Car irreparably broken but still on finance

[Ashara]

Hi, wondering if anyone has any advice/had this situation before.
I have around 5.5k to pay off on my car. It's probably worth about 4.5k working. It broke down and the garage has now said it's not cost effective to fix it and even if they did they are concerned something else will go wrong in the short term. They have said to sell for spares or repair. My issue is I don't have the ready cash to pay off the finance, and for credit score reasons I can't get a loan/credit card. It's not an option. A condition of the finance agreement is that the car is MOT'd & insured etc but it won't pass the MOT obviously. Does anyone have any advice/knowledge? I can continue the monthly payments (have about a year left) but obviously can't meet the MOT commitment etc. sorry if I'm rambling, feeling a bit in shock at the moment!

I appreciate this is an older thread, did you have a positive outcome to this situation? Our Mazda CX-5 engine has failed with £6000 left on the finance, I'm in the same boat and bloody clueless what to do! Currently on the complaints route as suspicions are there, that the problem was already occurring prior to sale.

Never buying a Mazda or diesel again!! 😂

I am going through the same situation right now, timing belt broke whilst I was driving and whole engine ruin, I dont have money to replace the engine and was also in so much shock as I am a single mum working as a community staff nurse and needs the car for daily use, I still have 20 months left to pay on the car about £4055. I phoned the finace company and explained the situation they gave me many options and I went for the voluntary termination, they are collecting the car today and they told me they will auction it and subtract the proceed from my balance and I will be liable to pay the rest within 30 days, which if I dont will affect me credit score but if I eventually clear the balance it will show as satisfied default. It was really hard breaking for me for a couple of weeks also this happen 2 weeks after I had the car serviced. Am over it now and just got a family member to take a car on finance for me, this is a huge loss for me but the lesson I learnt is never to take my car to small garages as the oil was leaking and the guy told me he fixed it after he serviced the car but I doubt he did as oil was leaking even more after the service so I guess that must have ruin the belt but I just accept it with faith. My advice just phone the finace company and discuss everything with them and they will go through options with you as am sure they deal with stuff like this all the time.