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Handing Back a Car on Finance!

Last post Fri, Oct 10 2008, 6:26 PM by J197. 2 replies.
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  •  Fri, Oct 10 2008, 6:26 PM

    Re: Handing Back a Car on Finance!

    What the cars worth would nearly clear the finance is why i'm not happy about the 3 grand. Also leaving the country which is a bit of a problem!
    • Post Points: 5
  •  Fri, Oct 10 2008, 6:18 PM

    Re: Handing Back a Car on Finance!

    There isn't usually an easy way out of a finance agreement.

    If you hand the car back, it will be sold at the next car auction in your area, perhaps without getting a wash, to a dealer at "trade" price. The proceeds will be taken of the outstanding balance on the agreement and "admin" charges will be added. You will then asked to pay the new balance in one payment.

    If you sell the car (with the finance company's consent), at least you can wash it first and get a better price. You would also avoid some of the admin fees.

    Whatever the car sells for, you are responsible to pay off the agreement.

    • Post Points: 20
  •  Fri, Oct 10 2008, 2:20 PM

    Handing Back a Car on Finance!

    Hi i'm wanting to hand back my car on finance so called the company and they're saying i have to pay £3000 to take it to half the payment but i cant afford that. Cant afford to keep my car either is their anything i can do, I have tried to sell ot but no luck.

    Jamie

    • Post Points: 20