should i keep the car or give it up??

[iamLilysmummy]

hey..

im looking for some opinions..

i have a car thru motor finance wizard.. ( i was desperate) iv had it for a year now..

i pay $120 a week on it.. plus petrol

its costing me to much money and i have fallen behind on the payments.. and it constanly needs to be fixed.. i just got new tyres.. and no the fan is stuffed under the hood. grrr

i have the choice to voluntary give it up and they come get it.. all ill have to pay is the tow truck fees..

i applied for finacial hardship. but it was declined.. GET THIS coz im earning to much to qualify.. IM ON A SINGLE PARENT PENSION.. gahh how is that earning to much and who qualifys then???

anyways.. my mum has told me to go to a finacial couciler.. but i WANT to give up the car.. and start saving money to buy a used car.. so i can be not broke,,.

what should i do?? give up the car or try reduce the payments???

[girly]

I don't know. The first thing that comes to my head is "Yes!" definately get rid of it if you think you'll end up saving $$$.

I wouldn't reduce payments, coz then it will still keep needing repairs..

[iamLilysmummy]

I don't know. The first thing that comes to my head is "Yes!" definately get rid of it if you think you'll end up saving $$$.

I wouldn't reduce payments, coz then it will still keep needing repairs..

ill be saving like $200 bux a week.. and spending like $5-$10 on public transport..

the car needs to be fixed now and i got a quote n he said he doesnt no but its alot!!

[em1984]

I'd probably be inclined just to give it up, however will that affect your credit rating or anything doing that? Or could you try and sell it yourself and use the money to pay them out?

[sweetseven]

Give it up.

I have a car that I own outright, but is currently unfeasible to use. (I have to stop every 5 mins to refill the radiator.)

Now, I could try and repair it, but there are so many things wrong with it that I dont believe it is feasible to repair. (The last repair cost me $350 and gave me about one months use out of it.) So I'm not using it, not prepared to pay for repairs when I dont feel they'll be worth it.

I am lucky I have the cash to buy a replacement, but the problem is finding a suitable one. In the meantime, I'm struggling with public transport as part of my arsenal.

If you have the option to get out of the current contract for <$100 (my estimate of towing fee) and then save yourself $190pw by taking public transport, I really think it is worth it.

The other option you could consider is a hire car. Use public transport for the majority of the time, and hire a car short-term when you really need it. (A hire car should be much nicer that an old heap as well.)

[Bamz]

As soon as I saw 'motor finance wizard' as I know of 2 People that got ripped off and one was even on the news. Both the cars had many things wrong with them. While I was at the car yard trying to talk a friend out of paying $13grand for a $4grand car, another guy had just driven out of the car yard with his new car....5mins later he came walking through the gate saying the car had just broken down!!! If you can get out of it then do. They are nothing but a rip off!

[Bamz]

I would save up if I were you. I saved up and bought a car not long ago and had to catch buses etc. Although the car is not registered yet as 80% of my money goes towards rent, I only have to catch public transport for a few more weeks untill i can afford it. Then I will have a good car on the road that I own. I think you will be much better off in the long run to buy a car. Hope that helps. :)

[garfield13]

from what i have heard about mfw, i would cut your ties with them. And $120 a week is a lot.

You could be paying alot less if you got a bank loan, we pay $150 a f/n on a car a couple of yrs old. Or even better if you are willing to use public trans and save up thats the best option of all

[sandy cheeks]

I would look at all the paperwork in regards to giving it up make sure u wont have to make some sort of payment iykwim.
Also you can get a personal loan aprox $5000 from your bank on a pension the intrest is much lower and they are not out to fully screw you over.
Hope it works out I have a friend who used wizard it didn't end very well :mad: and the car was a lemon.