I have lost my job and I am tied into a 3 year PCP (finance/lease) for my Fiat 500. Help?

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  • I have lost my job and I am tied into a 3 year PCP (finance/lease) for my Fiat 500. Help?


Answer #1 | 14/11 2013 02:55
Contact the finance company immediately and advise them of the situation. (They actually own the vehicle until the final payment is made). They may be in a position to restructure the agreement and are the best placed to help you. Your final recourse (may) be to have them repossess the car, but they will not want to do that if at all avoidable. Be aware you MUST NOT sell the vehicle without the written consent of the finance Company.
Answer #2 | 14/11 2013 03:08
The chances are the car is worth less than you owe so you won't be able to sell or trade without without paying someone a significant amount of money to take it off your hands. If your parents won't lend you that money your best option might be to arrange a voluntary repossession with the finance company so that you won't have to pay repossession fees. You'll still owe any deficit if the car later sells for less than you owe.
Answer #3 | 14/11 2013 04:20
Your best option would be to get that car back as soon as you can friend.
Answer #4 | 14/11 2013 08:09
Citizens advice bureau if you need help on this one.
Answer #5 | 15/11 2013 19:34
Sell the car if you are avoiding extra non required expenses, You can always buy new one on installment once you get a next job. If you can maintain the car means you are either well qualified or you must have some special professional skills so that you can get next job definitely. As I am in to HR field I know .in current market scenario it normalyy takes tow months time to get job,depending your requirement of remuneration expectation, If you can sustain two months installment & can keep going on then do not sell the car. The person who is ready to work hard & can give his total hundred per cent can get get job any given point of time, may be some initially you will have to either compromise on remuneration or job designation, profile etc. Mean while contact the fiance company & communicate about your temporary financial problem, if possible communicate in writing a letter by sending it to them by register ad so that they can know about your honest intention, you may even go & meet them personally & explain

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