Selling?

[xXCeriXx]

Im just over 1/3 way through paying for the MINI but now redundancy looming, the DWP now inform me there was never any job for me to go to and theres pretty much 0% chance of being employed in April so...

Do I have to wait until the car is repossessed? Or can I sell it and pay it off? I want the least damage to my credit possible so that I can get another car when i do manage the impossible of getting another job.

[monkey]

i know nothing of the credit situation but sorry to hear about you job.

i could find myself in a similar position as you soon


blooming rubbish isn't it!!!!

[xXCeriXx]

rubbish is one word for it. If i got Gordon Brown in a room alone he wouldn't make it out alive, no joke

[monkey]

same here!!

the man is a pillock! the country is in ruins, and we the tax paying public are the ones who suffer!

[Moleatrude]

That sucks so hard Ceri. If you really won't be able to afford the payments then I think it is best to sell it Privately and pay off the debt. I am guessing that is where you will get the best price. When I got my car, the guy before was selling for the same reason, so I paid off his debt from MINI Finance and then paid him the remaining in cash.

[Elphaba]

On your credit agreement it should say what amount represents the half-way termination clause point. Depending on how much deposit you put down, you may be able to give the car back and walk away with nothing to pay. If you have paid over a third, the car cannot be repossessed (without a court order - Thanks Scrogg).

Examples - if car was £9K, and you put down 3K deposit, you would only have to have paid £1500 in payments to have reached the halfway point at which point the car is returnable with no penalty (though no profit).

You need to call BMW finance and ask for a settlement figure - then you can try and work out if selling it will cover the settlement, but you also can't sell it til you have paid BMW for it unless the buyer understands the situation and will pay BMW direct.

What sort of figures are involved in your finance?

[xXCeriXx]

According to the yearly statement ive got about 5k to go presumably because of the interest. I dont understand how its that high though tbh becuase I had a 2500 deposit and ive paid off about 2700 so far. (car was 7995 I think)

Im in a mess.

[MsMinnie]

Sorry to hear you are having to sell your Mini Ceri
I think, cut your losses, sell and pay any debt.
Have you more interviews lined up? Have you a little time to maybe hold out for at least a little while? Hope you find work soon, best of luck x

[Moleatrude]

Nice words Paul.

I really hope it goes ok Ceri and you get a new job with twice the amount of money before you have to sell

[xXCeriXx]

Ive got an interview monday, waiting on the last interview I went to tell me if ive made it to round 2 and the DWP have invited me for another interview - the DWP ****ed me over this time though so between them and the tax office the Government arn't exactly my fave employers atm.

Wont be hard to double the money im only part time. Thanks guys x