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I bought a car from Stoneacre over 2 years ago (48 months finance agreement).
I have recently lost my job due to the pandemic and am unable to continue making the payments. FCA Automotive initially only gave me 3 options; all of which were payment holidays just different durations. I took a 3 month holiday to try and get back on my feet so that I could continue making the payments. However, I am due to recommence making the payments next month and am still out of employment.
I am over 50% through paying the total amount under the credit agreement but FCA Automotive are saying that I can not VT this as it is a 'Motorloan with Balloon' and not a PCP / HP agreement.
They claim that I have owned the car from the start of the agreement and that they have no financial interest in the vehicle. However, the finance is secured against the car and the car is written into the agreement.
I would appreciate any advice on this - I am a single mum with an 8 year old and an 8 month and already panicking about paying my mortgage etc. and just want to resolve this issue.
I can't sell the car as I have too much negative equity. I had to carry over some negative equity from my last car to this one due to someone running into my old one literally the week I was due to drop it in at the showroom - pure bad luck!
I have recently lost my job due to the pandemic and am unable to continue making the payments. FCA Automotive initially only gave me 3 options; all of which were payment holidays just different durations. I took a 3 month holiday to try and get back on my feet so that I could continue making the payments. However, I am due to recommence making the payments next month and am still out of employment.
I am over 50% through paying the total amount under the credit agreement but FCA Automotive are saying that I can not VT this as it is a 'Motorloan with Balloon' and not a PCP / HP agreement.
They claim that I have owned the car from the start of the agreement and that they have no financial interest in the vehicle. However, the finance is secured against the car and the car is written into the agreement.
I would appreciate any advice on this - I am a single mum with an 8 year old and an 8 month and already panicking about paying my mortgage etc. and just want to resolve this issue.
I can't sell the car as I have too much negative equity. I had to carry over some negative equity from my last car to this one due to someone running into my old one literally the week I was due to drop it in at the showroom - pure bad luck!
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