How do I get out of my car finance deal?

jennie123

I signed a contract for a Peugeot 107 in November 2008. I agreed to pay £200.00 a month over a three year period. However my situation has now changed and I can no longer afford to make these payments. Is there anyway of me being able to return the car without having to make any more payments?

kwaks

Yup, call them, tell them your situation has changed, you can't afford the car now and as you have made sufficient payments you would like to stop paying and them to collect their car.

kwaks

Sorry, should make that clearer. Speak to the finance company, I am sure they will offer to extend the payment term to reduce the monthly costs, if that will not help then you would need to ensure you have paid half the costs and hand the car back (depends on the size of your deposit how close to this you are). However your first call should be to the loan company.

ciano125

If you do this, beware that they will tell you that they can only pick the car up the day after you have made another payment, so in other words you pay for another month and the day after they come and get it. Sneaky.