Can i give car back to finance company?

barry0326

Hi,

i bought a car last year ( ssanyong rexton). At the time i thought it was a good car, but now, i think its crap.

I got it over 5 years through a personal loan.

Im only 8 months into the repayments and would like to get another car.

Ive heard that i could hand the car back after two and a half years and the payments would stop. Is this true?

Or should i just trade it in and start again?

Thanks

ciano125

If its a personal loan, you'll have to trade it, but if you took the dealers finance then you might be able to just hand it back half way through.

harveybobbles

Either way it'll cost you.

A 5 year deal is the worst ones to have. You could trade it in, but the settlement will be really high and you will be in negative equity with the next car. And so on...

Or you could hand it back in 2.5 years. Some is 3 years, but the same finance company wont want to use you again and they could even but a slight dent on your credit profile by you going down the VT route.