Can I hand back new car (advise please )

angeleyes

Hi
I have just got a new job and will have to bus it there (nowhere to park) anyway I purchased a brand new Fiesta in August 06 but now not needing the car for work it seems silly to pay out £195 per month just to sit on the drive (if I go anywhere else OH drives in his )
Does anyone have any advise as to what I can do ..someone has said I can just hand it back if so are there any consqences

Thanks in advance

Bestthingsinlifearefree

Have you phoned the company you bought it from and the company you got the finance from to ask what the options are ?

Annie_Fanny

Have you looked at your terms and conditions? What does it say?

Mrs_pbradley936

It all depends how you paid for it. If it was with cash or a personal loan the car is yours and you should sell it. If you had a loan to buy the car via the people you bought the car from the car is not yours and if you stop making payments they can come and take it away from you. The trouble is that there is a very great deal of deprecation in the first few months of car ownership you could lose a few hundred pounds. What you must not do is stop paying and get them taking legal action against you. The first thing I would do is ask the dealer you bought it from how much they would give you or try and sell it yourself.

skintasusual

I gave mine back after 6 months before, and it was on HP

lost 6 months payments

grrrrrrrrrrrr

but no penaltys

thats was vauxhall though

just give them a ring and find out!

climbgirl

It depends a lot on the terms and conditions on your individual finance agreement (is it car finance, a loan from the bank etc?), but in most car finance agreements, it's not possible to hand the car back until you are halfway through your agreement. You are not legally allowed to sell the car while there is still finance owing on it, unless the finance company are aware of this (most don't like it for obvious reasons!).

themaccas

I had this situation a couple of years ago when i was given a company car (don't have it anymore). I had a Ford Ka on finance and the finance co was very reluctant to take it back and the price they gave me was rubbish. What I did was sell it privately in the local paper and TOLD the people who viewed it there was outstanding finance and that they could settle with the finance company direct. I priced it very competatively and had loads of interest and sold the same weekend it was in the paper. The eventual buyers were taking a loan out to purchase the car with the AA who paid off the finance directly. This is NOT illegal as the finance was cleared when I sold the car. It went amazingly smoothly and I am really pleased I got rid of my car this way, I was about £1000 better off selling this way.

climbgirl

themaccas wrote:

This is NOT illegal as the finance was cleared when I sold the car.

It is if you don't inform both the viewers and the finance company that you're selling.

Mrs_pbradley936

climbgirl wrote:

It is if you don't inform both the viewers and the finance company that you're selling.

The debt clearly has to be settled. For a fee of about £6 anyone can check out the details of any car and find this out. Nobody would want to buy a car that the person selling did not have clear title to. Best thing to do all round is to tell finance company of change of circumstances and try to find a solution where OP does not lose too much.

themaccas

climbgirl wrote:

It is if you don't inform both the viewers and the finance company that you're selling.

Absolutley, I agree. In my case my finance co (Ford finance) actually suggested the idea! I was also completely honest to the potential buyers from the outset. I would probably never would have thought of it otherwise but it really did go well for me.

rog2

In my case, the finance company actually suggested that I would probably get more by selling the car myself - I tried, didn't get any offers even approaching their settlement figure and the car was repossessed.