Car Repossession advice

Clive_Woody

sodapopzxx112 said:

Nasqueron said:

sodapopzxx112 said:

Nasqueron said:

If they are repossessing the car then you might as well look for a cheap second hand runaround to get you to work - can you move any closer than a 30 mile each way drive, rent locally etc?

But why would I look for another car when I’ve paid off over £29,000 in payments to them in the last 4years. 

I’ve lived in my current property for over 20years - I do not have the finances to be able to pay for a 2nd property - I would need the best part of £2000 to put down as a deposit then I’d need removal costs and then there’s the fact I’ve got to actually locate a suitable property - all of which cannot be done in a week. I’ve also got family that I rely on for support and who also rely on me

Because that's what will keep you moving and getting to your job

The £29,000 is immaterial, with a PCP deal unless you buy it at the end you lose that money regardless

This isn’t PCP it’s a normal car finance whereby I’m paying a monthly fee towards the car finance 

car cost £28,600 
oodle paid this and I owe them the money in addition to their fees of £13,200 = a grand total of £41,800 

the  car finance was to be paid in 60 monthly payments - at the end of the 60 months I’ve paid for the car and £13,200 in interest fees that I owe to oodle. 

With only 16months left in my 60months contract as stated I endured some medical issues which has meant for the last 6 months I’ve been struggling to make the monthly payments. 

Because of this oodle have terminated the finance agreement and now want to take the car back or I pay the remaining balance which is £13,200 

do you see now why I have such a big issue in throwing away nearly £30,000 and buying a cheap run-around…… make that make sense please….???????? 

With depreciation the residual value of the car is probably similar to the amount of your outstanding debt, this is how this kind of finance works. By defaulting on the finance agreement they are entitled to take the car to cover their losses.