How do I get rid of my Car Finance

Apples2

jamesballantyne1991 wrote: »

It's a HP loan and just really need to get something sorted whether it's to reduce the payments or get rid of it, I just need some helpful advice

Being just 2 months into this deal, I doubt you will get the advice you are looking for.

There is no way out for you unless you know some sucker you are prepared to completely rip off (Parent or close relative). Nobody will touch this mess.

You owe £10k for this car and until you are half way through the agreement your options are pretty much nil.

kev.s

you can't sell the car as it does not belong to you, it belongs to the finace company until paid. you can trade it it though but if you think it's worth that much less then you'll end up paying over the odds for your new car, you can hand the car back to the finance company though but you need to check you agreement and see what the amount is that needs to be paid before this is done, usually about 2/3 of the cost of the loan.
if it's monthly payments you want reduced you could call them and ask to extend the period(this will be the finance company,not the car dealer).

Cash_Flow

misbranding wrote: »

It's a HP loan and just really need to get something sorted whether it's to reduce the payments or get rid of it, I just need some helpful advice

OK maybe I was wrong.

I am still surprised though as you only have to do a search of these forums to see how many people have been caught out.

Just make sure your agreement does not say "fixed sum loan agreement at the top"

What car did you pay £3000 above book price for?

jamesballantyne1991

It's a Nissan qashqai from the carshop in Cardiff, when I signed up it didn't say fixed sum and also the loan is taken against the vehicle and not the individual, it said in financial difficulties the loan is against the car leaving your bank free for emergencies. I need the car for my work as I travel a lot but have found an alternative if the car was to be handed back.

BadgerFace_2

jamesballantyne1991 wrote: »

when I signed up it didn't say fixed sum and also the loan is taken against the vehicle and not the individual, it said in financial difficulties the loan is against the car leaving your bank free for emergencies. I need the car for my work as I travel a lot but have found an alternative if the car was to be handed back.

I think you'll find that's what the guy selling it to you said, not the paperwork...no loan agreement would say that! You need to check your copy of the agreement.

You cannot hand the car back now, else it will cost you a LOT of money, as they'll sell it at auction and chase you for the rest.

greektony

I hate to say it.... but what 19 year old needs a 10k car they can only afford to buy on finance, which 2 months down the line they realise they cannot afford? What was wrong with a 1k-2k banger?

Peelerfart

A quick search for Nissan Qashqai's, nationally, on autotrader finds just one for £7K.

Are you sure it's not worth more than that ?

redpete

jamesballantyne1991 wrote: »

stupidly without doing research into the value of the car and going along with their lowest price guarantee promise I went for it.

The first stupid thing you did was to believe that at 19 you need, deserve or could afford a £10k car, then to get a loan of that much to buy an asset that depreciates so quickly.

Also not too bright to sign up with your real name and age being obvious to others.

Ive_A_Horse_Outside

Peelerfart wrote: »

A quick search for Nissan Qashqai's, nationally, on autotrader finds just one for £7K.

Are you sure it's not worth more than that ?

Thats because Nissan 'Cashcows' are the choice of car for DLA Mobility drivers and any old eejit can pick one up at a DLA Auction 3 year old for 3 grand!

Get yourself a horse James. No MOT, Insurance, Petrol and the chicks dig it ;-)