What does one do with a car they can no longer afford? and you owe more then its worth!?
Answers:
Give it back to the finance company.
sell it some money is better than no money
not alot i,m afraid..you could cut your losses and try selling it
try to sell it to someone who doesn't know its worth
I've seen people put ads in the paper to have someone take over the payments, or you can outright sell it.
only way is have it stolen then burnt out and claim on your insurance i know its not legal but wat is legal in todays society
oh dear this is the catch cars devalue i learnt my lesson too but i luckily moved a few times and lost contact with the HP company whoops bad advice i know
since then i bought a car cash for £23,000 a merc within a year it devalued £10,000 and i eventually sold it for £13,000
i have learnt never to buy a car thats newish i drive a 10 year ol car now that should keep its value if i look after it good luck
burn it get the insurance money! nah just kidding thats ILLEGAL (only if u get caught) dont do it!
does it have current insurance???? park it in a station car park overnight???
Shhhh dont tell anyone i said this but drive it to a nice quiet field, smash the drivers window then torch it, then wait a few hours and ring up the police in tears and tell them that your cars gone missing.
This is very VERY naughty of course and could land you in trouble so just make sure no-one sees you - or better still get some numpty to do it for you :)
I am surprised it aint been reposessed yet.
oh dear, i would sell it for the best you can and then try and pay the rest off with some overtime or something- if you are really desperate you could always get a cheaper loan over a longer period for the money that you owe- wouldn't recommend this tho
You're in a pickle. You must have had a major life change; divorce, loss of partner or job, etc. I'm sorry for the bad situation.
Here's a very serious reality; if you have gone through one of these life concerns you may be on the verge of having poor credit. If your credit is already bad or poor you need to keep the car if you need it to go to work. Especially, if it is reliabel; and you have children that are dependant on the vehicle for their well being.
Many people attempt to get out of a poor debt and "lower their payments." this never happens. if you do succeede in short term lowering, it is often due to settling for an older, less reliable vehicle with no real warranty. If you manage to buy from a dealer you will find the credit rates a concern thanks to your situation, thertefore getting less car for more.
If you are alone, dont need a car, can use public transportation, then you wouldnt have to ask what to do.
Good luck!
Jeez as if you haven't thought of this already, sel it cheap to your mate down the road then claim on your insurance and say it was stolen!(as long as your mate agrees to change the plates on it of course etc.) Complicated and conscience rending but hey your in trouble, it's survival of the fittest after all says Darwin.
Speak to the HP company and get your payments altered. They will normally be fairly co-operative and help you by offering payment breaks, reduced payments, stretching the contract, and sometimes will even resort to cutting a percentage of losses in order to get most of their money back. You just said its not worth the money you owe so they won't reposess it as anything less than a dire last resort, as they have to accept losses then. They will usually help you complete the payments any way they can as they would rather get the money very late than not get it at all.
Dodgy one this, if you let the finance company reposess it you will get blacklisted but how on earth did you get into this mess?
Perhaps a private sale is the answer as dealers will not be interested and only offer a derisory amount.,
If you have taken car finance once you have paid half the purchase price of the car you can hand the car back irrespective of its value and the finance will be settled.
provided you have paid the figure in the box on your agreement then you can hand the car back to finance company, they cannot blacklist you but they will bill you for any damage to the car.
If your finance agreement is 'regulated by the consumer credit act (1974)' and is therefore secured on the car rather than a personal loan you have a get out clause called 'Termination Rights'.
To qualify for this you will have to have paid more than 50% of your loan ( the exact amount will be specified on your agreement ).
If this is the case, you just contact your finance provider and inform them that you want to exercise your right to Voluntary Termination and as long as the car is in reasonable condition for it's age and mileage they will accept this.
If however, none of the above applies to you.you're only hope is to get the best money possible for your car and cut your loses.
It's vital to remember though, that if your car is on a secured basis rather than a personal loan and you are not eligible for termination.. It is ILLEGAL to sell it unless the finance agreement is settled IN FULL.
Good Luck!!
if there is finance on it and you have say 10,000 pounds finance on the the car and you have paid more than half of it back you are within your rights to legally sourender the car back to the finace company and not have to pay any more.
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