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should my friend send the car back
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wanttosave
Posts: 425 Forumite
in Motoring
hi all just a quick one . what are the down falls of handing a car back to the credit company ?
born free and taxed to death
0
Comments
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Firstly you have to have paid a certain amount back already - Think its 50% of the total so that is not 50% of what the car cost but 50% of what you borrowed plus all the charges and interest.
Although it shouldnt affect your credit rating the finance company will record a note on your credit file and it would likely make any other lenders slightly concerned that you may do it again.0 -
Would it not be better to sell the car privately and then pay the credit company back?0
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