Car finance coming to an end - please help!

[Kazzy E]

Yes Broke, I know that feeling too. I never ever thought at the beginning of my IVA that it would have been half way through this quickly, but I have nearly reached the summit, and will start on the trek back down the hill very soon. What do they say - time flies when you're having fun? [:p]

Kazzy [;)]

[Broke of London]

I can't wait to get to the halfway point. I think I get there in December...whoop whoop!!!!!!

You've done really well getting this far and I'm sure the next few years will fly by too. This is just a bump in the road!

[tulac]

Happy Friday

There is an option 4 here maybe?

I started my IVA in June 2011 and my car finance (with option to purchase) was in my IVA. I had a balloon payment due in Dec 2010 and I obviously didn't have the 5k they wanted to settle the agreement. I was allowed to re-finance with the same dealership. No questions were asked really, if you have a good credit history my understanding is that they will look to re-finance.

They didn't offer it to me as an option in my paper work, I did have to make enquires. I hope that helps.

[Broke of London]

I think yu were lucky tulac. Most credit companies would ask a few questions and do a credit check when refinancing. Then it would become immediately obvious someone in an iva doesn't have a good credit history and the offer would be withdrawn. My boyfriend was refused car finance because he wasn't on the electoral roll despite have a "perfect" credit score (their word) so it isn't always so easy.

[tulac]

Hi BOL

Sounds like I was lucky.

Yeah of course, sometimes there doesn't seem to be any logic to it. Maybe it was because I went through the dealership finance and not a independent finance company then? I'd advise anyone to look into it if they need to, I knew it was all sorted after one call [which admittedly, took days to find the courage to make]; they tweaked it at my request so it would be the same amount I was paying before and then I just had to wait for paperwork. I don't think they did a credit check at all - or if they did someone must have made the decision based on payments staying the same and my excellent payment history with them.... but like I said after 6 months of worry and thinking i'd lose my car it was sorted in one call.

[mortified]

hi,i work in a car dealership,you are in a pcp agreement as such it follows hp rules.if you wish to refinance it,it will undergo a new credit check,regardless of whether you financed before with them,it is a fresh agreement.you prob need to first check to see what position you are in ref, equity.you need to get a value for your car as a trade price,then look at this amount compared to your GMFV(END PRICE).ie.if your car is worth 4500 and your settlement is 4200 ,you have 300 equity.
DO NOT hand back until you have found out this criteria,as it is your money.
you also need to look at the original agreement to see what mileage clause you had,in short i think you should ring me at work and i will talk you through it,it could work to your benefit.
however,it is very unlikely you will come out of this with a shiny new car,unfortunately!
if you want to speak to me at work you can,just let me know via reply and we can set up a chat(somehow!)
happy to help,.

[tulac]

I didn't do any of that <counts her lucky stars and shuts up now>