car finance

D

daines

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My husbands younger brother (18) recently (Jan) got a car with a finance deal. He has mental health issues and tried suicide last week over mounting debt amoungst other things. We have decided to let him move in with us and are trying to solve his debt issues and get him back to school to do his leaving. He can't afford his car and we really are trying to sort out his money. How would we go about getting out of the finance deal. Can we return the car and pay a penalty? or can we get a bank loan pay the finance company then sell the car and incur what ever loss? We can't afford to take over his debt either ( 24 year old couple with mortgage and baby). So if he had a loan he could manage to pay it would work. Also the car was 7500 and the total finance is 10,000. How much roughly would we need to pay. Is it like the bank where we'd pay any depriciation +interest accrued or would we have to pay the lot. Thanks in advance.
 
sorry am i missing something here...... he is 18 - 7500 euro car - he has mounting debt - how did he get this loan - does he have the conditions of the loan or who has he the loan with - maybe contact them?
By the sounds of it you have enough on your plate?
 
I would also like to ask how did he get this loan. I presume he is in some form of employment as I would imagine the banks would not loan this amount to somebody of his age without being in full time employment. Or did he get some sort of finance deal from the garage.

I hope you manage to get this sorted out. Its an awful situation to be in. Hope it all works out for you.
 
Although this is a very sad situation ( and I am sure its in times like this that you realise that money is totally irrelevant), its a pity that someone didn't talk to this young man BEFORE he went and took out a finance deal.

You say he has mental health issues and problems with growing debt - perhaps a new car wasn't what he needed.
 
Unfortunately it was one of those same day things whereby he organised it and nobody knew until he arrived home with the car. I doubt it would make a difference as debt is a big thing in their family , all earning good wage and spending more on luxuries not needed (ie 2008 cars , 3 holidays a year on the credit card etc). A car definitely wasn't needed but as his pschologist pointed out spending often gives a temporary high so he probably thought it was a good idea. We've really had to put the foot down to get him to try and get rid if the car so want all our facts straight before we go to the garage.
 
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