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No longer need a car

7062
7062 Posts: 67 Forumite
Hi there

Hope this is in the right place.

We have a car on a 3 year finance deal. The one where after 3 years you can either pay a ballon payment to keep the car or hand it back. Basically in the past 18 months my husband has had his d/l revoked due to medical reasons and therefore it has sat on the driveway for nearly 6 months. We called the finance company about handing the car back but we would need to pay in excess of £3k to them first (apparently we need to have paid a certain percentage of the total amount).

What would happen if we stopped paying the monthly instalments? would they come and take the car away as the finance is secured on it?

Any help or other suggestions would be appreciated.

Comments

  • They would take away the car, sell it and then chase you for the balance as well as their fees and charges. Not ideal.

    If you have paid half of the debt you can do a VT and give it back.
    (Half the debt is not necessarily half the time)
  • PNPSUKNET
    PNPSUKNET Posts: 4,265 Forumite
    it will be pcp so vt options are not normal unless the period has passed. You can stop paying but it will screw you in the long run
  • I was halfway through a finance deal, I bought the car outright for £6700 and sold it for £6750. If I'd just handed it back it would have cost me £2k. If you got a good deal from the dealer you may be best off just buying the car and selling yourself.
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