Ford Finance

Dudeness70

Please can someone give me some advice.

Took a car out in 2016 with it in my partners name as I’m in a debt management place and I’m a student. So it wouldn’t go in my name.

He cheated on me a year later and I left him.

The situation now is the three years is up on the car finance and he will not put the car back in his name and I won’t pass a credit check. At the moment my sister and her husband are thinking about putting it in their name, but the reality of the situation is her husband isn’t keen on our family so she will prob not do it.

The only option I will have them is to let the car go back to them. But I have a £5k amount I have already paid off. So, my question is, will they be able to part ex my car for one of a value of £5k?

Any helpful comments would be appreciated.
Dawn

AdrianC

Sorry - you're asking if you can get £5k of credit since you've paid off £5k of your DMP...? So you'd be back to the starting point, owing just as much as when you went into the DMP in the first place, thereby avoiding bankruptcy...?

It doesn't work like that...

And, no, I don't blame the person you've not been in a relationship with for the last two years for not wanting to put their own credit history on the line for you to continue to drive a car you can't afford. Your sister's husband sounds like he's got the right idea.

Realistically, if you can get any credit at all, it will be from the "sub-prime" market and be very expensive indeed.

forgotmyname

The 3 years is up? Is a final payment due? How much?

If its another £5k and its not worth that then let them take it and buy something cheap.

You pay £5 to rent a car for 3 years. Its not your car or money. So no you wont getr £5 to trade a car in you have not yet paid for.

If your on a DMP are you allowed more debt?

Robby1988

Dudeness70 wrote: »

The only option I will have them is to let the car go back to them. But I have a £5k amount I have already paid off. So, my question is, will they be able to part ex my car for one of a value of £5k?

Any helpful comments would be appreciated.
Dawn

Whats the finance arrangement on the car?

The fact the "3 years are up" and you are looking around for somebody else to put their credit score on the line for you, suggests to me it's a PCP arrangement and you now want to finance the balloon payment.

If you don't and the car is returned, everybody walks away empty handed. It's nobodies car to part exchange because it belongs to the finance company.

System

Time to get used to walking and taking the bus if you don't have a few hundred quid to buy a banger off Facebook. The £5k you've paid in repayments is money out the window, gone on renting a new car for 3 years so you won't see any of that.