Hire Purchace

Pressleyno1

Hello, I was a silly young man. I went to the car garage about a year & half ago and bought a 2nd hand car - 02 plate - on hire purchace. It is a nice wee black punto sporting. It was valued at £5500, I didn't have the money so opted to pay it up each month.

I took this option over 4 years, and currently pay £150 per month. To my shock I still have £ 5,362 left to pay !

Obviously this has got me thinking, that I don't want this hanging over me. I'm currently trying to get a mnortgage etc sorted out, and want to pay out as little as possible.

I don't think I'd be able to sell the car for £ 5,362 or even £5k, according to parkers, I'g get at the most, £3.5k - £4k. I'm just wondering what the option might be if there are any.

CLAPTON

try reading this

http://www.direct.gov.uk/MoneyTaxAndBenefits/ManagingDebt/DebtsAndArrears/DebtsAndArrearsArticles/fs/en?CONTENT_ID=10013226&chk=1uPl5U

Xbigman

HP usually has a clause where you can hand the car back once half the payments are made. You won't get anything but won't owe anything.
Check your HP agreement for the exact details.
Regards



X

Phoenix79_2

If its a regulated agreement then once you have paid 50% of the finance cost you should be able to hand it back. The figure should be on the agreement. Who is the finance with?

Pressleyno1

On-Line finance - through Arnold Clark

poppy_f1

Pressleyno1 wrote:

On-Line finance - through Arnold Clark

ooo them, i bought a car in feb 01 from arnold clark thru them, as paying it fine, until i was planning on leaving the country in July 02, only response they gave me was they could take the car back, but issue me with a default and i'd be liable for the balance after they had sold the car at auction
now i couldnt sell the car privately cos legally they owned it, so i had to take a bank loan out to pay them off in order for me to sell the car