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Car Loans
Hello,
I have bought a car on finance recently. I was wondering that if I wanted to go to university in a year or so and so would become a full time student, is it feasable that a car dealership would buy the car off you even if it had remaining credit payments left?
Thanks
I have bought a car on finance recently. I was wondering that if I wanted to go to university in a year or so and so would become a full time student, is it feasable that a car dealership would buy the car off you even if it had remaining credit payments left?
Thanks
0
Comments
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They would but they would split the money between you and whatever you owe the finance company, if they offer you more than you owe that is.0
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what sort of credit is it?
personal loan or HP?0 -
It's just a normal hire purchase from a car dealership0
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-it's very likely that you will be in negative equity (i.e. the car is worth less than the outstanding balance)
-however, if it's HP then once you have repaid half the credit amount you can voluntarily return the car without anything to pay (usually but not always after half the payments have been made.)0
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