Broken Car, Finance and Small claims

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I would urge you to check the terms of your finance before you confidently proclaim you plan to hand it back. Typically people who struggle with credit are often funded outside of regulated finance and that can be terribly expensive.
 
Slam62 said:
IMO you lot giving in so easily is the problem, the clutch should be fixed by the dealer, no way it should go that soon.
That's why you pay the dealer premium.

The gearbox and warranty is ridiculous, again if the warranty doesn't cover the car, the dealer should pay.

I think the small claims will give you the lot.
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The age of the car is the issue and in this case the premium was to get finance with a shocking credit record. If the OP can prove the gearbox was faulty from day one, they'll have a case - such as a missed recall or a manufacturing defect, but that's going to need an independent report.

I guess the moral of the story is don't buy a 10 year old Mini for dependable and cheap transport.
 
Housey said:
I would urge you to check the terms of your finance before you confidently proclaim you plan to hand it back. Typically people who struggle with credit are often funded outside of regulated finance and that can be terribly expensive.
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I already spoke with them about the voluntary termination, am well within my rights and they agreed to it. So no worries at all here.
 
I'm confused about this voluntary termination business. Do the finance company mean you can hand the car back/sell it or whatever, and pay them whatever remains of the loan? I'm guessing you're in considerable negative equity so even selling the car you won't have enough to pay off the loan..
 
miniyazz said:
I'm confused about this voluntary termination business. Do the finance company mean you can hand the car back/sell it or whatever, and pay them whatever remains of the loan? I'm guessing you're in considerable negative equity so even selling the car you won't have enough to pay off the loan..
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You can terminate a regulated finance agreement, hand back the vehicle and walk away at any point after having paid more than 50% of the amount owed back. It's the law.
 
Which, after a year on a finance agreement with a mark up of near 100% over the term the OP will be nowhere near so I've no idea how that is going to work
 
rodenal said:
Which, after a year on a finance agreement with a mark up of near 100% over the term the OP will be nowhere near so I've no idea how that is going to work
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It's a 4 year agreement with presumably no deposit so in December 2015 he will be half way through?
 
Just seen Dec 15 above, managed to miss that somehow and thought the OP wanted to do it now.

Might not be a terrible idea to check the settlement figure now and consider getting out. Though I've only ever ended low interest deals where any front loading makes little to no real difference after the remaining rebate. Plus it relies on having some actual cash in the bank to clear it as the value of the car isn't going to touch it
 
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No, £2k of the non interest portion left (actually, potentially significantly more than that as your payments are both interest and repayment of capital). I'd have a complete guess at about £3.5-4k for you to repay now after a rebate on remaining interest (but you'd obviously need a settlement)

The car working will be worth what, £2kish?

Another option if you really want out and can find the cash.
 
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What a car crash this is...

Start using the bus again.

Save up and buy a second hand gearbox as cheap as you can find

Sell the damn mini and pay off the stupid finance deal you've got yourself into.

Save up again for a £500 honda and LEARN A BLOODY LESSON.
 
rodenal said:
No, £2k of the non interest portion left (actually, potentially significantly more than that as your payments are both interest and repayment of capital). I'd have a complete guess at about £3.5-4k for you to repay now after a rebate on remaining interest (but you'd obviously need a settlement)

The car working will be worth what, £2kish?

Another option if you really want out and can find the cash.
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So u are saying if I handed the car back after 2 years (half way point) I'd still owe 2k?
 
shanestatham said:
So u are saying if I handed the car back after 2 years (half way point) I'd still owe 2k?
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Huh?? No

I'm saying if you wanted to settle right now, you would potentially find the figure would be in the region of £3.5-4k. I reckon you could get £2000ish from the car itself (with a fixed gearbox) so would need to find the rest.

Voluntary termination is just that - you shouldn't have anything to pay at that point should the car be roadworthy and you want to hand it back next year. If you chose to go down this route nearer the time though it is worth investigating whether any marker car be left by the finance co' and if this has any impact on your credit report (I don't know the answer, probably not)
 
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Fuzz said:
What a car crash this is...

Start using the bus again.

Save up and buy a second hand gearbox as cheap as you can find

Sell the damn mini and pay off the stupid finance deal you've got yourself into.

Save up again for a £500 honda and LEARN A BLOODY LESSON.
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Shut up. I didn't ask for abuse like that. Learn a lesson? What never buy a used car? ****.
 
rodenal said:
Huh?? No

I'm saying if you wanted to settle right now, you would potentially find the figure would be in the region of £3.5-4k. I reckon you could get £2000ish from the car itself (with a fixed gearbox) so would need to find the rest.
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Read my posts I said I'll be giving the car back Dec 2015 NOT NOW. Hence I will have nothing to pay.
 
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