Car goosed but can't get credit

Grumpelstiltskin

Underachiever wrote: »

That would be carried to the new finance agreement, isn't that how it works? I've never heard of anyone with two lots of finance when getting a car? Maybe I'm mistaken?

I think you need to do some research before you go any further. Go to the garage that is selling the Citroen, sit down, tell them the financial position you are in with the Corsa and see what they come up with.


BTW Not everyone buys their car on credit, if they are short of money they run an old car.

theoretica

Underachiever wrote: »

Well no not really, my friends BMW broke down, the car was new and under warranty, the dealership provided him with a courtesy car while they fixed his under warranty and then he collected his car once the work was done.

Sure - but he would be paying for that in new BMW prices (rather than, say, hiring a car himself if needed).

If you want a car that is always nearly new you need to be looking at shorter finance deals so they are paid off before you get rid of the car - otherwise you will be paying for the car before, and the car before that...

January2015

Sorry to sound harsh - but I think you've already decided what you want to do and that is get a new car. Regardless of comments/advice you seem to have made your mind up you need a new car.

If you had really had your LBM you would use your car until it really was knackered. At the moment your car is working - stick with it and you may be pleasantly surprised and nothing else goes wrong with it.

If you can get credit it is going to be at extortionate rates. I can't imagine any garage giving credit on a car AND the £3k negative 'equity' in the corsa. Your existing creditors (being paid through DMP) may not find out you have taken out more credit, but if they do, they won't be happy. How do you think you are going to have enough money to pay the finance on the new car if you didn't have enough money to pay your existing debts (hence DMP).

Sorry - I just think you need to walk away from the idea of a new car unless, and until, you can save up to buy one.

lambda

Underachiever wrote: »

Well no not really, my friends BMW broke down, the car was new and under warranty, the dealership provided him with a courtesy car while they fixed his under warranty and then he collected his car once the work was done.(

Yes, because spending £26,000 on a car is way cheaper than paying your local mechanic a few hundred quid to repair your knackered run about and hiring a car. You can hire a car and pay for the repair and have £25,700 left over versus the new BMW.

sourcrates

The "full service" con trick again.

Since about the early 90's nearly all cars have had electronic ignition, and fuel injection, everything is set at the factory, for life.
There is very little to do now under a car bonnet, when a garage charges you for a full service, what exactly does that mean ?

Well they change the spark plugs, you can do that yourself easily, plugs are £3 each, change air and oil filters, about a fiver each, and again, a simple job.
Change the oil, about £30 for quality oil, again a simple job, even kwik fit only charge about £35 for an oil change.
Top up fluids, again, simple job you do yourself.

That's it, they may check tension of belts etc, but that's basically it.

So a "full service" that the garage charge you £120 for, you can do yourself for around £50.

Tyres, buy used ones, half price, no quality difference, buy parts from scrapyards, example, you hit a pothole, tyre burst, wheel rim bent, new steel rim and tyre, well over £200, scrapyard, pick up brand new spare wheel and tyre, unused, £40, used ones in good condition even less.

A bit of careful thought and shopping around, doing work yourself when needed, saves you 100's!!!!

patman99

Let's break down your repair costs.

Tyres are a wear and tear item. You can always fit part-worns if finances are a bit stretched, then replace with new when the money allows it.

Exhausts are only ever warranted for 3 years (even stainless steel units) so time beyond this is a bonus. Next time your exhaust has a hole, get it welded as it will be cheaper than a new one.

Head gasket and timing belt probably down to something else failing. Did notice that you didn't mention tensioners and water pump so hope your mechanic replaced those at the same time or you will be in for an even bigger bill when the belt snaps again in a few months.

Anyway, 2010 Corsa's are going for way less than £2,000 so you would be better-off keeping the one you have got until it reaches the point at which it no longer passes it's MOT due to to much rust.

For the record, I paid £6k (on a Bank loan) for a 2008 Berlingo 1.6HDi back in 2013. It was expensive, but as it only had 24k miles and a full dealer service history (serviced at roughly 6k miles intervals) I thought it was worth it.

So far, I have had to fork-out £100 for a new back box for the exhaust as the strap hanger was corroded and they no longer do the hanging strap as they changed the design of the box.
Another £97 for a replacement CON-2000 unit (price included fitting) and £100 to get an electrical issue with the horn fixed.

So all the things that this particular model of Citroen are known for fixed for less than £300.

This year, MOT passed without even 1 single advisory.

Next big anticipatted bill will be in 2018 when I have the timing belt, tensioners and water pump replaced as per the manufacturer specified time/mileage reccommendations.

Did I think after the first MOT 'look at that repair bill, time to get shot'?. No, I did my homework and know that all the stuff that normaly goes wrong with these cars has now been fixed so can (hopefully) look forward to many years of further use (am aiming for another 5 at least).

It could be that your Corsa has had all the major issues it is likely to have and that you could still be driving it in 3 years time with no further nasty bills.

DawnW

Ilona wrote: »

You now know one person who owns her own car.

And another - a Corsa, coincidentally, a 2006 model. I'll admit it did go through a period when it needed work done (I assume when it to got to a certain mileage, not a car expert by any means), but nothing for a couple of years now, apart from MOT and service. It will need new tyres fairly soon, but tyres need replacing on any car. I'll admit to getting a full service from the dealership once a year, as they give it a good check over and let me know if anything is coming up to needing doing. I appreciate that those who are more knowledgeable about cars probably laugh at this, but it represents peace of mind to me, and no nasty surprises so far.

I am not on a DMP, but the idea of 2 lots of car finance sounds very scary to me, even without that :eek: OP, think hard about this! I honestly don't know if shortfalls on a traded in car are included in new car finance (?) but I can't imagine how that would be any cheaper overall than paying two lots of finance. And with what must be poor credit, would you be able to get this £129 a month deal anyway?

Rain_Shadow

sourcrates wrote: »

The "full service" con trick again.

Since about the early 90's nearly all cars have had electronic ignition, and fuel injection, everything is set at the factory, for life.
There is very little to do now under a car bonnet, when a garage charges you for a full service, what exactly does that mean ?

Well they change the spark plugs, you can do that yourself easily, plugs are £3 each, change air and oil filters, about a fiver each, and again, a simple job.
Change the oil, about £30 for quality oil, again a simple job, even kwik fit only charge about £35 for an oil change.
Top up fluids, again, simple job you do yourself.

That's it, they may check tension of belts etc, but that's basically it.

:rotfl::rotfl::rotfl:


Plugs and filters may have been dead straightforward back in the day but check this out for a 3 series BMW and being done by a BMW trained technician.


https://www.youtube.com/watch?v=eG7W4d-fk5w

Rain_Shadow

I am going to echo others opinions here that keeping the car you have is almost certainly the cheapest, and probably the only option you have for now.


You seem to have been stitched up like a kipper with your current finance deal but it's too late to do much about that now.

anna_1977

Underachiever wrote: »

That would be carried to the new finance agreement, isn't that how it works? I've never heard of anyone with two lots of finance when getting a car? Maybe I'm mistaken?

The finance does not carry over, you have to clear the finance on the Corsa when you sell it or trade it in...it all has to be paid then and there so you could theoretically have to give the Citroen garage the car & a couple of grand to clear it before starting again....