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Topic starter
09/03/2020 6:44 pm
So I have been in a trustdeed for 2 years and I have car finance which was agreed and put into my expenditure. I’m now struggling with the upkeep of the car and it’s not a choice as I need it for my work.
I have been in contact with a car dealership for a vehicle lease. The deal will work out about £15 cheaper a month and will include servicing and MOT and being a new car it shouldn’t have any issues that I’m currently having with my current car. Do you think my trustee will allow this? That’s if I can secure the lease as nothing is definite.
My current cars finance should be cleared as it values roughly the same.
09/03/2020 8:22 pm
I don't see any reason why your trustee should have a problem with that, liamtd. I guess they might want you to pay the £15pm you are sing into the Trust Deed instead though...
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10/03/2020 8:15 am
Liamtd
In my experience the trustee will not have an issue with this as your finance will be cheaper than what you are currently paying however, the car finance company may ask for a signed letter from the trustee.
Whilst most trustees will take a view on whether to sign the letter, there is a risk that by providing permission to the individual , the trustee may be criticised in instances where payments are later missed to the car finance provider.
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10/03/2020 9:55 am
Hi liamtd and welcome to the forum.
As Kevin and Paul have advised I also don’t see any problems with you swapping one car finance with another.
I’d shop around to make sure you get the best possible deal you can when it comes to another car. One thing that could stand in your way is your credit rating but the only way you will know is if you apply for it. I’d be up front and honest with the car garage/salesman about your financial situation and credit rating as this will help them.
You could even look on line at car leasing as well to see what options you have. Sometimes when someone isn’t able to get the finance in their name a friend or family member can help out with this and you could make the payments for the finance.
Best thing to do is contact your Trustee and have it all confirmed in writing from them that there won’t be any problems.
How have you found the Trust Deed in the 2 years that you have been in it, has it helped?
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