Ending selections agreement!

[Nicx]

I have had my car on the selections agreement for 12 months now but I want to end it. Im not bothered about getting any money out of it I just want to walk away. The original agreement was over 36 months and after reading the agreement I just get more confused. Has anybody ended it early? How do you go about it?



Thank you



N

 

[Toypop]

You would have to hand your car back and pay about £3k to buy yourself out now. Best wait another 14 months and you can hand the car back and walk away without having to buy yourself out.


You can hand back the car and walk away once you have paid 50% of the total value of the agreement - thats the deposit + fees + monthly payments + interest.

So on an £8.5k car you might pay £11k in total so you have to have paid £5.5k before you can hand the car back and walk away. So you would add your deposit to the total you have paid in the monthly payments and when that grand total equals £5.5k you can hand the car back and walk.

 

[182pilot]

With selections are you able to sell the car privately (hopefully for more than its worth to a renault dealer) and then pay the remaining finance off??

 

[Toypop]

Technically speaking the terms and conditions forbid you from selling the car. In theory though you could ask for a settlement figure then sell the car to pay it off but you will never sell the car for enough money to settle the finance.

 

[TheRoninV6]

ive just ended my selections on the 172 after 11 months i had to put down nearly 4k to walk away from it

You can walk awy from it at anytime but you will have to settle the finance first, as it is illegal to sell a car with oustanding finance you would have to settle the finance first before you could sell it.

 

[Toypop]

£4k for nothing!

I am staggered at how much money some of you lot have to throw away!

 

[edde]

Arr cannot belive Ive wrote this all once and then closed the window by accident.

Anyway you have a few options.

1) Ring the finace company and spin them a line and thll work aout a price to end the contract Idguess about £2.0k to wal away based on.

£9k purchase price

Youve paid £180 month for 12 months + deposit of say £200

Cars worth say £5.5 trade price.

2) After 18 month of the contract you can just just give Renault back the keys and walk away so long as the cars in good condition and youve not doen more than 1/2 the milage youre allowed in th 3yrs.

3) Ask for a finance setment figure get a loan etc for the amount and own the car will cost you about £7.5 Id guess then sell the car private for say £6.25k if your lucky and pay the loan of with that money so your ~£1.25k out of pocket but rid of the car.

 

[Nicx]

<SCRIPT language=javascript> Eddie,

After 18 months I wouldnt have paid half of the financed amount does this matter or can I do that after 18 months anyway?





Nick




[Edited by Nicx on 25 October 2004 at 9:39pm]

 

[Toypop]

It should be half the total value of the agreement.

As I said this total value is the value of the car plus interest plus fees but minus your deposit and any monthly payments you have made. They will give a slight rebate on interest though so the figure will be slightly lower than that calculation.

/t0y

 

[edde]

Quote: Originally posted by Nicx on 25 October 2004

After 18 months I wouldnt have paid half of the financed amount does this matter or can I do that after 18 months anyway?

Its some sort of new legal law, half way though the finacne you can get out as such.Not sure Renault finacne will give you a sstaight answer though might have to talk to an independant.