Car finance agreement

krushinfo

Hi,

I purchased a car on a finance agreement 4 months ago. The total was 13,000. So far I have paid about 1,000.

The problem is that I want to leave the country and cancel this finance agreement.

I've been told I can sell the car for around 9,000.

Someone suggested:
There are companies setup to specifically help people get out of car finance loans based on mistakes in the lenders legal documents. Not sure on the cost but they will give you a free assessment to tell you if its possible have a look through martin lewis's forum.

Any ideas people?

iolanthe07

These companies can only help you with loans taken out before April 2007, when the law changed. Any money borrowed since then will have to be paid back (as, of course, it should be).

Rafter

Only suggestion would be if you can find a relative who would take the car and pay the monthly payment to you (or even at a discount) until 1/2 way through your agreement when you can hand the car back.

Seems daft to crystalise a loss of £3-£4k if you can find someone prepared to do a deal with you.

R.

chicpea

Hi

I also have a car on finance that I no longer require. In August of this year I will be half way through the 4 year agreement. Can I simply hand the car back or are there factors to consider here? Does it affect my credit score?

Any suggestions would be appreciated :huh: