MOT fail and car finance

marew

Hi,
was wondering if we can get some advice. Our car has just failed its MOT and its going to cost a quite a bit to fix and we also have things that need fixing on the car. we have already spent money on the car getting fixed but its still not right. we still have a small amount of finance to pay which is less than the cost to fix it. we were wondering if someone has had the same problem as us and what they did about it?

we were thinking if we could get the remaining credit written of so we can scrap the car ? any help would be appreciated.

[Deleted User]

You'll need to settle the finance in full whether you keep, fix, or scrap the car.

molerat

marew said:

we were thinking if we could get the remaining credit written of so we can scrap the car ? any help would be appreciated.

That's not going to happen.  What is plan B ?

Thrugelmir

Pay the finance then scrap the car........

MalMonroe

What kind of car is it that it's in such a poor state before the finance has been paid off? Please let us know where you got it so we can avoid that place like the plague! 

If the cost to fix it is more than the remaining finance, I'd pay off the remainder then try to use the car, in whatever state, as a deposit for something else. Just because you have finance on this car doesn't mean you have to have finance on your next one. 

Or, you could also google 'car scrappage schemes 2020' to see if you can use your old car as a deposit there too.

But you will have to repay all the finance due on the car, whatever happens. 

Ebe_Scrooge

As above, you're not going to get the credit "written off" - you'll have to settle it, come what may.  The next question, really, is how much will the repairs cost, and what's the car worth to you ?  If you scrap the car, you'll presumably have to buy another one - how much will that cost ?  No idea what your "standards" are, but you can get a very reasonable "ordinary" second-hand car for well under £5000 (even at main dealer prices, with warranty).  Alternatively, what's it going to cost to repair your current car ?  If, for the sake of argument, you're looking at £800, that may seem like an expensive repair.  But it's a lot less than 2, 3, 4, £5000.  If the car is basically OK apart from the known repairs, that's by far the cheapest way of getting a few more years of motoring.  During which time you can be saving up so that when it finally does completely die, you've got the money to treat yourself to a nice shiny "new" second-hand car.

Hasbeen

marew said:

Hi,
was wondering if we can get some advice. Our car has just failed its MOT and its going to cost a quite a bit to fix and we also have things that need fixing on the car. we have already spent money on the car getting fixed but its still not right. we still have a small amount of finance to pay which is less than the cost to fix it. we were wondering if someone has had the same problem as us and what they did about it?

we were thinking if we could get the remaining credit written of so we can scrap the car ? any help would be appreciated.

So how much to pay to get it pass an MOT? If scrapped what it worth £100 + or so?

How much finance is left? You will not get it written off.

Do you need a car, if so how much are you prepared to spend to get one, non finance hopefully?

You have used the word fix four times in your opening paragraph, so subconsciously it looks like you are thinking of repairing. 

marew

to the above comments the cost of repair £633 and that's just to get it past it's MOT, there are also other faults with the car which don't need to be done straight away. The amount owed to pay it off £436.62.

we are now looking to purchase another car.

[Deleted User]

You'll struggle to get a usable car for much less than £633. Certainly unlikely to be an improvement on your current one 

sourcrates

Plenty of good, older cars out there, little tip, cars made in the nourties and onwards, nearly all benefit from much improved rust prevention, better standard interior toys such as air con, electric windows, etc etc, far eastern makes offer bombproof engines and reliability, a few more miles on the clock tends to put folk off, but if they have a good service history, it may be worth taking a punt, anything from £500 to £2500 can buy a real bargain if you are lucky.

Try trade centres, where there stock is mostly from main dealer part exchanges, they are a lot, lot cheaper, try to pay cash, thus avoiding finance fee`s etc, shop around, there are millions out there to choose from.

CKhalvashi

If your budget is sub-£1000 and you don't mind doing a bit of home engineering, check out the Bangernomics thread. I've had as temporary vehicles a Lexus LS400 (probably not available for less than £1k now, but £950 was paid for it), a VW Passat for £75 IIRC and a Focus ST for less than the wheels were worth alone.

Old Rovers (which are actually a common sight in Eastern Europe still) are common 'bangernomics' cars, as are Focuses, due to how common they are.