moving abroad and need to cancel car finance?

deabeck · 24 March 2011 at 6:59PM

Hi,
This is my first post on this forum. I was wondering if anyone had any info on how to terminate car finance. Myself and my fiance are moving to Australia at the end of May. My fiance has a car on finance with GMAC which she got before we met. How could we end this without having to pay any money? I think there is an amount for termination in her contract which she may have reached but how does this work?
Any help with the best cost free ideas would be really appreciated.

Many thanks

Dean

Apples2 · 24 March 2011 at 7:04PM

Is it a HP agreement?

If so, has she reached 50% of the repayment period?

kazwookie · 24 March 2011 at 7:06PM

I suggest you both read the paper work you got and see what it says.

deabeck · 25 March 2011 at 12:16PM

It is a HP agreement and yes she has reached 50% of her payments. I have never had car finance before so do not know how it works to terminate a contract. Cheers.

KingElvis · 25 March 2011 at 12:19PM

Dump it in a hedge, field or layby or push it over a cliff

jonjamie1970 · 25 March 2011 at 12:23PM

You need to read the paperwork as some situations are different and have clauses, however in principle if you have paid half the original finance amount including interest you can hand the car back without penalty providing its in good nick.