Bringing down my car payments

sheramber

You need to pay off the finance before you can sell it.

johnnyfaddo

I have spoken to the finance company and told them my situation, they confirmed that I can sell it and pay off a lump sum, because obviously I wont get the full £9,400.

LandyAndy

HowardsDrift wrote: »

Or talk to these guys

RoarkFinancial.simdif.com

SPAM reported

Mercdriver

LandyAndy wrote: »

SPAM reported

Why quote it, keeping the link in place?

Mercdriver

johnnyfaddo wrote: »

I have spoken to the finance company and told them my situation, they confirmed that I can sell it and pay off a lump sum, because obviously I wont get the full £9,400.

Something smells like it has come from the wombling fraternity.

I wouldn't be buying something that a finance house still has financial interest in. I'd want it in writing that they were relinquishing their charge on the goods, and I'd be thinking that if the seller doesn't have the money to keep up the payments, perhaps they don't have the money to service it properly either.

I'd then say, thanks but no thanks.

caprikid1

Lots of people buy cars in this situation you just need to be careful and follow solid procedure. Documented quite well on other sites IE Pistonheads.


Can be an excellent way of getting a good value car as some like the poster above are unhappy with the percieved risk.

DD265

OK so to VT the agreement would cost £5250 (21 more payments at £250 a pop). OP can't sell the car to achieve this as VT means the finance company take the car back.

The settlement figure is £9,400. OP could sell the car* to potentially achieve £7000 of this (assuming the dealer was right/truthful about the value of the car) and then maybe take out a loan for the £2,400. OP - have you tried the loan eligibility calculators on here to see whether you can get a better interest rate? Or a 0% credit card, assuming that the finance company will accept a credit card payment (I've heard not all will).

*how easy it'd be to sell the car with outstanding finance I'm not sure. It may be a case of using a loan/credit card to pay off the finance, then selling the car to pay off the loan/credit card.

Personally, because my credit limits would allow it I'd pay the settlement figure on a 0% credit card, then sell the car to recoup as much of the money as possible. And suck up the balance, which would be cheaper than paying to keep the car until I could VT.