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Help-Need to sell my car!Hire Purchase Question

  • 27-05-2008 7:59am
    #1
    lostwithoutfred
    Closed Accounts Posts: 9 ✭


    Hi all,

    I'm wondering if anyone can help me. My mortgage lender has said that i need to pay off the finance on my car before i can get final approval for my mortgage and i am wondering what the best way to do this would be. I am 1 year into a 4 year hire purchase agreement on my car (Its a 2007 Colt) and am not sure that selling the car straight out will happen quickly enough. Does anyone know what way it would work if i was to try and get someone to throw me a grand or something & take over the hp payments instead of selling it straight out? I can get another car through my bf at a trade price and while i really love my own car i need the mortgage more!!!

    Any help would be much appreciated!


Comments

  • #2
    jayok
    Registered Users, Registered Users 2 Posts: 1,906 ✭✭✭jayok


    Well, technically you don't own the car, the HP company does, so you may have the option to surrender the car to the HP company and pay a penalty. In this process they take the car back and you pay a penalty and call it quits. The major thing here is that on your credit record the fact that you surrender the HP loan early will be noted for 5 years.


  • #3
    biggus
    Closed Accounts Posts: 510 ✭✭✭biggus


    Don't trust anybody elee to make payments you are responsible for.They could leave you high and dry with you paying payments and no car. Any way the mortgage people want this debt settled in full. Sell car cheap and borrow the balance to settle debt.


  • #4
    Mitch Connor
    Registered Users, Registered Users 2 Posts: 46,815 ✭✭✭✭Mitch Connor


    If you can get a loan from the Credit Union to pay off the car debt do that - Credit Union loans aren't tracked, so the mortgage company can't see it. I know people who pushed car loans to the Credit Union to get their mortgage recently. Of course if you can't afford both repayments then you are back to square one.


  • #5
    bennyc
    Registered Users, Registered Users 2 Posts: 1,907 ✭✭✭bennyc


    Tauren wrote: »
    If you can get a loan from the Credit Union to pay off the car debt do that - Credit Union loans aren't tracked, so the mortgage company can't see it. I know people who pushed car loans to the Credit Union to get their mortgage recently. Of course if you can't afford both repayments then you are back to square one.

    + 1

    also the fact that the car is 1 year old you might owe more on the finance still than you would reach for the car. You need to be saving 8 weeks with the credit union before you can get a loan (I was told last week). You could call the finance company and ask if you can defer the payments for a couple of months. Start with the credit union to build up a trust then go for the loan. The credit union will tell you the best way to go about doing this always great people to deal with.


  • #6
    jimmycrackcorm
    Registered Users, Registered Users 2 Posts: 14,378 ✭✭✭✭jimmycrackcorm


    lostwithoutfred wrote: »
    Hi all,

    Does anyone know what way it would work if i was to try and get someone to throw me a grand or something & take over the hp payments instead of selling it straight out? I can get another car through my bf at a trade price and while i really love my own car i need the mortgage more!!!

    Any help would be much appreciated!

    You'll get a shock then when you discover that you've barely made a dent in what you owe the HP company after only a year.

    The best thing you can do is ask your parents to buy the car off you and repay the HP company and you repay your parents each month instead.


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