Barclaycard Motor Loan early settlement fee

Misf1

I took out HP with Barclaycard motor loans in March 2006
Amount of credit £6995
cash price £7995
advance payment by me of £1000
total charge for credit £2390
credit facility fee £149
Completion fee £99
Interest £2142.80
Total amount payable £10385.80

I want to pay off the car finance with a loan from my boyfriends savings and sell the car so that I don't have the payments each month and I can work towards being debt free as I am in terrible trouble with my money. I have to give back the money to my boyfriend as soon as car is sold. I have asked barclaycard motor loan for a price and they told me they would take £5511.92 in payment. The car is not worth this it's worth aprox £4500 to £5000 and it wont be easy to sell. I can't afford to pay over what it's worth. My payments per month are £154.78 and this would make such a difference to my finances, but I do need to buy a very cheap car to run back and fore to work with. I added up all my payments for next 2 years and 11 months and this would be aprox £4900, so I can't believe they can charge so much for paying it back early. Is there any way around this large payment, can I overpay the loan for 2 months or something so they can't charge me more? I really need to sell this car. I can't give it back to them. I just want to pay it off for a fair rice, they've made enough money in interest. Can I negotiate this. Someone help me please

~Beanie~

Your sums don't add up to start with. The total amount payable as you list it actually adds up to £11775.80 (6995 + 2390 + 149 + 99 +2142.80 = 11775.80).

You have paid 2 years 1 month (£3869.50) and have 2 years 11 months left (£5417.30, not £4800) - this only comes to £9286.80.

Anyway, maths aside, the lenders aren't interested in how much your car is worth. When you take a car on finance, it is quite normal for you to owe more on the loan than the car is actually worth because cars depreciate the minute you drive them away from the showroom / forecourt. You could try asking them for a breakdown of the £5511 figure but I doubt you will get a settlement figure that is much less.

Misf1

sorry it should read:

Amount of credit £6995
cash price £7995
advance payment by me of £1000
total charge for credit £2390 (Made up of: credit facility fee £149, Completion fee £99, Interest £2142.80)
Total amount payable £10385.80