how to hand back an expensive car????

leelee1981

Hi everyone

this is my first post and im not sure its in the right section....sorry if it isnt.

my partner bought a car on HP a year or 2 ago. he bought it for 40k and i worked out the total interest means he had to pay back 50k. He got into arrears with it, which we are straightening up now and should not be in arrears in a few weeks.

The main objective is to find a way to hand back the car. The problem is that he still owes so much. The balance to pay is about 32k!!!! He only put down 2k deposit and pays back about 500 a month!!! the car is now worth about 20k or less.

i have already read on here that he needs to pay back 50% before he can terminate the contract. Is there any other way? what does he have to do to terminate the agreemant...what are the options?

(believe me...this is a lesson learnt:eek:)

thanks for all advise

just dont the maths....it may have been 3 years ago....im not 100% sure, but i do remember BMW saying that there was still 32k oweing, or there abouts. Either way, he owes far more than 50% and far more than the car is worth.

maninthestreet

leelee1981 wrote: »

Hi everyone

this is my first post and im not sure its in the right section....sorry if it isnt.

my partner bought a car on HP a year or 2 ago. he bought it for 40k and i worked out the total interest means he had to pay back 50k. He got into arrears with it, which we are straightening up now and should not be in arrears in a few weeks.

The main objective is to find a way to hand back the car. The problem is that he still owes so much. The balance to pay is about 32k!!!! He only put down 2k deposit and pays back about 500 a month!!! the car is now worth about 20k or less.

i have already read on here that he needs to pay back 50% before he can terminate the contract. Is there any other way? what does he have to do to terminate the agreemant...what are the options?

(believe me...this is a lesson learnt:eek:)

thanks for all advise

just dont the maths....it may have been 3 years ago....im not 100% sure, but i do remember BMW saying that there was still 32k oweing, or there abouts. Either way, he owes far more than 50% and far more than the car is worth.

The first port of call should be the contract itself - what does it state about early termination?

leelee1981

ok thanks, i havent looked at that yet....ill get him to dig it out....

nomoneytoday

If the debt is over £25k the VT rules will be different...

leelee1981

What are VT rules.....how will they be different?

leelee1981

ahhh....i know now....:o