Financial Problems........?

Question

I bought a car on finance back in july 2006. It was £6000 with interest nearly came to £8000. I been paying every month havent defaulted or anything but i have recently become unemployed, not by choice, but i dont have payment protection so i am strugling to make the payment every month. Because i havent paid half the loan off i cant just give the car back. I tried selling the car but no one seems to want to pay enough so i can pay the finance 1st so i cant let it go. Does any1 know anyway i can get rid of the car? I dont know if a dealership would buy it off me as i need £5500 to settle! Please help as i dont want to get bad credit bcoz of this.

The car is a Renault Clio 2004 54 plate and it has about 9500 miles.

Answer 1

what kind of car and what milage you need to be more specific

Answer 2

Unfortunately you are not going to make the money just by selling the car, you owe more money than the car is worth. this applies privately as well as to a garage.

You are best selling the car fast and getting some smaller loan or selling other stuff to pay off the loan.

Check with your loan contract. If you got it from a garage its likely to be HP and you may need to tell the company if you plan to sell the car.

Maybe the finance company can give you a 6-month payment holiday. You will incur interest but at least it wil give you time to sort out that other job.

I think your priorities are right to try to keep in the black on this one. Bad credit can stick with you for years.

Answer 3

Speak to the finance company before you start being unable to make the payments.
Remember they are in the business of lending money so the last thing they want to do is reposess the car, they will be willing to come to an arrangement with you, maybe paying less for a period, they will help you, to administer bad debt costs them money.

Or, as him above me says, maybe you could sell the car, pay them a lump and then come to an arramgement with them for the rest.

I can't stress this enough, speak to the finance company.

Contact the finance company without delay.

Answer 4

You would be better speaking to the finance company, ask them if you were to sell it for less than you owe, could you settle the amount and have a much smaller loan unattached to the car for the difference.
Or sell it private and ask the buyer to pay the finance company direct.

Answer 5

False. It should solve all financial problems but there are some people are not that able to take care of their financial needs. They can possess the money but not know what to do with the money once they have it. Peace & Love :)

Answer 6

Make an appointment to see the finance company and discuss your problem, they are very good if they see that you are prepared to pay something each month. They'll put it to a minimum for you and if you can cope with that, you're sound although it will mean paying for more years. They are very understanding, it's when you just ignore it and don't ask

Answer 7

Get in tough with the finance company, they usually would much rather you contact them and agree something than have to take you to court for the money as this would cost them more in the long run

Answer 8

Try to sell it in some auction or try to put it in some site which keeps stuff like this n gives the buyer as much price as possible try either of them i hope one will work for u and u might get the best price of your car.

Cheers :)

Answer 9

if the loan is tied to the car i dont think you can sell it, it will show up on a hpi check.speak to the finance company sooner rather than later.

Answer 10

Try putting it on ebay, at an auction price, but also with a reserve price that's acceptable to you.
Miracles do happen.
Good luck.