Car goosed but can't get credit

sourcrates

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?

That's a very naïve view of finance you appear to have there.

Any outstanding finance on your vehicle would need to be settled before you sell it.
Debts do not transfer from vehicle to vehicle, it is illegal as well as impractical to do so.
usually the way you do this is to find a dealer to buy your car, however, if its only worth 2k, and you still owe 5k, the dealer would probably pay 1k for it, leaving you to find 4k to settle the finance.

In other words you are stuck with it as no ones going to give you the full amount to clear the finance, as the cars not worth it.

You have no where to go with this unfortunately, unless you have the 4k needed to pay off your existing finance in your back pocket ?

lambda

Mrs_Ryan wrote: »

OH's car is on finance- he had his last car from new and literally ran it into the ground. It had 100k on the clock when it limped back into the dealership, five years old and 12 months after the finance was paid off. The finance costs him £100 per month plus £35 for a service plan which is very affordable to him- he drives a lot of miles to work and the roads around where he works are very poorly maintained so he needs a reliable car. He has 0% finance on the car, and I even negotiated cash back as he went to the main dealer where he had bought his last two cars and had them serviced. He couldn't pull 6.5k out of thin air all of a sudden, he has savings locked in a bond which would have paid for a car and was in fact intended for it but couldn't access them for another year and he badly needed a car then as the old one went very wrong very quickly.
Having finance doesn't necessarily mean you're being frivolous and getting something you can't afford.
OP sounds like you're having a mare, hope something turns up for you.

Sorry, I don't agree.
Firstly finance is still finance, 0% or not. Debt is still debt.

Secondly, can't afford a 6.5k car? Easy: then don't buy one.
Sorry, but I just can't accept that it is OK to borrow 6.5k for a car just because you want one. Only have 500£ in savings? Buy a 500£ car. It really is that simple.

100k miles on a car is nothing. We had a Nissan Micra still going very strong at 160k miles on it. Buying a newer car doesn't mean you get a more reliable car. Newer cars break down too. Sometimes more often than older ones.

Mrs_Ryan

Actually he has 10k in savings, nearly double what it cost to buy our new car. We got rid of the old one as it had major problems not just because he fancied a new car. (The sentence it limped into the dealers should have been a clue) it was in fact an MOT failure on its last MOT and would have cost a lot of money to fix. Also I bet you're assuming it's a new car he bought? Wrong the car he bought was only two years newer than the old car. Only other debt he has is a very small mortgage (oooh wait though any debt is bad and having a mortgage must be too) I bet your bottom dollar if your car failed you could get the bus but he can't because of his disabilities but he still works full time- he could just be bumming off the state but its the only debt he has. And not for much longer either as the savings are due to mature and will pay off the mortgage and the car

lambda

Mrs_Ryan wrote: »

Actually he has 10k in savings, nearly double what it cost to buy our new car. We got rid of the old one as it had major problems not just because he fancied a new car. (The sentence it limped into the dealers should have been a clue) it was in fact an MOT failure on its last MOT and would have cost a lot of money to fix. Also I bet you're assuming it's a new car he bought? Wrong the car he bought was only two years newer than the old car. Only other debt he has is a very small mortgage (oooh wait though any debt is bad and having a mortgage must be too) I bet your bottom dollar if your car failed you could get the bus but he can't because of his disabilities but he still works full time- he could just be bumming off the state but its the only debt he has. And not for much longer either as the savings are due to mature and will pay off the mortgage and the car

I want to apologise to you. I really didn't mean to offend - I get a bit carried away sometimes with my rantings. I don't mean any harm by it. Sorry.

It's just that I have personally made some very stupid decisions in the past. Most of these came from taking out loans for cars I couldn't really afford, using CCs to buy things I didn't need with money I didn't have. Now I am paying it off. I learnt my lesson and I just don't want to see other people in the same situation as I ended up.

Sorry again.

Scottishmummy

Grenage wrote: »

I'd rather pay £1000 for a half-decent used car than pay new car prices, or any finance deal. Honestly, if some people added up all of the interest they'd needlessly paid over their life, rather than save up and then purchase), they would weep.

^^^This^^^ In 25 years of car ownership only one car cost me more than £1500 and that was only because of a small inheritance. A Volvo that had 40K on the clock. It finally went to the scrapyard 12 years later with over 220K on the clock. Which for a petrol engine is pretty damn good. My current car cost £1000 and has about 60K on the clock so hopefully will last a while but it is already 14 years old so not sure. DH's car cost £800 but is worth £1400 - the guy had been trying to sell it for 6 months so DH knocked him down. The only bit it needed to get through it's latest mot cost £8.

StrugglingYouth

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?

Never financed a car myself, but I believe the outstanding finance is cleared by the sale of the car?

patman99

Only if the value of the car is greater than the outstanding finance.

HelleBelle

To add my tuppence worth:

I own my car outright - 2008 Seat Altea

I think it's better to keep with the car you know. You've had all this work done so it's *unlikely* that those parts will fail again unless the work was not done correctly in which case you should be able to go back to the place where you had the work done.

Also, it does seem a fairly steep price you've been paying - shop around, get recommendations for some good independent mechanics and see if you can save some ££ next time your car needs servicing/MOT/repair.

Look after your car and your car will look after you!

Wishing you better motoring luck...

Scottishmummy

The OP hasn't returned. I suspect he didn't get the answers he was looking for.