200: feel stuck with a car i cant afford!!

[200cup andy]

ive just had another call from rci saying ive bounced a payment so with 6 months left of owning the car i thought id ask if its possible to some way give the car back she came back saying i need to pay 7 grand!!

i dont know what to do im screwed either way no one will want to buy a car with outstanding finance and i cant finish paying the car off

with being self employed in a business with my dad (who has a full time job) at the moment and my business going nowhere im totally stuck

just need to know if anyone else has been here because its horrible being unable to do anything

and dont anyone say "get a job and pay it off" as ive had 4 months of applying for jobs and got jack

 

[Ashton]

whats sort of agreement do you have? is it a PCP or a HP?

you say you have '6 months left of owning the car' does that mean you have 6 more payments until you agrement finishes?

You do have something called halves and thirds. This basically means once you have paid a minimum of half of the total amount payable and the car has not exceeded any mileage stipulations (PCP) you have a right to hand the vehicle back to the creditor as a voluntary termination (VT)

 

[Roy]

Try selling it as long as you tell people it's got outstanding finance and will pay it off as part of the deal you may stand a chance of selling it

 

[Roy]

whats sort of agreement do you have? is it a PCP or a HP?

you say you have '6 months left of owning the car' does that mean you have 6 more payments until you agrement finishes?

You do have something called halves and thirds. This basically means once you have paid a minimum of half of the total amount payable and the car has not exceeded any mileage stipulations (PCP) you have a right to hand the vehicle back to the creditor as a voluntary termination (VT)

Will your credit score be f@@ked if you give it back???

 

[Ashton]

A VT will show on your credit file and some credit issuing companies may want to look into it further regarding a munual underwrite, however it is not a bad as a defaulted or late payment on your credit file

 

[Tom]

I would sell it privately.

Get a settlement figure and try and sell the car privately for that. They can't stop you doing that, so long as you pay the car off in full.

People do it all the time.

 

[200cup andy]

ive got a 12000m limit and i can hand the car back at the end of the 2 years

ive not heard of the halves, and thirds thing

so i think its the pcp

 

[Roy]

Feel really sorry for you mate I had the same prob years ago and it's horrable situation to be in but I had family to bail me out because I was self employed at the time and without work.Hope you get sorted soon:thumbsup:

 

[shurm]

It will be on your finance paperwork and you will still have 1/2 and 1/3s even if its a PCP. Find out what this figure is and work out how much you have paid including any deposit, you can then just pay the difference between 1/2 and what you have paid and hand the car back.

Its your legal right to be able to do this.

 

[Rogue]

Have you spoken to the finance company and explained the situation?

If not, do it. They MAY give you a payment break, or reduce your payments but over a longer term to what you can afford.

To be honest, it's agro for them to keep chasing you, so pick up the phone and work something out.

 

[Foxspeed]

It will be on your finance paperwork and you will still have 1/2 and 1/3s even if its a PCP. Find out what this figure is and work out how much you have paid including any deposit, you can then just pay the difference between 1/2 and what you have paid and hand the car back.

Its your legal right to be able to do this.

Have you spoken to the finance company and explained the situation?

If not, do it. They MAY give you a payment break, or reduce your payments but over a longer term to what you can afford.

To be honest, it's agro for them to keep chasing you, so pick up the phone and work something out.

great advice guys :thumbsup:

 

[200cup andy]

well shes in the for sale section

thanks for the advice ill give them a call again but they seem happier to just rape me for money i dont have, i explained it to them what the issue is she didnt seem bothered

 

[Tom]

Sorry to see you selling up man.

I noticed you're listing it with a cage, etc.

You might do better taking those bits out IMO.

Car mods are a matter of taste and everyone is very different...

 

[200cup andy]

ive said it can go to standard too

 

[Jason S]

Rogue is bang on.

Yep defo in your interest to call and get the initial, current numbers. They dont want the ball ache of the car etc. The sooner the better your chances of working something out with them amicably.

 

[Jason]

Just read your selling thread.

Strip it back to standard, get rid of all the stickers, cage, pictures of it on a track etc. Don't scare people off with the finance doo-dar at the start, put something small in like, "Outstanding finance but will be cleared once payment is accepted" or something and sell it for a reasonable price and you'll have no problem getting rid.

Act too desperate and personally I think you'll just scare people off.

Its a tidy car.

 

[200cup andy]

bit of a panic add now ive read it back, i may redo it im really not good at adds

 

[N0ddie]

Definately do as Jason suggested. Lose the track pics, cage, stickers, zorst as this will put some people off.

 

[Rogue]

Andy - You need to speak to the finance company and get something sorted for the time being.

Unfortunately, your car may take weeks or months to sell...so how many payments do you want to bounce? Technically, you're still in the same situation. Just because the car is for sale, doesn't change anything.

If you have no luck with the person you're speaking too, i'd suggest asking for someone higher up.

 

[Fernandez]

Sorry to hear that Andy. Some great advice on your options and it seems a shame to sell with only 6 months to go. Another option is to ask then for a "settlement" figure and ask your bank for a longer term loan.

Think the others are right when they say put the car to standard and sell the bits, you'll def make more money back that way