When I VTd my old c2 VTS, what I was basically told was that the finance company the finance was with wont touch you again, but, the next time I took out car finance I was asked the reasoning behind the VT by the new finance company
200: feel stuck with a car i cant afford!!
- Thread starter 200cup andy
- Start date
When I VTd my old c2 VTS, what I was basically told was that the finance company the finance was with wont touch you again, but, the next time I took out car finance I was asked the reasoning behind the VT by the new finance company
200cup andy
Platinum Member
got a settlement figure for when the car gets sold, id get laughed out of the bank if i asked for a loan ive never had a loan before so ive got no chance getting one now
I just had a look at your for sale thread & settlement figure- to be honest your not in 'that' bad a situation,
I think in reality if your settlement is 10250 the worst you do is break roughly even-
So you have effectively leased the car from day 1-
Your list price is reasonable at 11500, however its a cup & they are hard to sell- I noticed it has no Aircon in the listing which makes it slightly less attractive-
This isnt any way a post to make negative comments on your situation- but just comment on the sale-
With a list price of 11500 on pistonheads & on here I think even though it isnt a bad price I think you may struggle to sell quick- epsecially is you are looking to clear it before the next payment-
The last thing you want to do is bounce another payment-
If you are struggling to meet the next payment I would cut my losses & list it at 10995 & hope for 10750
I noticed some posts around CAP & TRADE prices in your for sale thread- they are a mile away
You will be lucky to see 9.5k from any trader to buy that outright - which net would mean you would be paying them £750 to take it away-
My advice 10995 list & sell it as close to that as you can before your next payment-
I would hazard a guess that at the moment the depreciation curve of the car is higher than the rate of sale of payment that your making- which means that each month your equity stake in the car is less & less-
As it stands maybe £500 in equity ....
hope it sells - regards
Steve
I think in reality if your settlement is 10250 the worst you do is break roughly even-
So you have effectively leased the car from day 1-
Your list price is reasonable at 11500, however its a cup & they are hard to sell- I noticed it has no Aircon in the listing which makes it slightly less attractive-
This isnt any way a post to make negative comments on your situation- but just comment on the sale-
With a list price of 11500 on pistonheads & on here I think even though it isnt a bad price I think you may struggle to sell quick- epsecially is you are looking to clear it before the next payment-
The last thing you want to do is bounce another payment-
If you are struggling to meet the next payment I would cut my losses & list it at 10995 & hope for 10750
I noticed some posts around CAP & TRADE prices in your for sale thread- they are a mile away
You will be lucky to see 9.5k from any trader to buy that outright - which net would mean you would be paying them £750 to take it away-
My advice 10995 list & sell it as close to that as you can before your next payment-
I would hazard a guess that at the moment the depreciation curve of the car is higher than the rate of sale of payment that your making- which means that each month your equity stake in the car is less & less-
As it stands maybe £500 in equity ....
hope it sells - regards
Steve
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Nothing related, but a little thing. Someone refused to buy my 197 cup purely on the reason that it had air-con, before they had even seen it. They rang up, asked if it had air-con and said they weren't interested.
No idea why, but just saying it isn't always a bad thing that it doesn't have A/C.
Well- its more common to lose a sale on No air con-
The person that rung for yours may have only wanted it for track-
THere is however 100% more demand for a FF model & within the group wanting cups a higher %age wanting A/C
S
The person that rung for yours may have only wanted it for track-
THere is however 100% more demand for a FF model & within the group wanting cups a higher %age wanting A/C
S
200cup andy
Platinum Member
i speced the car with out air con as its was lighter. with the intention of not worrying about having to sell in myself
Whoever mentioned calling and explaining to RCI the circumstances, do NOT do it. They will not offer you a payment break, its in their contract that they do not offer this. Worst case scenario they will come out and repossess the car and leave you with nothing.
I ended my PCP early by part-exchanging it to a dealer, they settled the outstanding finance for me and used it as a deposit on something else on their forecourt. Private sales will always be put off by the fact a car has outstanding finance, i recommend you too go down this route like i did unless you can afford to hang around waiting for a private sale.
I ended my PCP early by part-exchanging it to a dealer, they settled the outstanding finance for me and used it as a deposit on something else on their forecourt. Private sales will always be put off by the fact a car has outstanding finance, i recommend you too go down this route like i did unless you can afford to hang around waiting for a private sale.
200cup andy
Platinum Member
its always better i feel if you can get the right deal to get a bank loan - even if you run into difficulty you can go to them and tell them you cannot afford the repayments and offer to pay less and from day one the car is yours :hug1:
sir_dave
Paid Member
Another option would simply be to balance transfer some money into your bank account from one of your credit cards - to ensure that you dont bounce another payment ...
Cr4ppy situation to be in tbh, although as Steve says, if you need to move the car quickly, you need to make sure its the cheapest one available.
Also sell your mods, that will surely raise enough money for the next monthly payment?
Cr4ppy situation to be in tbh, although as Steve says, if you need to move the car quickly, you need to make sure its the cheapest one available.
Also sell your mods, that will surely raise enough money for the next monthly payment?
I reckon a few people will be in the same boat as you every month with Renault. So main thing is not to worry. Worrying will fix nothing.
