VT finance on car due to illness

ghosthud1

Hello!


My first forum post but i've used this place for a long time, even to beat a parking ticket which took around 3 years, so i really appreciate any input you may have.


Recently i've been diagnosed with a type of brain tumour that sadly doesn't allow me to drive, the DVLA have been notified and I now have to get public transport everywhere! very frustrating as I just recently (August) purchased a new car on finance, it's my pride and joy! but may not have my license returned for at least another 2 years.


I had no idea about the brain problem until my diagnosis being completed yesterday, fun times!


As the car is costing me £84 a month on insurance and £188 a month on finance payments it's a really expensive paper weight.


Any advice would be extremely welcome, and hopefully I'll be back to good health in no time at all.

foxy-stoat

No cheap way out of this.

If you cannot pay upto the 50% point then your credit file will be trashed, or get a settlement figure and find out what webuyanycar will buy it off you.

ghosthud1

Just an unlucky time for me I guess. I can afford to keep the car as an ornament, but just a shame by the time I come to drive it again is likely when I'll be trading it back in!


Probably better to ask my finance company, but are you able to transfer finance to a family member?

motorguy

ghosthud1 wrote: »

Hello!


My first forum post but i've used this place for a long time, even to beat a parking ticket which took around 3 years, so i really appreciate any input you may have.


Recently i've been diagnosed with a type of brain tumour that sadly doesn't allow me to drive, the DVLA have been notified and I now have to get public transport everywhere! very frustrating as I just recently (August) purchased a new car on finance, it's my pride and joy! but may not have my license returned for at least another 2 years.


I had no idea about the brain problem until my diagnosis being completed yesterday, fun times!


As the car is costing me £84 a month on insurance and £188 a month on finance payments it's a really expensive paper weight.


Any advice would be extremely welcome, and hopefully I'll be back to good health in no time at all.

Dont VT it. It will work out the most expensive way.

Ask the supplying dealer to make you an offer on the car to buy it back and see how that lies relative to the settlement figure.

Also try other franchised dealers, WBAC and some of the big online car buyers.

Herzlos

What kind of finance option is it? PCP or HP?


If it's HP, you're likely much cheaper selling the car (ideally to a specialist or friend) and taking out a loan for the difference.


You'll take a pretty big hit in depreciated for the 4 month old car, but you'll no longer have any insurance/maintenance and so on to deal with, and you'd be paying further depreciation the longer it sits unused.

motorguy

Herzlos wrote: »

What kind of finance option is it? PCP or HP?


If it's HP, you're likely much cheaper selling the car (ideally to a specialist or friend) and taking out a loan for the difference.


You'll take a pretty big hit in depreciated for the 4 month old car, but you'll no longer have any insurance/maintenance and so on to deal with, and you'd be paying further depreciation the longer it sits unused.

PCP is HP. Either will involve getting a settlement figure and then recovering as much as that as possible by selling it for the highest amount

ghosthud1

I see what you mean and I appreciate the advice.


I may have a stroke of luck regarding this situation as the car has failed for the 3rd time since August.


1st instance was oil level on cold start showing as low, restart fixed this.


2nd instance the same again and had it in with arnold clark, stereo issue as well in which all speakers fail.
These faults still exist!


3rd instance the car engine management light came on this morning, turbo pressure completely gone and limp mode. AA recovered it from work under my autocare plan which was nice. It's currently with an arnold clark motoring store.


If the above is the case, do I have the right to exit the agreement?

motorguy

ghosthud1 wrote: »

I see what you mean and I appreciate the advice.


I may have a stroke of luck regarding this situation as the car has failed for the 3rd time since August.


1st instance was oil level on cold start showing as low, restart fixed this.


2nd instance the same again and had it in with arnold clark, stereo issue as well in which all speakers fail.
These faults still exist!


3rd instance the car engine management light came on this morning, turbo pressure completely gone and limp mode. AA recovered it from work under my autocare plan which was nice. It's currently with an arnold clark motoring store.


If the above is the case, do I have the right to exit the agreement?

You could attempt to reject it, but thats not the same as the right to exit the agreement.

neilmcl

You have the right to reject the vehicle but you need to speak to both the finance co. and the dealership and formally state you are rejecting it.

ghosthud1

I'll let you know how I get on, I actually bought it from my partners dad who is a manager at Arnold clark, he's been using it since I can't so i'll have a word with him and see what I can do.


It's a 15 plate 208 gti with 15k miles on the clock. Shouldn't be this bad!

AdrianC

A few minor issues on a 4yo car...? No, that's not grounds for rejection after three months.

Just get a settlement price and a buy-back price. The gap between the two is what it's going to cost you to get out.