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Jun 19, 2020 13:24:01 GMT
Post by Deleted on Jun 19, 2020 13:24:01 GMT
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Jun 19, 2020 13:34:53 GMT
Post by PetrolEd on Jun 19, 2020 13:34:53 GMT
Its why I was always nervous when I had lumpy cars on tick. A loss of job would see serious pressures on my finances. Job seekers allowance aint exactly covering something nice on the driveway. At least you had car finance as opposed to a loan as you have some cosnumer rights under that.
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Jun 19, 2020 15:31:32 GMT
Post by Roadsterstu on Jun 19, 2020 15:31:32 GMT
Bad news indeed. I presume there's just nothing doing on the job front?
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Jun 19, 2020 15:44:41 GMT
Post by racingteatray on Jun 19, 2020 15:44:41 GMT
Sorry to hear this.
Is it your only car?
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Jun 19, 2020 16:04:42 GMT
Post by Deleted on Jun 19, 2020 16:04:42 GMT
^, it is indeed crap. I hope you find a decent way out of it.
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Jun 19, 2020 17:27:03 GMT
Post by garry on Jun 19, 2020 17:27:03 GMT
Car finance, that is. Being unemployed with no savings and having a stupidly expensive car on a PCP is a nightmare. I've just had a discussion with the finance company who laid out my options. 1) Hand it back and pay off the remainder of the loan, that being around £10K. I said I don't have 10 grand, that's why I'm ringing and was told they could set up a payment plan for that but it would result in my credit showing a default. That's a no go then. 2) Sell the car and pay off the whole lot. Because I'm only a year and a bit in, I still owe most of what the car was being advertised for back then and is probably not going to sell for in this climate. No go number 2. 3) Take a payment holiday. This was the third option and I was told I could defer up to 3 payments at a cost of £100 each i.e they add the deferred monthly payment onto the end of the agreement with an extra hundred quid in interest added to it for good measure. As this was the cheapest option it's the one I was forced to take. I've only moved the July one to August so far. Bangernomics for me after this! I'm only buying cars I can buy outright once this millstone made of pure stress has finally gone. Some thoughts What car is it? The news (somewhere on here) from those that have been in car showrooms is that business is brisk, so you might have a chance to sell it. What’s it really worth? Is the car anywhere near that? Get some advice. Their practice seems pretty sharp to say the least. I thought payment holidays were pretty standard at the moment and adding £100 per months holiday hardly seems fair. Whats the apr on the loan. Do you have a relative with some cash knocking around who might be willing to give you a 6 month holiday and then you pay them back at the same rate as the loan - they’ll be getting way more than any savings product offers. |
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Jun 19, 2020 17:55:53 GMT
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Post by Alex on Jun 19, 2020 17:55:53 GMT
That's a shit situation Simon. My knowledge of the inner workings of car finance could probably fit on the back of a postage stamp so I wont try to offer any advice. There's a lot of RSQ3's on the market at the moment so I cant imagine it being particularly easy to sell. Hope you manage to find a new job soon even if it's a pretty rubbish time to be looking.
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Jun 19, 2020 18:14:23 GMT
garry likes this
Post by racingteatray on Jun 19, 2020 18:14:23 GMT
Sorry to hear this. Is it your only car? I ask because if you have access to another vehicle, you could hand it over to a specialist to try to flog it for you on Sale or Return? They might get more for you after their commission than you would privately, and they will probably sell it quicker (as they can take part-ex, offer finance etc). Also once you hand it over, taxing and insuring it cease to be your concern as they will take care of that via their trade policies. |
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Jun 19, 2020 19:20:43 GMT
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Post by LandieMark on Jun 19, 2020 19:20:43 GMT
Yes. My cars may be shonky in a lot of ways, but I own them and do what I want with them.
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Jun 20, 2020 9:23:58 GMT
Post by Martin on Jun 20, 2020 9:23:58 GMT
The missus has a car but I'm not currently insured on it. I don't think these sell well, so I can see it taking a while. Both lease and insurance have an agreed mileage, too, so working a long way from home isn't an option I can explore either! You’d be able to adjust both though wouldn’t you? Or worst case, pay a mileage penalty when you hand the car back. |
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Jun 20, 2020 11:26:20 GMT
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Post by Alex on Jun 20, 2020 11:26:20 GMT
Best bet right now would be for it to get stolen, as I have gap insurance!  Failing that perhaps you'll have to get distracted and accidentally drive it into a wall! |
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Jun 20, 2020 11:59:47 GMT
Post by Deleted on Jun 20, 2020 11:59:47 GMT
One crash is enough for me!
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Jun 20, 2020 12:31:08 GMT
Post by Deleted on Jun 20, 2020 12:31:08 GMT
My dad had an A-40 and left the keys in to encourage theft. It did disappear once but was back before he went to work with more fuel in it than he left. He never did manage to sell it either.
