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A friend of mine as come to the end of their PCP contract and he wants to hand the car back and walk away.
Last year he lost his job and fell behind with payments and couldn't afford the service. He got another job and paid back the arrears. This year's service was not able to take place due Covid 19. The vehicle has maintained a dent in a wing.
Due to his unemployment period his credit rating is poor and would not be able to take out another PCP with the finance company.
The dealership have said he cannot return the car and walk away due to no service history and condition of the car. However, if he purchased a used car from them and get someone to take on the finance they would take back the car as is. Alternatively he can sell the car via We buy any car dot con and pay off the final payment making the car his. The balloon amount due is £11,000 and We buy any car dot con offered £8,000. My friend hasn't got £3,000.
The sales person also said Ford Credit would not be sympathetic to his problem and would sell the debt and the new company would obtain their money one way or another.
As you can appreciate my friend is worried and doesn't know what to do.
He hasn't spoken to Ford Credit yet only the dealership.
Can you provide any advice please
Regards
Denise
Last year he lost his job and fell behind with payments and couldn't afford the service. He got another job and paid back the arrears. This year's service was not able to take place due Covid 19. The vehicle has maintained a dent in a wing.
Due to his unemployment period his credit rating is poor and would not be able to take out another PCP with the finance company.
The dealership have said he cannot return the car and walk away due to no service history and condition of the car. However, if he purchased a used car from them and get someone to take on the finance they would take back the car as is. Alternatively he can sell the car via We buy any car dot con and pay off the final payment making the car his. The balloon amount due is £11,000 and We buy any car dot con offered £8,000. My friend hasn't got £3,000.
The sales person also said Ford Credit would not be sympathetic to his problem and would sell the debt and the new company would obtain their money one way or another.
As you can appreciate my friend is worried and doesn't know what to do.
He hasn't spoken to Ford Credit yet only the dealership.
Can you provide any advice please
Regards
Denise
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