Car Finance

captaincoder

Hi Everyone,

I’d purchased a car via car finance using my bank. 2 years into the finance, my car suffered a major mechanical failure and has been off the road for 12 months.

I’ve had a garage look at the car and the crank has failed and will cost around £10k to fix. I still owe around £10k on the finance and the car is not in warranty.

I do not want to pay to get the car fixed as the car is worth about the same as the costs to fix and also is worth the amount outstanding on the finance.

If anyone has any advice as to what to do next, that would be most appreciated. Thanks for reading.

fwor

captaincoder wrote: »

the crank has failed and will cost around £10k to fix.

At the most basic level, I suspect that you're just going to have to take it on the chin.

However, unless it's a very exotic car, it should not cost £10k to fix. For everything other than a real exotic, you just buy a salvaged complete engine, stick that in and bin the current one (or sell it on Ebay as "untested", spares or repair only).

System

As above. Get a used engine, pay someone to swap it. You're probably looking around £2000 but at least then you'll have a car to drive around in. If you don't repair it you still have the £10,000 to repay.

What is the car, how old is it and what mileage? It could be a known fault in which case you may end up with a contribution from the manufacturer despite being out of warranty. My OLED TV for example is 7 months out of guarantee and has developed a picture fault which the manufacturer, LG, has acknowledged as being a fault in the process of manufacturing OLED panels which it has since corrected and so are replacing the panel for free this week.

captaincoder

Hi, thanks for your replies.

It's a Land Rover Discovery V6 HSE. At the time was only 6 years old. Apparently this has happened to a number of this type of vehicle. Not sure what to do next really.

bigisi

captaincoder wrote: »

Not sure what to do next really.

You've been told in the two replies you thanked what to do. Investigate a replacement used engine, it's likely to be a lot cheaper than the £10k you've been told already.

tetley

captaincoder wrote: »

Hi, thanks for your replies.

It's a Land Rover Discovery V6 HSE. At the time was only 6 years old. Apparently this has happened to a number of this type of vehicle. Not sure what to do next really.

I take it the oil pump went? That is a well known fault with these engines and LR will offer some form of contribution.But I doubt it now after 12 months.
However if all else fails, these engines can be fully fitted by a Independent LR garage for 2k.

parking_question_chap

Thats a hell of a car to buy on finance, are you a farmer? or do you have a lot of people to carry around? To sort the issue I suppose

Try and find another dealer who will fix it cheaper.
Failing that contact LR and see if they will contribute.
Finally, if none of the above work just sell for parts and buy something cheaper.