Car finance query.....

Azbo

My partner currently owns a car purchased under a car finance agreement.

This agreement is 3years into a 5year agreement.

We are thinking about handing the car back to the finance company as we have since bought a new car outright.

does anyone have any experience or knowledge of what this entails?

do we get market value from the finance company and this pays the remaining balance and any difference back to us?

would there be a tie-in or penalty clause attached?

any help would be great.

Thanks.

cooltt

It tells you on the back of the agreement how to give the car back and how much money you will have to give them. You won't get anything back because you have, as the agreement says been "Hiring" the car for the last 3 years.