Hi everyone I am looking for some advice - I have a car on finance with Carlyle and have been paying by direct debit every month for the past 3 years I have 2 years left, however I have been on the sick for 7 months and I am now on half basic pay which doesnt cover my outgoings and I am struggling. I rang Carlyle and asked them to reduce the monthly payments but they refused and told me the only option I have is to give the car to them. I am not prepared to do this as Ive been paying for it for too long just to let it go and anyway when im well enough I will need it for work. I would appreciate any help.

With most car finance, if you can keep up the payments you can keep the car. If you can't keep up the payments, you lose the car and any difference between whatever it gets sold for and the settlement figure (you can ask what the settlement figure is but don't expect it to be much less than the sum of all the payments that you would otherwise make over the next 2 years). One option to consider is to ask for permission to sell the car yourself because you would be likely to get more for it that way. Another option is to look for someone to transfer the lease to.

Thankyou so much for your advice I was unaware that you could transfer the lease thats something I will have to consider. Thankyou