Remaining Finance, Car dead!

DSJJ17

Morning all,
I'm new here so any advice would be greatly appreciated!
So I read a previous post similar to this but it was 4 years ago, So I thought I'd write my own.
I have a 57 plate Nissan Note, I have had it 2 years, and have spent a fair bit getting repairs done both a year after I bought it and again this year (2 years after buying it)
I've had it in AGAIN at Nissan and this time they can't pinpoint the problem so are quoting nearly £400 for what they 'Think' it could be..
My bill already for the car this year alone is sitting at around £560 already spent after getting it through it's MOT etc..
I believe I have a year left or just under on my Finance and would like to know any advice or opinions that could positively guide me..

And as grateful as I am to any guidance or advice, I don't need the "you shouldn't have got finance on an old car" as obviously I done the best I could and made an educated decision at the time and place but life happened and put me in a not ideal situation.

Thanks :j

DSJJ17

bengalknights

Unfortunatly you would still have to pay the finance regardless of the status of the card, if you do stop paying it they could seize the car to auction off and will also hit your credit record with late/missed payments etc

onomatopoeia99

£960 across a year for maintenance on a nine year old car is not unreasonable and should not be unexpected. Cars wear out and break down, and it happens more often as they get older..

khcomp

Assuming your car is financed with HP, you can terminate the finance agreement as long as you have paid over 50% of the 'total amount payable' on your finance agreement.
However, that would mean that you'd have to have any remedial work done anyway, the car must be in 'reasonable' condition, and you'll then have no car & have lost the money you've already paid out. If you have previously defaulted on payments, the finance company can refuse to accept this option anyway.
Second option is to sell the car - inform the finance company of your intention to sell, ask for an up to date settlement figure & pay off the balance immediately upon selling. This may get rid of the car & possibly leave you with some cash for a cheaper replacement, but you'd have to do your sums first: Obviously if the car needs work & you don't want to have it done, that will be reflected in the car's selling price.
Thirdly, you can stick with it, pay to have the work done on the car & continue to make the remaining payments, selling the car in (hopefully) fully working condition at the end of the finance term, meaning any money you get can be used in it's entirety for a replacement.
In any event, I'd suggest trying to get a quote for any work at a decent, independent local garage: Main dealer prices for servicing, and especially repairs, can be many times the cost of work at a non franchised garage.

Cirias

This has always been a bit of a fear of mine. I don't have finance on mine, but I have a 14 year old Peugeot 307 and it's cost me thousands in repairs over the last 3 years. I should have got rid of it earlier, but these are lessons we learn in life. My next car will be a company lease, as I decided to cut out any stress of repairs/servicing etc.

My advice to you would be to find a good indie garage and stop using the Nissan main dealer as the prices will be massively inflated. What sort of issue does the car have currently?

lambda

I would suggest that you don't take the car to Nissan as they'll be absolute top dollar for the repairs. Find a good local independent mechanic - it will be a fraction of the price.

If you only have a year left I would probably just stick it out, as it wouldn't really be worth handing the car back. You should really put money aside each month into a 'car repair budget' though.

What exactly is wrong with it?

chrisw

Try posting on the Note owners forum:-

http://www.noteownersclub.co.uk/forum/

DSJJ17

Thanks for your message, but the first year it was a faulty fuel pump that cost a fortune and this year they don't know the problem..
So I understand maintenance is needed and expected but tyres and servicing costs are additional too the amounts I've already spoke about..

DSJJ17 :j

AdrianC

onomatopoeia99 wrote: »

£960 across a year for maintenance on a nine year old car is not unreasonable and should not be unexpected. Cars wear out and break down, and it happens more often as they get older..

Indeed - and taking it to a franchised main dealer, then complaining about the cost, does seem a little self-inflicted.

lambda

All cars need tyres and servicing, though. And, since this is a planned event (you must know when these are due) you can plan for it financially by putting money away each month to cover the cost of them. If you get a newer or different car these costs will still apply so it won't improve your situation much.

What are the symptoms you are seeing in the car though? Is there some problem with it when you are driving it? Why did you take it to the garage?