Car Finance but car no longer working

Rain_Shadow

Leicsdan wrote: »

Hi

I purchased a car on HP 18 months ago and I am exactly halfway through my credit agreement however the car no longer starts and although I am waiting on a full diagnostic check my mechanic believes it will need a new engine.



Any help or advice would be appreciated.

Thank you

Wait until you get a proper diagnosis and a quote to rectify it.

Then come back and share the info here.

Meanwhile, tell us what Make and Model it is and the mileage.

AdrianC

6.5yo car bought on 3yr finance. Never a great position to be in.

8yo car "won't start", "needs new engine"... First off, I'd be questioning exactly what the problem is, and giving more detail - because this is really only one of three main directions - Chinese Whispers, the result of a lack of maintenance (cambelt gone, run out of oil, or similar major failure) or somebody is trying to have you over...

That apart - yes, it is your problem. The fact your car is broken doesn't mean you can simply not continue to repay the money you borrowed to buy it. If you stop paying, and it's repossessed, you will still owe the difference between your debt and the value of the (broken) car.

comeandgo

Check your HP agreement. It is usual with HP that once half of the original loan is repaid you can hand the car back and no more money is asked from you. One of my friends did this regularly with new vehicles. Bought on HP under 4 year agreement and handed them back after two years.

AdrianC

comeandgo wrote: »

Check your HP agreement. It is usual with HP that once half of the original loan is repaid you can hand the car back and no more money is asked from you.

Providing the vehicle is in suitable condition.

You can't just hand a broken car or a written-off one back.

dannyrst

AdrianC wrote: »

Providing the vehicle is in suitable condition.

You can't just hand a broken car or a written-off one back.

Could try and say it's wear and tear? :rotfl:

facade

dannyrst wrote: »

Could try and say it's wear and tear? :rotfl:

As in

Vauxhall = fire damaged
Mondeo = DMF failed
BMW = swirl flaps eaten by engine
VW = timing chain jumped

All "fair wear and tear" as far as manufacturers are concerned :rotfl: