- 30 March 2016 at 11:34 am #88591
I bought a Kia Sportage by PCP (in my name) with my now ex. It was supposed to be a family car however now we have split I don’t need this big car or the big payments on my own.
We did have a car that we traded in and this had £7000 negative equity which was put on to this car. Is there anything I can do? I did go to a car dealership for advice but I was told I have no option and im stuck with the payments!
Any help would be appreciated as I don’t have a clue what I can do.
- 31 March 2016 at 9:47 am #88598
Hi SJ. I am surprised that the finance company allowed you to add £7,000 of negative equity to your PCP agreement, as it significantly increases the risk associated with your current deal.
Essentially there is no good way out of the situation. You either keep up your payments and continue with the car, or you look to end the agreement early – probably by voluntary termination. However, there’s a very good chance that you are nowhere near the halfway point of repayments required to be able to give the car back, so you would have to spend a lot more money to not keep the car.