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Should I sell my seven?


dan mackman

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I am currently facing financial difficulties and am considering selling my one true love, my seven. whilst the car is very inexpensive to run I don't know whether I can carry on paying the bank for the loan I took out on the car. Please can some one help me with realistic reasons for not selling it.
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You only lose money when:

a). you sell a car

b). you buy a car

 

Also, money has never been so cheap to borrow and without the car your would not be smiling.

 

Sorry about your problem, hope things turn out a little brighter soon.

 

JH

 

 

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If you talk nicely to your bank and explain your circumstances they may consider re-scheduling the loan, say, over a longer period of time to get the repayments down. They always prefer to do this than have you bouncing payments on them. They normally welcome a pro-active call from the customer.

 

It will cost you more in interest charges to do this, but like John says you will lose money if you sell now and buy another one when times are better.

 

 

Hope it works out okay.

 

 

C7 GAR id=red>

 

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We took loan for our car aswell, well some of it. When talking about the impossibility of even thinking about buying property in or near London, someone might mention that selling the car would give us a deposit from for a house/small box. They miss the point that the car and friends around us we have met through said car, is what we do. We go on holiday (top cheap France) with the car, for the car! If we did sell the car, we would be sitting in a small box,with nothing to do!

I hope things work out ok - I cant imagine our lives without the car now, its become so much of what we do. No concilation to you I know, but I hope things work out ok one way or another, and sympathize with your prediciment. It sprobably fair to say that many of us have been there before at one time or another!

 

teeth.gif20,000 miles in less than a year! cool.gifthumbsup.gif

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Take your bank manager out in it

and scare the **** out of him

Hope he say YES!!!!!!!!!!!!!!!

 

Don't sell it, any spare kidneys

have you been to the sperm bank?

 

Bruce, Self Drive ROLLER COASTER Owner ! (Cheshire)

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Hi Dan,

 

everything the others say is true except the bit about getting a decent price when the pressure is on or time is short; it just doesn't add up!

 

I have been selling my car for nearly 2 months and have only just sold it - I was fortunate to be selling it with a view to upgrading and buying another, rather than trying to get a decent price to pay off a loan.

 

Do everything possible to keep the car, otherwise it will be even more difficult to raise the money next time round when the urge (almost certainly!) arises...

 

Good Luck!

 

Nick

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Thanks Guys and Gals - I think you are all right. I have taken to prostitution instead. Seriously I dont think I could bear to part with my car and I would probably accept less than it is worth just to pay the debt off. I will speak to Barclays Gastapo asap.

 

Tigger

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I have previously financed a Caterham using a credit card. This sounds rather strange at first but not when you consider that many companies offer 0% finance for 6 months. At the end of 6 months, you apply to another credit card company and so on.

 

I would suggest that you apply for such a credit card and make a balance transfer to your bank. If the credit card company will only allow you to make a balance transfer to another credit card company, take a cash withdrawal on your visa card and then transfer funds from the low rate company to this card company.

 

Hope that this helps!

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The 0% credit card scam is a good one but I have heard that you can actually damage your credit rating if you apply for too many cards. Not sure quite how this works though.

 

There are some very low interest rate loans out there at the moment. Abbey National were doing fixed loans at 7.somthing% and Cahoot do a flexible loan at 7% but that's not fixed...but it is flexible.

 

HTH

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I've just financed my upgrade via Smartmortgage (First Direct) apr currently 4.9%. the only reason I was not desperately upset to get rid of my old Caterham was that I knew I could immediately get a new one (well, 7 days later anyway).

 

Now in my garage - Superlight number 126 cool.gif

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Richiemouse, you are right. Every time you apply for a credit card, you are run though a credit checking procedure. This check is logged (but not the details of it) and is available for every potential lender to see.

 

If your credit records show that you have had a number of credit checks within a period of time, it could be construed that you keep getting rejected for credit and you have therefore applied to other lenders in the hope that one of them will give you the dough. Hence lots of credit checks are generally a bad thing from a lenders point of view.

 

 

 

C7 GAR id=red>

 

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