How much is the car worth if sold?
How mcuh is outstanding?
Original finance was 14k, have paid 2k in repayments and now we owe 12k and the car is now valued at 9-9.5k
You can try to sell the caryourself through the likes of we buy any car.com and they will agree to pay thefinance off . Although you will be required to find the shortfall immediatelybefore the car is sold. It cannot be sold unless the finance is paid for infull. It appears that you do not have the money to pay the shortfall, so ifthat is not an option.
You can hand the car back tothe finance company and it will be sold at auction and you will get less thanyour estimated 9000.
The finance company will thenlook to you for the balance, which will obviously affect your credit ratingbecause it will be registered as a default and if they take you to court, theywill get a judgement.
I'm sorry to have to tell youthat there is no magic solution to get you out of this finance shortfall. Ifthere was, everyone would do it. The situation that you are in is not at alluncommon.
It might be worthwhile, inview of any other potential problems, in addition to this one, contacting aninsolvency practitioner at this early stage.
I appreciate that this is notthe answer you wanted but there is no point in me misleading you. There issimply no magic solution to what you are looking to do. I think you probablythought that already.
Can I help further?
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Are we able to negotiate a repayment amount for the amount owed as essentially we cant afford the current £271 per month, we need to realistically bring that down to as close to £100 as possible?!
It comes down to negotiating with the lender.They may be more amenable to negotiate on condition car is returned.