Finance - Ending it early

[spirez]

Has anyone on here given a financed car back before they have paid it off?

Im not sure i want to keep my car for the full 3 years and pay the f**k off final payment so what are my options?

When can i simply give it back so that the amount left to pay is roughly equal to the cars value?

Or can i simply trade it in for a higher model? eg 1.4 or 1.6 as im only 18

Cheers

 

[Toypop]

You can hand it back when you have paid in total 50% of the total amount payable.


If you have not paid 50% you can pay the difference up front and then hand it back.

You need to look at your agreement. Depending on your agreement you may find that you have reached the halfway point after about 26 months. This will depend on the amount of deposit you paid plus the amount you are paying per month. Generally though if you pay a higher deposit they simply reduce the month payments as opposed to reducing the final payment so it nearly always seems to work at as breaking even at 26 months.

If you are going to hand the car back at the end of the three years and replace it with another new car it probably makes more sense to do it at 26 months than go the full 36?



By the way you can only hand it back if you have looked after the car to a reasonable level, not exceeded the mileage and not made any modifications. Otherwise you could be forced to pay fees.

 

[spirez]

its ok, all my mods are reversible anyway.

I suppose another option is to sell the car privately then pay the finance off

 

[Tom]

Quote: Originally posted by spirez on 23 June 2004


I suppose another option is to sell the car privately then pay the finance off

Its the best way not to get screwed.

Phone the finance company and ask for a settlement figure, then sell your car for more.

 

[Levo]

Quote: Originally posted by spirez on 23 June 2004


its ok, all my mods are reversible anyway.

I suppose another option is to sell the car privately then pay the finance off

Its illegl to sell a car knowing there is finance owing, you would have to settle the finance before selling. Also if the buyer runs an HPi check then the finance would show up on it and the buyer would more than likely walk away anyway.

 

[daz182]

Just tell the buyer to make the check out to the finance company or take them along with you to pay it off when they buy it from you.

nuff said