Car Loan

chrisehb

Hello all,

My loan for a car is ending this month, I currently have around £950 left to pay off. During the course of the loan I lost my job and had to skip a payment and another few months I had to make a reduced payment. (The company where happy to do so). This meant my account went into arrears and they charge £12 every month for arrears and other charges that I can't remember.

The final payment was always going to be a ballon payment, around £370 if I remember. I have funds to make a payment of around £450-£500 on the final payment, I wondered if anyone had a letter template I could use to ask them to perhaps remove/reduce some of the fees I have incured on my account. Or are finance companies happy to extend, or setup some payment plan for the remaining arrears?

Thanks

C~

[Deleted User]

What's the rationale for them removing the fees? I can't see that being likely.

MEM62

If you speak with the finance company they may cut you some slack by allowing the final payment to be spread over two or three months. It is unlikely that they would remove any additional charges.

foxy-stoat

No templates, maybe just write to them saying would they accept £500 as full and final settlement of the loan and see where that gets you.


You broke the terms of the agreement so they don't have to reduce any additional fees/charges they added to your account.


Good luck and report back how you get on.

Lipstickgirl

Don't know if I'm in the right place..apologies if not...We are buying a car using PCP .. to keep the monthly payments lower we are putting down£18,000 deposit and looking to change the vehicle in less than 2 years...I have now been advised by a associate that it is better to put down less deposit and pay more each month until we change the vehicle...as otherwise we risk losing a chunk of our deposit...I am really confused...any advice?

foxy-stoat

Lipstickgirl wrote: »

Don't know if I'm in the right place..apologies if not...We are buying a car using PCP .. to keep the monthly payments lower we are putting down£18,000 deposit and looking to change the vehicle in less than 2 years...I have now been advised by a associate that it is better to put down less deposit and pay more each month until we change the vehicle...as otherwise we risk losing a chunk of our deposit...I am really confused...any advice?

£18K deposit, what car is it?


How will you "lose" it?


You risk paying a large chunk of money whether you put it down or not as your signing up to a PCP deal for a fix term anyway.


My advice would be buy a car for £18,000 with the cash outright.