Paying finance on a car that isn’t performing how it should be when I purchased it.

chloe132

Hi all, I hope someone out there can help me or has advice from similar circumstance. 3 years ago I purchased a car on finance from a third party dealership with a pretty high interest rate due to a ‘not so great’ credit rating from my uni days. The car seemed perfect at first, everything seemed legit until 6 months after driving it the car went into lymp mode and has technically never come out of it. I have spent £1000’s on trying to find out what the issue with the car is and no one including the dealer that I purchased it from knows how to fix it but still kept charging me ridiculous rates to diagnose it. In my finance contract it states I cannot sell the car while I am still paying for the lease and I understand I can trade the car in as long as the dealer can make a profit on my swap? I could really use some advice on where I stand as it’s causing a lot of problems for me. I’m paying a lot of money for the car and then also to fix it on top and I still have 2 years left until I’m free from finance. 

Greatly appreciated if any help or advice could be given. 

AdrianC

You've had it three years. It's not the vendor's problem.

Personally, I'd be finding somebody competent to diagnose it.
But, then, I wouldn't have got a car on five-year punitive-rate finance in the first place...

How old is the car? Would it be cheapest to settle the finance, cut your losses, and get shot of it?

foxy-stoat

How many times has it been to the dealer for diagnostic and what was the fault(s)?
Have you spent thousands replacing parts or just thousands for them to plug it into their computer?

MinuteNoodles

You still have to pay the finance until it's cleared, whether the car is faulty or not. Have you taken it to a main dealers to be diagnosed or just the place you bought it from.

FerretloverUK

MinuteNoodles said:

You still have to pay the finance until it's cleared, whether the car is faulty or not. Have you taken it to a main dealers to be diagnosed or just the place you bought it from.

Why pay for a car that's faulty?
Maybe best to speak to the finance co?

MinuteNoodles

FerretloverUK said:

MinuteNoodles said:

You still have to pay the finance until it's cleared, whether the car is faulty or not. Have you taken it to a main dealers to be diagnosed or just the place you bought it from.

Why pay for a car that's faulty?

Because they signed a contract to borrow the purchase price of the car with agreed repayments and a total amount payable. The finance company didn't sell him it, they merely lent him the money to buy it.