Car Loan

ShaunJUK

Hiya all,

Just wanna know if I am doing the right thing

I have had my car for two years now but it has depreciated in value to less than I owe, I have just crossed the half way border where I can hand it back.

Am I right to decide to hand it back and just go get another?

I can get a loan from my bank at 7.9% APR for a used car I have seen and like, the payments are slightly higher but at least I am not paying for nothing.

Am I right?

fatboyonadiet

Was at the same position before christmas, so gave the cra back, got a loan at 5.9% and got a new one, higher payments but will be mine and not throwing money away.

You should be able to get a loan for less than 7.9%

ShaunJUK

Well I have the confirmation and I like to keep everything with my bank if I can.

The money will be cleared the day after I sign, so if I sign today then I get the money tomorrow.

The only problem I have is sending the car back, they are sending me details of what I have paid, I then have to write to them saying I want to return the car, they then arrange someone to come look at it and then I take it to an auction house. She said this can take up to 22 days, does it really take that long?

I dont wanna miss out on the new car but I dont wanna go and get it just to find they say I cant return it.

ShaunJUK

Ok, the car is secured with the dealer, all I need to do now is sort out my old car before I pay them, does anybody know what wording I need in a letter to them to terminate the contract, the contract is worded as follows:-

TERMINATION: YOUR RIGHTS
You have the right to end this agreement. If you wish to do so, you should write to the person authorised to recieve your payments. We will then be entitled to the return of the goods and to half the total amount payable under this agreement, that is £3,216.15 If you have already paid at least this amount plus any overdue installments, you will not have to pay any more provided that you have taken reasonable care of the goods