What to do with Ibiza FR?

[chase06]

Hey guys,

Bit of a strange one this. May have done a silly thing regarding buying a nearly new Ibiza FR in July. I thought I budgetted it properly but recent events have affected that. It seems that my pockets have taken a pounding over this last few weeks (vets bills unfortunately) and this car is bleeding me dry, my insurance is £100 pm and its drinking well over £150pm in fuel too, plus actually paying for it ontop! So Im considering cutting my losses, to reduce the amount of money I pay out each month. Is it possible for me to actually sell the car to pay off the money borrowed from VW finance? I already own £6100 of the car, but I am unsure if I can do this as they say they own the car until the final payment is made?

Anyone offer any advice?

Cheers

 

[andythom]

You may be able to return the car to the finance co and settle the finance.

There may be a residual though

 

[chase06]

How would I go about that? Speak directly to the finance company and see what they offer me for the car?

 

[muddyboots]

I would imagine talking to them would be the best bet

 

[Vicky M]

speak to seat finance and get a settlement figure.
Vick bought an Ibiza in May 04 on solutions, so techmically it's not ours til next may on final payment.

it's going next month when we pick up the new FR, and all we're doing is settling the finance

 

[chase06]

Wherever car companys are involved people always get ripped off when it comes to stuff like this, hence why I was hoping to be able to sell the car privately to settle the balance and then buy a car with the leftover cash, but technically the car isnt mine to sell. I think I might have to admit defeat on this one.

Suppose we all learn by our mistakes...

 

[Ant FR]

or try and trade it in against a TDi FR and see what they offer, isurance is only group 8, running costs are half, performance is just as good and residuals are better so over the next 3 yrs you woul dmake the money you lose to change back in the residual deifferential.

If you are having a problem now, you may just end up compounding it by not tackling it now.

Plus the dealer will help to do this way as thye are getting another sale. You may have to get a slightly older car, maybe a 2005 but its worth it.

 

[Martin Pick]

the car can be sold privately with finance owing to it. what you do is make sure whoever buys the car makes the cheque/bankers draft payable directly to the finance company for the settlment figure they will privide. finance companies don`t care who pays the balance off as long as someone does. i just sold my Fabia vRS with £8000 owing on it to a mate who gave me a bankers draft made out to the finance company which i sent to them with a covering letter saying which account it was to pay off. if you ring your finance company they will tell you the settlement figure valid until your next payment date and tell you what to write on the cheque and where to send it.

 

[Ant FR]

you changed from a VRS to a 1.8T FR, hope you got big wallet for petro costs, you will certainly notice the change

 

[Martin Pick]

true but its offset buy the £55 a month saving in payments the car costs. swings and roundabouts.

 

[chase06]

Thanks Martin, I might try and do that and just get myself a cheaper car to tide me over the next few year...

Chris