Car Loan

alona1

Hi,

Just after some advice here, the BF has car finance with Santander but has recently changed jobs and can no longer afford the car.

He seems to think that he can just give them the car back and pay the couple of months he owes.

How do you go about getting rid of the car and the debt?

Common_Sense_2

If it was a Hire Purchase agreement then he should have his termination rights once he has paid off half the total amount payable (note that is not teh same as half way through the payments).

Have a look at his documents and it should be there under "termination- your rights". hen he has the right to hand the car back to them and won't have to pay any more (except any missed payments, charges and if the car is in bad condition)

Best thing to do is call them and find out how far away he is.

alona1

Brill, managed to ring them and they've said over half has been paid so it can be voluntarily terminated. They're sending out the paperwork today as its already been defaulted and needs to be completed before 30th April or he'll lose the right to do it and he'll get a CCJ. He still owes £450ish in missed payments so they're doing a 3 month payment plan with him.

Thanks very much for the info Common Sense 2! (Wish I would have asked months ago)