Car Finance Agreements..any way out??

[leesa19]

Hi

Can anyone please help?

I took car finance out in feb this year, now I find out thanks to the manufacturers and there wonderful car discount vouchers my car is worth less than my finance ( 6 months in and I lost 5k off the value of my car)

I know when you are halfway through the contract you can do something but can I do anything 6 months in cos its gutting to know my car has lost that much value and I am now paying back double what it is actually worth.

Thx

[spanner7853]

The only way you could get out of it is to get a loan and pay off what is owed. Then sell your car privately. If you sell through a garage they will only give you the minimum value for it. At least if you get back the value of the car privately you could pay back most of the loan. Either way it's a bit of a nightmare as they dont tell you these things to start with.

[Postdog]

No consolation maybe, but even if you paid cash, the moment you drive off in it, ALL new cars start to lose value. Me personally I'd never buy a new car and even then not on credit.

[Mrs_Pegasus]

Its like every of other consumer good you buy.

Go and buy a plasma TV and then try and sell it for more.

Buy a weeks shopping and see if you could sell it for the same amount you paid for it.

I think we all know that cars lose value as soon as they are on the road. I have bought new cars in the past and ironically I bought one today! The last one gave me 6 years of comfortable, trouble free motoring, allowing me to travel and make lots of money. Therefore, I dont see it as a loss.

[noll2themax]

I don't condone this, but if you have gap protection on the finance, get it nicked or wrote off and the finance will be settled. you walk away with nothing and start again wiser

[leesa19]

Thanks for all your replies, looks like i am going to keep paying it off......i will never buy a new car on finance tho....

i am actually more confused now after seeing my actually agreement and reading through it. It states in my contract that if they have to take my car by court order when i go into arrea's then i have the right to claim the money i have paid back??? ( which is like 3k) typo on their part i am not sure but it says it in the two copies i have!!!


xx