VW Financial Services / Porsche

[flooded]

Hi! new user here in need of some advice.

Due to a change in circumstances I can no longer afford the finance on my car. I called Porsche (VW Finance) to ask them to come and collect the car but they are only giving me two options:

1 - Get Porsche to purchase the car back and pay for the depreciation (around £7k) they are telling me this has to be paid before they purchase the car back

2 - Terminate the agreement via a Voluntary Termination, and pay for the shortfall in finance (around £18k)

Neither options are affordable to me right now. If I have to, I'm willing to do option 1 but would like to pay off over a few months.

Can anyone give me some advice on how to handle this? I've attached a copy of the finance agreement.

Thank you!

[jeffster247]

Bank Loan or Credit card payment to facilitate option 1 ? At least then you will be able to pay this off over a number of months

Have you checked the value of the car? It may be better for you to settle to outstanding debt ( thus buying the car) and then selling it privately. This is a similar option to scenario above but means you are not bound by the valuation given to you by VW Finance.