Pressured into getting car i dont want it

iHush

I was pressured and almost forced into getting a Grandland X back in September 2024 by my now ex. I dont want the car, I dont like the car I want it gone.
Only issue is im stuck with the finance for 5 years.

Is there anything I can do to get rid of the car or change the car. Its £250/mth and for that I could have got a car i actually want.

Sorry if this isnt the right place for this post

DE_612183

What is the balance on the finance and what is the value of the car - why not part-ex it for something else?

Mildly_Miffed

iHush said:

I was pressured and almost forced into getting a Grandland X back in September 2024 by my now ex. I dont want the car, I dont like the car I want it gone.
Only issue is im stuck with the finance for 5 years.

Is there anything I can do to get rid of the car or change the car. Its £250/mth and for that I could have got a car i actually want.

Sorry if this isnt the right place for this post

Of course you can - but the best/cheapest way to do so will depend on how the finance is structured.

iHush

DE_612183 said:

What is the balance on the finance and what is the value of the car - why not part-ex it for something else?

There is still 13k and the cars now probably worth 8k. Its HP cant Part Ex a car on finance can you?

iHush

Mildly_Miffed said:

iHush said:

I was pressured and almost forced into getting a Grandland X back in September 2024 by my now ex. I dont want the car, I dont like the car I want it gone.
Only issue is im stuck with the finance for 5 years.

Is there anything I can do to get rid of the car or change the car. Its £250/mth and for that I could have got a car i actually want.

Sorry if this isnt the right place for this post

Of course you can - but the best/cheapest way to do so will depend on how the finance is structured.

Not sure if it helps but its a HP agreement with Auto Money Motor Finance/CarFinance247

Goudy

I would think 10 months into a 5 year finance package, whatever the car's value it will be much lower than the settlement figure, so you'll have some negative equity.

Those 10 months payments would have a health portion of interest, so you've not made much of a dent into the capital borrowed.

Cars don't depreciate evenly. The first few years are the heaviest, then they start to lose less and less each year.


Best place to start is asking the finance company for a settlement figure.
This is be all the outstanding capital plus around 56 days interest. 
(this is obviously less than repaying the next 50 months as that contains 50 months interest).

Then try a few dealers, see what they will give you for it if you trade it in for the car you want.
BUT, expect there to be a big difference between the two and if you want to go ahead, the new cars finance package will include all that difference of the last finance package unless you can pay the difference in cash.

DE_612183

iHush said:

DE_612183 said:

What is the balance on the finance and what is the value of the car - why not part-ex it for something else?

There is still 13k and the cars now probably worth 8k. Its HP cant Part Ex a car on finance can you?

is that a settlement figure or the outstanding finance ( they are different things ).

DE_612183

iHush said:

DE_612183 said:

What is the balance on the finance and what is the value of the car - why not part-ex it for something else?

There is still 13k and the cars now probably worth 8k. Its HP cant Part Ex a car on finance can you?

yes you can - say you have finance of £10k outstanding - the dealer can give you £8k part-ex - that leaves you £2k down - you want a car thats say £9k - they let you have the car, but the finance is for £11k ( you pay the shortfall using the new agreement ).

DullGreyGuy

iHush said:

DE_612183 said:

What is the balance on the finance and what is the value of the car - why not part-ex it for something else?

There is still 13k and the cars now probably worth 8k. Its HP cant Part Ex a car on finance can you?

Need the settlement figure not the outstanding balance. 

You can part ex a car that isnt on lease, if there is a shortfall you may need to be able to pay that yourself or may be able to add it to your new finance agreement depending on the numbers involved. 

Mildly_Miffed

Goudy said:

Cars don't depreciate evenly. The first few years are the heaviest, then they start to lose less and less each year.

The car is worth £8k. That would likely put it around 7yrs old, and the OP only got it ten months ago.

50 payments to go, £250/mo = £12,500 - so that outstanding figure includes five years of interest that wouldn't need to be paid. The settlement will be FAR less.

From those figures, I suspect it was overpriced to start with, and a high interest rate, thanks to one of these "sub-prime" retailers and financiers? So they won't bend over backwards to help...

LightFlare

Why don’t you want the car ?
Why don’t you like the car ?

which is more important to you; money or your dislike of the vehicle ?

personally, I would just grit my teeth and spend the next 4 years saving up and looking forward to getting something I do want as opposed to going a few k in the red