Is this the only option for me?

This thread was only ever going to go one way.

Sensible thing to do is nothing. Just carry on doing what you are doing. Pay off the debt to your father and then look for a new car. Doing all this now will just land you with more debt. From experience, I can assure you it is not worth it.

Assuming you intend to lend the remaining 6.5K needed to buy an 8K car with 1.5K deposit (again assuming you get 3.5K) then you need to consider how will you cope if your mortgage payments go up?

I don't care what you do and not interested in ridiculing you to look clever. Just pointing out you need to make sure your not going to get short of cash if your mortgage payments go up whilst you are halfway through paying off the car.
 
[TW]Fox;22538281 said:
Thats not true is it? You've already told us the facts:

a) You owe somebody £2k which you feel you must be able to repay as part of the deal
b) You have zero cash deposit
c) You have only the value of an 8 year old Corolla as a deposit
d) You want to take out finance so that you get cashback to pay your Dad
e) You want to buy an £8k+ car from a main dealer
f) You feel you wont be in negative equity

I don't know what gives you the impression he has 'no idea of the facts', you've laid the facts out for him in this thread!

The facts are that a+b+c+d+e <> f
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Wrong.

What is my monthly wage? What debt do I have? How much a month can I afford to spend on a loan for a car?

You know none of these things.

EddScott's got it right, I shouldnt have bothered it was only going to go one way, I was after options but all I got was a couple of the usual suspects doing their best to cause a problem by focusing on just one of many options with someone that they know will bite, I should know better by now.

He's right again on what I have been thinking about this morning, I'm going to do nothing, keep the car and pay off the old man over the next 12 months and rethink it again next year

Good post EddScott and thanks for the info
 
Why bother posting on here at all.

You clearly know best, and don't want to divulge any disposable financial information to others.

Just do whatever you want rather than moaning on here in the tone of a mewling quim ;)
 
If you turned up with 1.5k deposit for an 8k car and wanted finance on the rest, the dealers would be rubbing their hands in the biggest hand rubbing escapade since chinese burns.

Keep the Corolla, make every effort to pay your dad back, then look to get a new car.
 
Seems that you want a new car but can't afford one. If you could comfortably afford it then you'd be able to pay your dad back fairly quickly. The fact that the £2k is such a sticking point suggests you have negligible spare income.
 
Janesy B said:
Pay off debt then use Corolla as deposit on another car, surely this is the most sensible idea?
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Come to think of it I've got no idea why he's even thinking of selling the Corrolla.

The CTS is still the best FF Hot Hatch ever made and many of us still haven't accepted this :(
 
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