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Stuck with a car I can't afford and massive neg equity, please help?
Comments
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It might be cheaper to keep the deal and re-finance it later (settle the whole value of it with cheaper loan).I think you're right in that no matter what the O/P does, the Piper has to be paid (ie, the negative equity needs to be cleared).
Chances are they would be much better running on at this deal than trying to bail on it and taking on another PCP deal.0 -
You are not going to be able to get out of your agreement and buy another car - your better off keep paying and accept that you will not be able to save or clear down your current debt....on the plus side you will have a nice car to drive for the next couple of years.
You should try and save £250 a month for the next 2 years, you will be able to buy a suitable car outright for £6000 that will be fine for your commute.
How much debt are you in, in total ?0
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