Car Finance

fez00

hello would it be possible if you could help me, i bough a car in 2007 on finance i paid £500 deposit so i had a credit of £6,300 to pay the finance is over 60 months with a annual interest rate of 7.90% my last statement i last month i still owe 4,783.94. I gave the car to my brother as i got a lease car for work he now pays the monthly bill for the car. Now he wants to get rid of the car and want something better as he is expecting his first child. He has seen a car he would like but i would like to know what are my options for the car on finance.

thanks

TestCall

Depending on your agreement, I believe you can hand the car back with no further payments after you've paid off 50%.

Other than that, you'll need to pay off the finance before you sell the car, or alternatively sell to a dealer who will pay off the finance for you, though the car might not be worth as much as the outstanding finance.

Or, what you could do is see if you can transfer the V5 and finance to his name, then he can go and part exchange it?

Pleas correct me if I'm off the mark everyone!