Getting out of finance?

[jamie88]

Hey, there's some slight family problems which means im trying to massively cut down my monthly outgoings.

Now i have just over a year left to pay off for my bravo, but if i can i would really prefer to get shot of it and get in a second hand motor for £3-4k.

Im not even sure if its possible, but is there anyway to part ex. a car with finance even if my bravo would be worth more than the car i want to buy.

Oh and i know i'd lose heap loads of money overall if i can do it, but still.

 

[PlopHole]

Not sure why this is in the in car entertainment section. You might find a better response if it was posted elsewhere.

Its the finance company's, so if you can't afford to pay them they'll take it away and sell it. How's that?

 

[volxstu]

I dont know how this got in ICE lol but now moved to LL.

 

[rallycinq]

'Finance' is a bit too wide a term.

Is it on Hire Purchase? If it is the docs will have half and third figures mentioned.

Cheers

SPD

 

[Helz]

'Finance' is a bit too wide a term.

Is it on Hire Purchase? If it is the docs will have half and third figures mentioned.

Cheers

SPD

:yeahthat: Or you can ring them at any time for a settlement figure.

 

[fenton_jd]

Hey, there's some slight family problems which means im trying to massively cut down my monthly outgoings.

Now i have just over a year left to pay off for my bravo, but if i can i would really prefer to get shot of it and get in a second hand motor for £3-4k.

Im not even sure if its possible, but is there anyway to part ex. a car with finance even if my bravo would be worth more than the car i want to buy.

Oh and i know i'd lose heap loads of money overall if i can do it, but still.

I STRONGLY advise you to finish you payments and DO NOT trade it in.

Cut costs in every other field but do not mess around with car finance if it means YOU lose money.

1 year and a bit will pass extremely quickly, and even if thats too long wait, what about in 6 months time? You may be able to afford to outright settle it with your own money.

When that last month comes around and you've finally made that last payment, you will feel like a million dollars and suddenly will have some free money.

Once you've paid it off, you can outright sell it for a propper figure and buy a £1000 car or whatever.

 

[Venters]

Im not even sure if its possible, but is there anyway to part ex. a car with finance even if my bravo would be worth more than the car i want to buy.

You can part ex a regular finance bought car at anytime. They will value your car and the difference between their valuation and the settlement figure will go onto the new car.

 

[herpsuk]

I STRONGLY advise you to finish you payments and DO NOT trade it in.

Cut costs in every other field but do not mess around with car finance if it means YOU lose money.

1 year and a bit will pass extremely quickly, and even if thats too long wait, what about in 6 months time? You may be able to afford to outright settle it with your own money.

When that last month comes around and you've finally made that last payment, you will feel like a million dollars and suddenly will have some free money.

Once you've paid it off, you can outright sell it for a propper figure and buy a £1000 car or whatever.

Unfortunately it doesnt work like that in real world. When you have no money and you need money and cant afford a luxury like car there is no option but to try and get rid of it.

You can easily write of the finance by paying it off. Best way is to contact the financier (if its a finance company) and see how much is left anf then get the car valued for sale.

If you need any info regarding bankruptcy/insolvency give us a shout and i will put you in the right direction for the correct information. But hopefully you wont need this at all.

 

[jamie88]

Lol oops, god knows why i post it in ICE

Cheers, guys.

Yeah i know it's a bit of a tricky situation. Basically the deal is, im living at home right now, but am 90% gonna have to live on my own within a couple of months or something.

Thing is with the money going to fiat each month for my car it massively shortens up any cash i'd have for rent etc.

That's why im looking to get shot, even if it means in the general scheme of things i'd lose money. I'm pretty sure i have about 3, nearly 4k. to pay off still by next June and god knows what the car would be worth if i exchanged it, i'd probably be taking a huge loss but as i said, i may have no choice.

 

[Garree001]

Rather than do it the way you are suggesting, I'd speak with your local council and tell them you are being made homeless. As long as you aren't willingly making yourself as such, they are obliged to offer you support. And regardless of circumstance, they are legally obliged to offer advice.

Don't tell them you will sell your car though - just go in, explain you're going to be homeless, you can't afford the rent with things as they are, etc and see what they say.

 

[custard]

Rather than do it the way you are suggesting, I'd speak with your local council and tell them you are being made homeless. As long as you aren't willingly making yourself as such, they are obliged to offer you support. And regardless of circumstance, they are legally obliged to offer advice.

Don't tell them you will sell your car though - just go in, explain you're going to be homeless, you can't afford the rent with things as they are, etc and see what they say.

yes legally obliged,so if you are unemployed you get housed
if you work you get housed if you can pay £00s a week for furnished emergency housing