Black Horse Finance

jon25new

Hello All

I was wondering if people could offer some advice... I took out a car finance agreement with BHF arround 3 years ago and have been paying back nearly £9k for a car that was only brought for £4500. I was a little silly in not really knowing what i was getting myself in to and needed the car for work.

Is there anyway that I can cancel the agreement and hand the car back, its in good condition but I can not really afford to keep paying the monthly installments and dont want a default against my record. I am not in a situation to get a loan and although I offered black horse a decent settlement figure of around £2k they turned it down.

Any advice would be great!

Thanks

milliemonster

It depends on the type of agreement you have, is it a personal loan or a hire purchase agreement?, HP usually allows you to hand the car back with no penalty if you have made payments to the value of at least half of the agreement (this is half of not just the amount borrowed but all the added interest, PPI etc), if it is a personal loan then you own the car and the only option you would have is to sell it yourself and pay off the loan with the proceeds

jon25new

I think its a HP agreement, do you think i should get a copy of my agreement and find out?

milliemonster

Yes, definitely, you say you are paying back almost £9k, do you know what you currently owe on the the agreement?, if it's less than about £4.5k you have the right to hand the car back