Be pro-active and research every method to make some money and cover the payments until you organise sale/trade of car. Try selling items you have on ebay. Doing odd jobs for people for £20 cash here and there. You'll be amazed at the amount you can make quickly on ebay with quality photos and a friendly, informative and honest description. I sold a faulty 8 year old adidas watch for about £20! All this add's up to 1, 2 , 3 months payments. Buying you some time.
As before, speak to your finance (RCI is it?) and explain your difficulties at the moment. Don't make it sound like the end of the world though. Ask for explanations on your rights within the agreement, what options are available to you via them. If it's a PCP, is it possible to survive until the end of the lease agreement (6 months yes?) and then buy the car with a bank loan over 5 or 7 years etc. Reduce your monthly costs significantly whilst you continue to try and sell/trade in the car for a cheaper alternative.
Good luck and keep your chin up.
Be pro-active and research every method to make some money and cover the payments until you organise sale/trade of car. Try selling items you have on ebay. Doing odd jobs for people for £20 cash here and there. You'll be amazed at the amount you can make quickly on ebay with quality photos and a friendly, informative and honest description. I sold a faulty 8 year old adidas watch for about £20! All this add's up to 1, 2 , 3 months payments. Buying you some time.
As before, speak to your finance (RCI is it?) and explain your difficulties at the moment. Don't make it sound like the end of the world though. Ask for explanations on your rights within the agreement, what options are available to you via them. If it's a PCP, is it possible to survive until the end of the lease agreement (6 months yes?) and then buy the car with a bank loan over 5 or 7 years etc. Reduce your monthly costs significantly whilst you continue to try and sell/trade in the car for a cheaper alternative.
Good luck and keep your chin up.
Right then some funny advice going on in this thread.
The halves things in principle applies on PCP but you need to pay half what you borrowed which you won't do on a 2 year PCP so this is not an option.
Don't worry that its on finance when selling private. All you do is get a cheque for say £500 to you and the buyer send the rest to the finance company. No issues what so ever.
The worst thing here is you own a car no-one wants to buy private. It does 25mpg when fuel is £6.50 per gallon and on top of that no-one can get personal loans so for most people the only option is a dealer as their finance is secured to the car therefore easier to get.
Will a missed payment on your credit file matter? Well 5years ago no, but its a whole different ball game nowadays. It WILL effect you for unsecured credit with high street lenders. They are very fussy these days and have a very narrow window for who qualifies. I know people with 6 figure sums in savings at the same bank they have applied being turned down.
My car was on PCP and I just sold it to a dealer, they paid of the finance and gave me £100 for the tax on it. I suggest trying a few dealers and getting rid quickly, you need to ask yourself how long you are willing to wait paying £199 per month to have it for sale privately when there is no market. My FF 200 was a minter, it had been detailed with products costing £100s, it had won detailing competitions and the pics I used to try and sell it were taken by talented people and were top quality. It was a 60plate with 10700miles on it with the RS Monitor and Cup Pack, I had it up for £11,450 and in a month I did not get 1 call. Thanks God I let it go to a dealer for £10,800 before my next payment.
Lastly don't get put off PCPs by this. You always get people saying "This is why I never buy on finance", they're are just showing off that they don't have to. My car was cheaper on PCP (including interest), you also get a GFV with a PCP so you have a finite amount of depreciation. So after 2 years when your car is worth 8500 but the GFV is 9500 you can had it back and knowing its cost you less than the smug people who "don't use finance". Obviously this does depend on APRs, GFVs etc.
The halves things in principle applies on PCP but you need to pay half what you borrowed which you won't do on a 2 year PCP so this is not an option.
Don't worry that its on finance when selling private. All you do is get a cheque for say £500 to you and the buyer send the rest to the finance company. No issues what so ever.
The worst thing here is you own a car no-one wants to buy private. It does 25mpg when fuel is £6.50 per gallon and on top of that no-one can get personal loans so for most people the only option is a dealer as their finance is secured to the car therefore easier to get.
Will a missed payment on your credit file matter? Well 5years ago no, but its a whole different ball game nowadays. It WILL effect you for unsecured credit with high street lenders. They are very fussy these days and have a very narrow window for who qualifies. I know people with 6 figure sums in savings at the same bank they have applied being turned down.
My car was on PCP and I just sold it to a dealer, they paid of the finance and gave me £100 for the tax on it. I suggest trying a few dealers and getting rid quickly, you need to ask yourself how long you are willing to wait paying £199 per month to have it for sale privately when there is no market. My FF 200 was a minter, it had been detailed with products costing £100s, it had won detailing competitions and the pics I used to try and sell it were taken by talented people and were top quality. It was a 60plate with 10700miles on it with the RS Monitor and Cup Pack, I had it up for £11,450 and in a month I did not get 1 call. Thanks God I let it go to a dealer for £10,800 before my next payment.
Lastly don't get put off PCPs by this. You always get people saying "This is why I never buy on finance", they're are just showing off that they don't have to. My car was cheaper on PCP (including interest), you also get a GFV with a PCP so you have a finite amount of depreciation. So after 2 years when your car is worth 8500 but the GFV is 9500 you can had it back and knowing its cost you less than the smug people who "don't use finance". Obviously this does depend on APRs, GFVs etc.
good post
I turned down a black 59 Plate Cup on 16k last week for 8.5k... ( with recaros)
Perhaps I should have bought that one......
As said I think your just over the line in positive equity on a private sale & neg to a trader-
theres a guy on RS forum whos after a 200 for 10k....
S