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Jun 29, 2020 19:47:28 GMT
Post by PG on Jun 29, 2020 19:47:28 GMT
Car finance, that is. Being unemployed with no savings and having a stupidly expensive car on a PCP is a nightmare. I've just had a discussion with the finance company who laid out my options. 1) Hand it back and pay off the remainder of the loan, that being around £10K. I said I don't have 10 grand, that's why I'm ringing and was told they could set up a payment plan for that but it would result in my credit showing a default. That's a no go then. 2) Sell the car and pay off the whole lot. Because I'm only a year and a bit in, I still owe most of what the car was being advertised for back then and is probably not going to sell for in this climate. No go number 2. 3) Take a payment holiday. This was the third option and I was told I could defer up to 3 payments at a cost of £100 each i.e they add the deferred monthly payment onto the end of the agreement with an extra hundred quid in interest added to it for good measure. As this was the cheapest option it's the one I was forced to take. I've only moved the July one to August so far. Bangernomics for me after this! I'm only buying cars I can buy outright once this millstone made of pure stress has finally gone. Option 1 - If I understand voluntary termination of PCP correctly, you don't have to pay off the entire loan. To VT and hand the car back, you have to have paid off 50% of the total payable (which is the deposit + GFV + all your payments). That may be what they mean by the £10k or it may be lower? Worth a check. Option 2 - If selling the car and paying off the loan required leaves you less than £10k out of pocket it might be worth a look instead. Can somebody lend you the difference to settle (be nice to your wife??!) or at worst put it on your credit card. Yes that's arse-rapingly expensive, but it will avoid the repossession and a damage to your credit rating. Option 3 - Before having to consider options 1 and 2, you could do do the payment holiday up to the 6 months and try to sell the car in that period? Yes, that's £600 extra you owe, but that may still be a better bet than repossession. And if (no, let's be positive "when") you do get a job in that 6 months you will be able to reconsider what to do. |
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Jun 29, 2020 20:30:26 GMT
Post by ChrisM on Jun 29, 2020 20:30:26 GMT
^
One issue may be that handing it back or selling it leaves Simon with no car to get to any new job :-(
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Jun 30, 2020 6:59:20 GMT
Post by Roadsterstu on Jun 30, 2020 6:59:20 GMT
Couldn't you fancy an RSQ3, Chris?
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Jun 30, 2020 9:23:00 GMT
Post by ChrisM on Jun 30, 2020 9:23:00 GMT
Couldn't you fancy an RSQ3, Chris? I could......... However lack of space and money are considerations at the moment.......... I've just bought the Kuga at the end of its PCP but depending on how long lockdown continues and how much longer I WFH, I wonder how much longer I can justify having 2 cars (5 1/2 years to go nominally until retirement, if I can afford to live off a pension). As mentioned elsewhere, I'm helping younger daughter move flat ion Saturday and the Kuga will be pressed into service as a back-up removal "van", but the Fiesta serves admirably as sole car 99% of the time, with the great benefit of £0 VED. My current employers provide vehicles for work trips so I don't need to have a larger car for long journeys, also we generally travel to suppliers in teams of 2 or 3 so using company transport enables sharing the driving, which is less tiring (and safer). However work trips are now by special permission only due to lockdown, and it looks like trips to Leicester will be off the agenda for a while...... |
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Jun 30, 2020 10:31:50 GMT
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Post by bryan on Jun 30, 2020 10:31:50 GMT
We have handed a couple of cars back via VT. Renault far easier than Peugeot and not affected our credit rating.
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Jun 30, 2020 11:26:18 GMT
Post by PetrolEd on Jun 30, 2020 11:26:18 GMT
turo.com/gb/enI have no idea if this would work for you not being in and around London and therefore a limited market but renting the car out a few days a month might provide some income. I've never used Turo myself but seems popular with the youtube community.
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Jun 30, 2020 13:00:24 GMT
Post by ChrisM on Jun 30, 2020 13:00:24 GMT
Buying any car on PCP is a bit of a gamble when you are employed and need the income to make the monthly payments, unless you are very sure that the job will last until the end of the loan term. There must be very many people at the moment who have cars on PCP and who suddenly find themselves with a dramatic reduction of income - and I do feel sorry for them as we should be able to have a large degree of certainly about our employment..... however the world has changed (and not for the better) leaving many in a state of crisis.
I'm keeping my fingers crossed for you Simon, going through multiple job changes in a comparatively short space of time is tough (been there, done that) so I just hope that things work out, and that one bad experience won't be sufficient for you to downgrade your car choices in the future.
It's a tough, cruel world out there for most of us
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Jul 3, 2020 8:20:03 GMT
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Post by Big Blue on Jul 3, 2020 8:20:03 GMT
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Jul 3, 2020 10:43:56 GMT
Post by racingteatray on Jul 3, 2020 10:43:56 GMT
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Jul 3, 2020 19:50:36 GMT
Post by ChrisM on Jul 3, 2020 19:50:36 GMT
^
Is that legal if there is supposed to be a freeze on repayments?
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Jul 3, 2020 20:01:49 GMT
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Post by Big Blue on Jul 3, 2020 20:01:49 GMT
I'm with Black Horse and the robbin' cunts add a £100 charge on for every month you skip! A quick call to the ombudsman will resolve that. A freeze is a freeze. You’re not skipping payments in normal circumstances. |
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