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Good evening. My wife and i are in desperate need of help or guidance. We currently have 2 cars on finance. One being a 11 plate Audi A6 Avant which is on a pcp with VW finance and a 07 Citreon C2 on HP with Black Horse. Our situation is that the A6 was purchased when my wife was recieving a company car allowance which ended when she was made redundant. She is now back at work and in a much lower salaryied job with no car allowance, we are now in the process of voluntary handing the car back before the mid way point of the PCP, as we no longer have the funds to cover it. Which leaves us with the C2, unfortunately the C2 is not pratical for us as we have a disabled 2 year old son with lower limb problems,the problem is that we desperately need to change the C2 for a much bigger and pratical car as we have to travel to regional hospitals for his ongoing treatments. Due to our sons age, he doesnt qualify for the mobilaty element of DLA. Also my wifes credit score is very poor whilst i'm still unemployed. We would definitely need to trade the C2 in but it is in negative equity. Any guidance or assistance is much appreciated.
Hi Craig, thank you for your question and i'm sorry to hear about your wife's redundancy which seems to have left you in a bad place. Things will take a turn for the better soon i'm sure. When you say you're in negative equity with the C2 do you know by how much? What is the car worth in the trade and how much do you owe to the finance company? Are both cars in your wife's name? Is your credit good or bad? If it's bad too we'll just have to try and get your wife approved as you're unemployed currently. I'd continue with handing the A6 back as i'd imagine the payments are very high on that vehicle - how many payments have been missed on the Audi A6 agreement? Do you have any cash deposit to reduce the negative equity in the C2? If you can get back to me with answers to my (many) questions i'll be able to advise you further and i'll try my best to help you out. Kind Regards, Edwin
Thank you Edwin for your prompt reply. In answer to your questions relating to our request for help,with the Audi A6. We haven't missed any payments however Audi did agree to let us pay half the monthly premiums covering two instalments which is due to end in October but we will have handed that car back by then. With the C2, the settlement figure is £5032.21 against the trade in value of roughly £4123 depending on what guide you use. Yes both cars are in my wifes name. My credit has in the past been poor but in the last 3-5 years has got much better and thats including a settled ccj (roughly 3yrs). As with our current position on any spare cash to add towards the neg eq we no-longer have any savings left as they have all been used. We've even spoke to black horse who said it would be very unlikely to get another deal which if i'm honest we've found very disheartening, so as before any advice is really welcomed.
Hi Craig, that's great news that you haven't missed any payments on the Audi. We could potentially get you out of the negative equity on the C2 but we'd have to find you the right car to cover the loss. My advice would be to make a joint application on our website asap while your wife's credit is good. Your income could be used to bolster your wife's earnings and prove that you can afford the car. After you have applied please let me know the reference number and i'll get our sales manager Alex to deal with your case - i'll explain the situation. The good news is that i'm confident we can help. However, the rate you receive may well be higher that the one you received via VW finance etc but this all depends upon your wife's credit report as it stands today. Thank you, Edwin
Again many many thanks for the help Edwin. And there's no harm In trying I guess, can I ask, so if we were lucky enough and got approved would we have to choose one of your cars or could I source one myself? Is there any sort of stipulations in age mileage etc as I've already identified a promising 2001 land rover discovery at £5000?
Hi Craig, yes - we'd have to supply the car but don't worry we have direct manufacturer and leasing relationships so getting a 4x4 wouldn't be an issue. You may struggle with a 2001 car as no finance company will touch a car that is older that 8 years old at the start of the agreement and it can't have done over 100,000 miles. Rest assured you wouldn't have to commit to anything until you were happy with the vehicle we were supplying. Edwin
Hi Edwin, sorry for the delay in getting back to you. On the online application form a question is asked as to the approx amount we'd like to get financed, for which we have no idea what to put. We have taken on board the details you mentioned in past communications ie age of 4x4 and mileage. how can i securely relay the before mentioned reference number to yourself.
Hi Craig, the amount to finance on the application form is an approximate amount. Place £5000 on there for now. After the form is completed email me the reference number and i won't place it live on the website. Edwin