so i have finance on a car that ends in July/ August this year. This car has now broken ! Took to garage this morning and will cost £1000-£1500 to fix (power steering gone). I have an Xmas bonus of £1000 which IP said i can keep.
I'm looking at buying a car for £1000 as i would be very lucky to get £1500 for my car if it was working with full service history which my car is not .
So my question is do I continue to pay finance on the car until it's finished and just sell for bits etc? or stop paying/ give it back to finance company?.
I'm gutted, As after receiving the good news about being able to keep my xmas bonus then my car goes kaput . At least I have some money to buy another car i guess
Depending on your agreement terms with the finance company they may still require full repayment even after you hand the car back, especially in a broken state ! If the car is otherwise servicable it might be better in the long run to sacrifice the bonus and get it repaired --- better the devil you know. I have to admit that I got through my IVA on ebay specials, but there was much more luck than judgement involved ! You could spend that grand on a complete lemon and be worse off !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
I know what you mean foggy. I've had this car for four years now. Bloody thing has cost me fortune in repairs over the years. First mot cost £900 to get through, then 6 months later need another 700 odd worth of repairs. Part of the reason why credit cards were used. So the love for this car has gone. Car is coming up ten years old and just clicked over 100k miles.
Problem is i see cars online for <£1000 with mileage around 70k with better service history so it's tempting..AAAHHHHHH what to do! And if repair bill goes over £1000 I'm screwed as I'm pretty much alone on my journey financially