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Discussion Starter #1
Hy people hopefully someone can help me.

My car is currently being paid on finance, have had it nearly 6 months now, only problem is I have recently moved in with my girlfriend and now the money is a bit tight (Understatement) :cry:

My girlfriend has said I will have to change my car because it is costing 2 much? (yes she still is my girlfriend, at the moment anyway) Is it possible to cancel my finance agreement so early on?

Before I got my Megane I had a Clio and canceled it after 2.5 Years but then I had paid off over half of the money.

If anyone has been in this type of situation please can you help.

Thanks againt

SAINT
 

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If it's standard HP then you have a problem. If you had paid over half you could have just given it back.

An option may be to sell the car privately and then repay the finance, but I guess you may not make enough to cover the finance.

Best thing to do is read the contract, they will normally tell you exactly whats what as regards to terminating the agreement.

If it's still unclear give the Citizens Advice Bureau a call

CB
 

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I recall something that I was told when I first looked into finance on a car which was that you have a right to cancel.

Which means you would be able to cancel the finance and they would take the car. If it is purely finance on the car then the car is liable not you which means you should be able to do that.

Best thing is to read the contract or contact the finance company and see what they offer as a early settlement!!
 
G

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The best thing to do is to contact your finance provider and ask them about early termination. The FSA now regulate all finance lenders and the most they can charge you is 2 or 3 months interest payments for early termination. Once you have paid off over half the finance amount, you can hand the car back without any penalties.

You wouldn't be able to sell the car privately to pay off the finance as an HPI check would show outstanding finance owed on the car.
 
G

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:? quote You wouldn't be able to sell the car privately to pay off the finance as an HPI check would show outstanding finance owed on the car.

Sorry m8 but if the buyer pays the finance company direct problem solved :wink: i have known this to happen on many occasions including a car i once sold as well.

cheers

Jas
 
G

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Fair point, but what I meant was that only a trader or a friend would do that, not someone buying the car privately. It's difficult enough trying to sell a car privately for a good price, let alone trying to persaude the buyer to pay the finance company direct.
 

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Discussion Starter #8
jasdigido said:
Saint have you asked for a settlement figure yet ?

Sorry to hear your selling btw :wink:

Jas
As far as I know Im not selling. just need to find out were I stand if I need to get rid. Fingers crossed.
 
G

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If you have paid over half of the amount to be repaid, then you can contact the finance company and hand the vehicle back - with no further costs to you.

If you haven't, then request a settlement figure, this will tell you the amount required to settle the agreement. As you have only had the car 6 months, then only 1 months additional interest will be added. You will get a rebate on the remaining amount.

Hope this helps.
 
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