I want to hand my vehicle back to the car company and pay all my finance off.?
Answers:
They will probably charge you extra for finishing early read your small print
Go on then.
I bet you'll still end up owing them something.
Check it all out first.
That sounds stupid if your paying the car off, why give it back to them.
Hi there
you will need to be very careful, generally the outstanding finance will be more than the value of the car. This would mean that you would have no car, ad still have a debt. Many people will not buy the car unless it is HPi clear.
Do you have to get rid of it? Have you tried talking to the finance house and seeing if the payments could be reschduled to a lower monthly rental?
If you want to discuss, email me on mnoyle@yahoo.com
Regards
be carefull even though you voluntarily give it back they will still call it a reposession and still charge to the difference of the value of the car at auction, and what you owe. let someone you know take over the payments, this will keep your credit from meltdown too.
Don't do that, because the car will be YOURS not theirs if you do!
I work in car sales, and you should read your agreement very carefully, depends whether you agreed to a deal where that was an option or whether you have to part ex on another new car so many years after the original purchase. Again it should have been made clear to you from the onset whether you needed pament protection in case of default etc. Speak to the sales guys where you bought it from. Better not to put it off if you are in difficulties. If you sell it privatley you may be worse off and be contrary to you agreement and they might come looking for you!
you will find on your finance agreement a box which will give you a sum of money you have to of paid if you want to hand the car back.
be aware though any damage you will be liable for, and you will probably have to take the car to a local auction house.
1st step is speak with the finance company and tell them what you wish to do
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