My supercar - cant afford it any more! Suggestions
Discussion
Hi,
I am new to this forum, so a big HI to everyone.
I currently have an 07 plate Jaguar XKR ragtop with 9.5k on the clock.
I am struggling with the monthly payments and have fallen into arrears as a result of the decline of my business in the recession. A familiar story, I am sure!
My family are putting me under pressure to send it back to the finance company (who would then auction it off, cheaply, then send me a large bill!). They say that they would rather have food on the table than a nice car outside the house. Have tried to educate them on this subject, but my arguments keep failing!
Long and short of it - car must pay for itself or go. A friend of mine came up with a good idea - try to rent it out to a supercar club. Any views on this or suggestions. May be an issue with the finance co, I guess, but might be able to get around that.
A bit of "out of the box" thinking needed here!
I am new to this forum, so a big HI to everyone.
I currently have an 07 plate Jaguar XKR ragtop with 9.5k on the clock.
I am struggling with the monthly payments and have fallen into arrears as a result of the decline of my business in the recession. A familiar story, I am sure!
My family are putting me under pressure to send it back to the finance company (who would then auction it off, cheaply, then send me a large bill!). They say that they would rather have food on the table than a nice car outside the house. Have tried to educate them on this subject, but my arguments keep failing!
Long and short of it - car must pay for itself or go. A friend of mine came up with a good idea - try to rent it out to a supercar club. Any views on this or suggestions. May be an issue with the finance co, I guess, but might be able to get around that.
A bit of "out of the box" thinking needed here!
If there is any equity in it, try and dispose of it yourself, rather than, as you have said, the finance company at auction. If there is no equity in it, can you walk away with no more to pay under the terms of the finance agreement? Thirds and halves of the total amount payable and all that?
Check your finance agreement carefully. I was surprised when a colleague sent his financed car back with no penalty as he had been making payments for a minimum period of time.
You'll probably find the car is worth much less than you owe on it, so basically whatever happens you're a bit screwed
Regards,
Dave
You'll probably find the car is worth much less than you owe on it, so basically whatever happens you're a bit screwed
Regards,
Dave
Uless thingsve change in the last 18 months then if you have a regulated finance agreement for over half the term then you can hand the car back and walk away scott free unless the car isn't in a reasonalbe condition for it's age or any mileage agreements have been exceeded.
Obviously you'd have to clear the arrears as well.
Obviously you'd have to clear the arrears as well.
Edited by missing the VR6 on Saturday 21st November 17:00
petersLUFC said:
torch it?
probably not the best route as insurer will pay market value to finance company so he'll still owe some money and if they got wind of this topic and his car was "SUDDENLY" written off it would look very suspicious lol. best thing to do try and sell if for as much as possible and pay off whats left! hopefully in a year or so your business pick up again and you'll be ok!! good luck!
Edited by ZOLLAR on Saturday 21st November 17:04
Did you buy it new? If so and it's on an HPI then you can walk away after repaying half the loan. You must be nearly half way through the payments by now if you bought it new. Selling it privately could be tricky as you will be competing with approved used cars with extended warranty from the Jag dealers.
plasticpig said:
Did you buy it new? If so and it's on an HPI then you can walk away after repaying half the loan. You must be nearly half way through the payments by now if you bought it new. Selling it privately could be tricky as you will be competing with approved used cars with extended warranty from the Jag dealers.
Did by it new, under an unregulated agreement and I am around half way through, so I will look at this as a possibility thanks.gramtrad22 said:
plasticpig said:
Did you buy it new? If so and it's on an HPI then you can walk away after repaying half the loan. You must be nearly half way through the payments by now if you bought it new. Selling it privately could be tricky as you will be competing with approved used cars with extended warranty from the Jag dealers.
Did by it new, under an unregulated agreement and I am around half way through, so I will look at this as a possibility thanks.gramtrad22 said:
Hi,
I am new to this forum, so a big HI to everyone.
I currently have an 07 plate Jaguar XKR ragtop with 9.5k on the clock.
I am struggling with the monthly payments and have fallen into arrears as a result of the decline of my business in the recession. A familiar story, I am sure!
My family are putting me under pressure to send it back to the finance company (who would then auction it off, cheaply, then send me a large bill!). They say that they would rather have food on the table than a nice car outside the house. Have tried to educate them on this subject, but my arguments keep failing!
Long and short of it - car must pay for itself or go. A friend of mine came up with a good idea - try to rent it out to a supercar club. Any views on this or suggestions. May be an issue with the finance co, I guess, but might be able to get around that.
A bit of "out of the box" thinking needed here!
The car would have cost you about 75K and you are more than two years into the payments and the car is probably worth more than 35k to the trade so you must be near washing your face by getting rid of it to the trade or private. Best of luck and lets hope things get better.I am new to this forum, so a big HI to everyone.
I currently have an 07 plate Jaguar XKR ragtop with 9.5k on the clock.
I am struggling with the monthly payments and have fallen into arrears as a result of the decline of my business in the recession. A familiar story, I am sure!
My family are putting me under pressure to send it back to the finance company (who would then auction it off, cheaply, then send me a large bill!). They say that they would rather have food on the table than a nice car outside the house. Have tried to educate them on this subject, but my arguments keep failing!
Long and short of it - car must pay for itself or go. A friend of mine came up with a good idea - try to rent it out to a supercar club. Any views on this or suggestions. May be an issue with the finance co, I guess, but might be able to get around that.
A bit of "out of the box" thinking needed here!
Is there much of a market for using these jags on "experience days" i'm sure there was a guy who worked for evo magazine who had a lambo and he used it daily + at experience days, he totted up how many people had driven it and it was rediculous! I know a jag isn't a lambo but i'm sure people would pay to play.
Or, got any mates who'd like it as a weekend car? They could help with your payments, you brim the tank on a friday night, they brim it again on a sunday night? They could give you a couple hundred quid a month towards your payments. Then you'd just have to come to some sort of agrement over tyres etc. I know i'd be interested someone was offering it on the car of my dreams! And i'm sure plenty of people have a jag as the car of their dreams.
Finally, i'm not saying do insurance fraud. But if you start parking in areas where its likley to be stolen/you mugged for your keys/its likley to get backed into by a truck/flash flood areas etc, i'm sure your not breaking any laws. your just stupid, like 90% of the poplation.
Or, got any mates who'd like it as a weekend car? They could help with your payments, you brim the tank on a friday night, they brim it again on a sunday night? They could give you a couple hundred quid a month towards your payments. Then you'd just have to come to some sort of agrement over tyres etc. I know i'd be interested someone was offering it on the car of my dreams! And i'm sure plenty of people have a jag as the car of their dreams.
Finally, i'm not saying do insurance fraud. But if you start parking in areas where its likley to be stolen/you mugged for your keys/its likley to get backed into by a truck/flash flood areas etc, i'm sure your not breaking any laws. your just stupid, like 90% of the poplation.
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