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Car finance

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  • 19-02-2018 2:52pm
    #1
    Registered Users Posts: 249 ✭✭


    Hi all ,
    So I have taken out car finance on a Ford focus just going on 12 months ago now. So turns out things were going grand payments been made and now unfortunately my job is going tits up. There isnt a hope I'm going to be able to make these payments when the job goes.
    So what's the options?
    Do I just let the company reposses the car ?
    Do I contact the finance company and try and give the back the car ?
    Will they work with me with a solution?
    Any in sight into this will be much appreciated


Comments

  • Closed Accounts Posts: 1,645 ✭✭✭Melendez


    This post has been deleted.


  • Registered Users Posts: 33,518 ✭✭✭✭dudara


    Right now, there isn’t enough information to give you specific advice. What form of finance did you take out? PCP, loan hire or a straight out bank loan? Also, how long was the term of the finance.

    The answers you get will depend on answers to the above


  • Registered Users Posts: 249 ✭✭Egan2012


    dudara wrote: »
    Right now, there isn’t enough information to give you specific advice. What form of finance did you take out? PCP, loan hire or a straight out bank loan? Also, how long was the term of the finance.

    The answers you get will depend on answers to the above

    Ok so it was hire purchase over 5 years. Not through a bank but a finance company. I'm not sure if I'm allowed to name them here.


  • Registered Users Posts: 33,518 ✭✭✭✭dudara


    Thanks. I was hoping that you would be close to the point at which the “half-rule” would apply. See the link below for more information.

    http://www.citizensinformation.ie/en/money_and_tax/personal_finance/loans_and_credit/hire_purchase.html

    First thing to do is to pull out your agreement and read all the terms carefully. Sometimes there are terms around 30% of the car value. Equip yourself. Find out what you are allowed do under the contract.

    Once you’re informed, it’s always better to contact the finance company to work with them, don’t let payments be missed. No one wants the hassle of that.


  • Registered Users Posts: 3,763 ✭✭✭C3PO


    If at all possible try to find a solution that does not entail your credit rating being affected! It will haunt you for years! I've no idea what you do but in the current environment finding a new job reasonably quickly should be possible? Will you get any redundancy payments?


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  • Registered Users Posts: 3,985 ✭✭✭mikeym


    Your credit rating will be affected if you miss a repayment.


  • Closed Accounts Posts: 3,378 ✭✭✭CeilingFly


    So you know your job is going - get your cv done up properly, get it registered with agencies and get into another job.

    It might be that will need to do something that isn't perfect for you for a while, but there are plenty of jobs out there once you are willing to work.

    You may find it opens a new and better career.



    On the CV side - that is the most important. You would be shocked at the quality of cv's that come into companies especially for standard positions. About 70% are simply unreadable/appalling and don't get read. A decent CV means you cv gets read. And that's half the battle.


  • Registered Users Posts: 3,920 ✭✭✭Grab All Association


    Mabs appointment and they’ll try open negotiations with the finance company. Maybe get the payments reduced and spread out longer. You won’t know until you try.


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