Handing back a car on finance

motorguy

Mr._Phil wrote: »

I have heard about a 'third rule' but there doesn't seem to be any clear information on this. Could anyone clarify?

Thanks!

I think the 1/3 rule only means they cant come and take the car if you default on payments without your permission (or a courts?)

something like that.

Mr._Phil

Obviously it's within my interests to not have to pay anything. In an ideal world I'd like to hand the car back and end the finance, however that seems like it's far from realistic. That'll be my opening gambit when I speak to the finance company though - if you don't ask, you don't get. If I intimate that I'll be out of the country and won't be a resident in the UK for many years, it may influence them just to take the car back. It's got to be worth a try?

fatbelly

If this is hire purchase, there's a useful letter at the end of this factsheet

Factsheet | How to deal with Hire Purchase debt

motorguy

Mr._Phil wrote: »

Obviously it's within my interests to not have to pay anything. In an ideal world I'd like to hand the car back and end the finance, however that seems like it's far from realistic. That'll be my opening gambit when I speak to the finance company though - if you don't ask, you don't get. If I intimate that I'll be out of the country and won't be a resident in the UK for many years, it may influence them just to take the car back. It's got to be worth a try?

I'd say you're wasting your time - you'll get through to someone who answers calls and reads from a script.

Given its a recession and tens if not hundreds of thousands of people owe more than their car is worth and would love to get out of it, i cant see them making an exception for you.