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Okay so this isn't the usual posts that get put up on here regarding car finance but all the same, I'd still appreciate some assistance and input.
July 2018 I bought a Mini through a Honda dealer on a PCP over 48months. Total cost £16000 with a £1800 deposit and approx. £273 a month repayments and £5200 balloon. At the time I was earning a wage of around £35000 to £38000pa. However I've now been offered a new role which needs 12-15months to fully train during which my wage will drop to £24000, before increasing to a (current) qualified wage of £58000pa. I don't feel what the job is, is relevant which is why I've not said what it is.
Basically, my query is this. Would the finance company be willing to consider altering the repayments during my training period to help me meet my financial commitments on the basis that I agree with them how much I will be "deferring" and over what period , and by when I will bring the account back up to date? For example, pay £100 a month less during training, provided this is brought back up to date before the end of the agreement.
I wanted to ask on here first in case anyone has been in a similar situation and attempted to negotiate with their finance company. I am going to write to them and explain the situation and ask for their help stressing the fact I've made all other payments to date, I am trying to better myself but don't want to cause any financial issues.
July 2018 I bought a Mini through a Honda dealer on a PCP over 48months. Total cost £16000 with a £1800 deposit and approx. £273 a month repayments and £5200 balloon. At the time I was earning a wage of around £35000 to £38000pa. However I've now been offered a new role which needs 12-15months to fully train during which my wage will drop to £24000, before increasing to a (current) qualified wage of £58000pa. I don't feel what the job is, is relevant which is why I've not said what it is.
Basically, my query is this. Would the finance company be willing to consider altering the repayments during my training period to help me meet my financial commitments on the basis that I agree with them how much I will be "deferring" and over what period , and by when I will bring the account back up to date? For example, pay £100 a month less during training, provided this is brought back up to date before the end of the agreement.
I wanted to ask on here first in case anyone has been in a similar situation and attempted to negotiate with their finance company. I am going to write to them and explain the situation and ask for their help stressing the fact I've made all other payments to date, I am trying to better myself but don't want to cause any financial issues.
