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moving abroad and need to cancel car finance?

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

Comments

  • Apples2
    Apples2 Posts: 6,442 Forumite
    Is it a HP agreement?

    If so, has she reached 50% of the repayment period?
  • kazwookie
    kazwookie Posts: 14,155 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I suggest you both read the paper work you got and see what it says.
    Breast Cancer Now 100 miles October 2022 100 / 100miles
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  • 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
    KingElvis Posts: 4,100 Forumite
    Dump it in a hedge, field or layby or push it over a cliff
    "We want the finest wines available to humanity, we want them here, and we want them now!"
  • 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.
  • geoffky
    geoffky Posts: 6,835 Forumite
    Lucky you.....i wish you well
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • Culex
    Culex Posts: 776 Forumite
    KingElvis wrote: »
    Dump it in a hedge, field or layby or push it over a cliff

    Leave the keys in the ignition and park it in Moss Side - or almost anywhere in Liverpool. :D
  • KingElvis
    KingElvis Posts: 4,100 Forumite
    Culex wrote: »
    Leave the keys in the ignition and park it in Moss Side - or almost anywhere in Liverpool. :D

    in Bradford, they keys would not be required LOL
    "We want the finest wines available to humanity, we want them here, and we want them now!"
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