What do i do?
- Thread starter Casdawer
- Start date
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
OP from re-reading your original post I think you need to get some financial advice. Perhaps not even from a professional, do you have a family member who is reasonably financially savvy that you can be honest about all your debt and your ability to repay it?
I could be wrong but you sound like you're heading down a very very bad road to me. Unpaid previous cars and looking to borrow yet more money. Who agreed to do that for you? To keep it short borrowing more money is very, very rarely the right thing to do.
I could be wrong but you sound like you're heading down a very very bad road to me. Unpaid previous cars and looking to borrow yet more money. Who agreed to do that for you? To keep it short borrowing more money is very, very rarely the right thing to do.
Associate
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excess mileage for VW currently is 3.60p per mile, even Merc's rate is only 13ppm
however , are you planning to keep the car after the agreement is up, ie pay the balloon? if you are, then you dont need to worry about the excess mileage as they will never need to know, the rate is there to protect the GFV.
also do you want to give the car back now, 1/3 and 1/2 and all that, get your paperwork out and read it, it'll give you a returns procedure/surrender terms. dates and possibly costs.
baring in mind if you give it back you'll A. have no car and B. still owe the 150 a month
bullit
however , are you planning to keep the car after the agreement is up, ie pay the balloon? if you are, then you dont need to worry about the excess mileage as they will never need to know, the rate is there to protect the GFV.
also do you want to give the car back now, 1/3 and 1/2 and all that, get your paperwork out and read it, it'll give you a returns procedure/surrender terms. dates and possibly costs.
baring in mind if you give it back you'll A. have no car and B. still owe the 150 a month
bullit
Shush - that's just not a helpful post, now is it?
Let's talk about what new car he wants and help choose options.
So when they tried to help originally, it was bad, but now he has made the mistake and its obvious they were right, they can tell him how to fix it?
I would suggest to the OP that they find out how much is owed against the Polo (and previous car finance), and at what interest rate. Then have a look if it would be cheaper to rearrange this into one loan at a lower overall rate.
Get a new car once the debt has been paid off, or sell the polo and buy something cheaper if need be).
Add up the amount of payments required on both finance agreements together, and then subtract this from the 2 respective settlement figures. This will tell you how much you will be paying for the finance over the remaining term.
Then price up a loan of the settlement fees (eg £4k), preferably over a term short so you can pay it off sooner. When you get a loan quote online, they will always show the total cost of finance. A loan of £4k over 3 years (@ 8%) will cost you around £1000 in finance.
Compare the 2 values, then see which works out cheapest.
Get a new car once the debt has been paid off, or sell the polo and buy something cheaper if need be).
Add up the amount of payments required on both finance agreements together, and then subtract this from the 2 respective settlement figures. This will tell you how much you will be paying for the finance over the remaining term.
Then price up a loan of the settlement fees (eg £4k), preferably over a term short so you can pay it off sooner. When you get a loan quote online, they will always show the total cost of finance. A loan of £4k over 3 years (@ 8%) will cost you around £1000 in finance.
Compare the 2 values, then see which works out cheapest.
Well hopefully - consolidating existing debt is all well and good, and I'm sure people can help with that. I personally don't think extra loan for another new car whilst he is still paying for the previous two is part of the solution, though, to be honest. That would be OP making another big mistake.
I wonder if this threads like this will discourage people from making posts like this in the future whenever anyone dares disagree with a purchase:
http://forums.overclockers.co.uk/showpost.php?p=19466223&postcount=35
http://forums.overclockers.co.uk/showpost.php?p=19466223&postcount=35
Soldato
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Fox you are good at math, did I get the excess mileage charge right? 
I've got a similar thing on my car deal.
I've got a similar thing on my car deal.
Associate
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0.45p (as per op) is £0.0045
0.0045*3000=£13.50
If he means 4.5p then it's £135 per year.
0.0045*3000=£13.50
If he means 4.5p then it's £135 per year.
I read his OP as 45p, sort of in the format £0.45p but missing the £, hence the figure of approx £1000 for 2-3k miles. As others have suggested, that is such an excrutiatingly bad deal it's surely not true. If it's really 4.5p then OP's maths/attention to detail is probably a large part of why he's in this mess.
Soldato
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- West Yorkshire / Market Bosworth
[TW]Fox;21352470 said:
45p?
My audi is only this:
And that is only if I decide to hand it back.
Just checked on the VW site, it's currently at 3.6p per extra mile if you check the finance calculator, so his contract likely isn't 45p it'll be 4.5p. Extra mileage costs 10p+ I've rarely seen. So a whopping £135 for 3,000 extra miles.
Last edited:
45p?
My audi is only this:
And that is only if I decide to hand it back.
4.5p it is then
