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he mite like that
Look on your finance agreement. Look for the total amount payable. If the car was £8k the total will proabably come to around £10000 or something due to interest and admin Charges.
Basically to hand the car back you have to have paid 50% of that total amount.
So find the total amount and divide by two. Then from that figure deduct the deposit you paid and the total amount you have paid in monthly payments so far. The answer will be what you give RFS with the car - assuming it is in good nick.
find a fault with the car there is bound to be one and try to reject it!
its the 2 thirds rule i.e 2 years on a 3 year deal and there is diddly squat any finance can do about it.
whether they will want to do business with you again who knows but the salesman will want your business so you should be ok
your not trying to hand back the car your trying to px against a cup - thats how i understand it.
Go to the dealer get a settlement, order the cup and have the settlement added to the new finance less the px value - so yeah your going to be raped but it may not be that bad.
If you are on about a handback then it will say on your docs when you can do that.
Mini Cooper S sport
I think everyones right so far - HP is a pain cos you cant just give the car back and walk away without paying anything unless youve paid off half the finance (Ive done this with three cars now, so I know!)
Clio16vPauls advice is best if you really cant wait - but its going to cost you a lot of money.
Is your deal over 3 years? Id say its worth waiting for a year and a half then giving it back and starting again.
I really should have learned my lesson with HP after the first time - Im not going to do that again - now Ive got a Marbles loan, MUCH better rate and I can do what I like with the car.
Mini Cooper S sport
No, there is no penalty - its the terms of the agreement youve signed. Have a look under Termination: your rights on your copy of it, and youll see. It should tell you how much you need to have paid to give it back.
You just write them a letter telling them you want to end the agreement, they collect the car and thats that. Loads of people do that because the cars lose so much value, and the APRs tend to be much higher on HP agreements (a few are 0 percent on new cars, but they normally want a big deposit)
Although it depends on the monthly payment levels it tends to be around 24 to 28 months that most of these policies break even and you can walk away. In fact it makes more sense to hand it back then and start a new agreement on a new car than to keep going to 36 months. They even let me take my tax disk out and get a refund on the remaining 10 months.
I handed my Mk2 pre facelift Clio back this way when I got the current shape model. RFS were quite happy as I was signed up to a new agreement at the same time. Your credit record will also show that all payments were made and your account settled so no problems there either.
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