the finance company and they allowed me to return the vehicle with no further payments. A certain % of the term must have passed before they will consider it though. Hope that helps

Its not a matter for their consideration. They have a legal obligation under the consumer credit act to accept a voluntary termination at ANY point, however they can only seek to claim back off the customer up to 50% of the total transaction cost, subject to fair wear and tear.

jimjames

motorguy wrote: »

So how does a car with a three year finance deal, one year in, with 2 years left to pay be worth less than those total repairs?

I think this is the key question. It would seem the quotes are incredibly inflated or a very low value car was financed to be worth so little.

Herzlos

I'd definitely be getting a 2nd opinion from a local independent garage. If you got 3 years credit on it, it must have been worth at least £3k (£100/month), so must still be worth at least £1500.

What's the car/value and the garage/quote? Someone is having you on somewhere. As said, it sounds like there's less than £1000 in repairs (after labour).