Hi there, thanks for your post.

If the loan is not secured to the vehicle, what is preventing you trading it for another vehicle? Surely this would show there is no outstanding finance and would Allow you to swap it for another vehicle of equal value?

Wow £7.5k for an engine...! Does it come with a new car attached?

That is seriously over priced for a repair. Can you tell me what is wrong with it?

Even the most fundamental engine damage like a timing belt snapping can be repaired for a fraction of that price. The cost of a new engine fitted should be closed £3.5k to £4k so what else are they factoring in?

Hi Piranah84 and welcome to the forum.

I was thinking the same colski, it's a very expensive engine repair. What type of car do you have and how old is it piranah84?

Instead of purchasing a new engine at between £3,500 and £7,500, it may be worth while looking at a cheaper run around vehicle which you will be able to use for the time being and to get you to the end of the Trust Deed.

As Rob has highlighted if the finance wasn't secured on the vehicle then you shouldn't have an issue trading this in. You may want to do an HPI search on the car to see if there is any finance outstanding against it to be sure.

Aside from the problems with your vehicle, how have you found the Trust Deed process Piranah84?

Just looking to point out that you should contact your Trustee before trading in the vehicle Piranha84.

As the finance was not secured on the vehicle it is classed as an asset - hence the trustee seeking funds over £3,000 if so valued at the end of the Trust Deed. Given the extensive repairs required there shouldn't be an issue as the value should reflect this.

You just don't want to trade it in without advising your trustee only to have to prove all of this to him/her a few years down the line when you have thrown out receipts etc....

that's a good point Voice of Reason. Always best to speak with your Trustee about any changes to your situation.

The guys have made some good points above.

As I see it you need to find out whether any finance is connected to the car by doing an HPI check. It not then you can seek your trustees consent to use the vehicle as collateral for a new vehicle. As long as the new vehicle is of a similar value to the current one, the trustees interest would swap to the new vehicle and would be treated in the same was in that any realisable value over £3,000 at the end, would be required to be realised. Check your original agreement in his regard.

The hpi check is still showing outstanding finance. I informed the trustee as I like to keep them informed. They have asked for a written quotation for parts and labour (which vauxhall are giving me run around about( another matter)) and told me they will scrap the car in my behalf. I don't think trade in would happen the car is completely undrivable.

I very good friend of mine is a service manager for vauxhall. I asked him last night about the cost of an engine... He basically said that even if it is the top of the range new car with a blown engine (ie a 5th injector had blown through the lump causing the engine to be a write off) etc and managed at the same time to take the gearbox with it along with parts of the cooling system etc then it would be around £4k to replace. This may marginally go up if more was needing done but no where near £7.5k. When I said that amount he laughed and pointed out you could buy a brand new corsa for that amount and have change left over!

So... The next question from me needs to be what have they said is wrong with the car and what all are they quoting for repairs (along with the car type, engine size and if its petrol or diesel)

Autovaux is East Kilbride might be a better option for you. They are highly skilled ex-vauxhall mechanics and as independent typically charge less than vauxhall will. I am sure there are other specialists also... This just happens to be a company I have used and have friends who also give good reviews of them...