Anybody advice on Car Finance

wifeforlife

Hi there

I've done a search on the forums to get advice on car finance

Basically I have a car and finance on it which I make regular payments on, I've never defaulted or missed payments. The insurance though is a killer (Northern Ireland, say no more) so I tried to sell it. A girl agreed to take it but when she came today to see it decided otherwise and let me down, I didn't even have a deposit or anything. So now I'm stuck I cant afford to keep it because I can't afford insurance on it and I don't know what happens if I tell the finance company to just take it back

Does anyone know do I get blacklisted or anything for getting the car lifted

Any Advice greatly received
Cath

dinkylou

Have a look at your terms and conditions but I believe it is usually standard that if you have paid less than half of the finance you can give them the car back and stop paying. (dont think you ll get bad credit score for this)

If you ve paid more than that then I m afraid you re normally stuck with it until the end of the term.

Have you tried everywhere to get cheap car insurance?

in*the*red_6

Hi
With my car finance agreement, it's the opposite, once you've paid half you can return the car to them with no further payments.
Also I don't believe you are supposed to sell a car purchased on Finance as it doesn't belong to you.
I know that once my term is up I definitely won't be buying a car this way again, the APR on ours is 15.5%!!

Entrepreneur_en_faillite

In the red is quite right, you are not allowed to sell a car that is a party to a finance agreement, what will usually happen is that you have to clear the debt before selling the car! (This is not as daft as it sounds, quite often a deal can be struck where the person purchasing the car pays the finance off for you ad gives you the balance between the cost of finance and the selling price of the car)

Best advice is to call the finance company and ask them to confirm whether you can terminate the agreement (and, of course, get them to put it in writing!)

One other alternative is to get finance from another source, as in th red says, car finance is notoriously expensive, there are cheap loans out there, and refinancing can save you a packet. Also look at https://www.confused.com for cheaper car insurance.

us,thecat&thedebt

hi

everyone is quite right it is in fact illegal for you to sell a car that still has HP on it..
if you agree to terminate your contract with the car company you will stil be liable for what they call a libilty balance... the is a balance due for ending the agreemnet so check how high this is before you do anything..
my father in law has a car with welcome car finance and decided to give up the car luckly just before he did i checked what his liability would be and it was 5.5k the debt was for 8k
this 5.5k still needs to be paid back monthly so you reduce your out goings slightly but with no car...
so be careful before you do anything...
try speaking to the finance company as if you have never been late they can give you a 3 month payment break they did this for my father in law even though he'd been late in the past
for cheap car insurance take a look at confused.com
good luck

davels

dinkylou - its the other way round :-) :-)

wifeforlife

Thanks so much for all the advice, I forgot to mention my parents where going to pay the outstanding finance before I sold it and I was then giving them the money from the buyer!

I phoned Renault who I had the finance with and I had a couple of hundred quid to pay to cover half the amount, so my fantastic parents paid it and I have legally ended the agreement. Thank God! So now I'm paying my mum and dad money every month to make it up to them

I really appreciate all the advice I was so worried!

Cath