Returning a Car (that's on finance)

MrsNotAPenny

Hi.

It's been a while since I've been brave enough to look at MSE, but I've now had my second LBM I'm in need of some advice.

Does anyone know how I would go about returning the car I have on finance? There's at least 3 years left of the credit agreement (£156pm) My circumstances have changed hugely in the past 3 months and I simply can't afford it. I don't even know if I can 'return' it!

Also, while I'm being brave, if debt is in my name is my Husband liable for any of it?

*sigh* I'm in a right old mess!

Superbiatch

Is your car on HP or a loan from the bank? You can normally voluntary terminate a car from half way through the term (when 50% is paid) and walk away providing there is no damage and the car is still worth what is outstanding on the finance. I fear with 3 years left to run you aren't half way through yet.

Does your husbands name appear on anything you can't afford to pay or is he financially associated with you ie a joint bank account?

MrsNotAPenny

Thanks for your reply!

I *think* it might have been a five year deal, which we took sept 2009. It was HP and Husbands name isn't on anything. All bank accounts and debt in my name, I'll not make that mistake again!!

Superbiatch

OK, it looks as though you'll have to foot the next 6 months or so before you can hand it back - or could you sell it and raise enough to cover the settlement figure? You'll need to get this from your finance company.

I'm assuming you have split with being disappointed about him not being liable? If not then maybe its your saving grace as he will still be able to get credit (if necessary) if he's not got a bad record already.

thechippy

Sorry,

No further advice on this, but I clicked your thanks button simply because your username is hilarious......:rotfl:

It cheered me up and made me giggle like a silly giggly thing.......:D:beer:

MrsNotAPenny

thechippy wrote: »

Sorry,

No further advice on this, but I clicked your thanks button simply because your username is hilarious......:rotfl:

It cheered me up and made me giggle like a silly giggly thing.......:D:beer:

:beer: Glad to have cheered you up!

MrsNotAPenny

Superbiatch wrote: »

OK, it looks as though you'll have to foot the next 6 months or so before you can hand it back - or could you sell it and raise enough to cover the settlement figure? You'll need to get this from your finance company.

I'm assuming you have split with being disappointed about him not being liable? If not then maybe its your saving grace as he will still be able to get credit (if necessary) if he's not got a bad record already.

Thanks again. Yes, we have I'm going to call them tomorrow, I can see the damned thing in the drive, I just want rid, it's a luxury I can't afford anymore. Might have a wee reshuffle and see what else can go first!

Superbiatch

MrsNotAPenny wrote: »

Thanks again. Yes, we have I'm going to call them tomorrow, I can see the damned thing in the drive, I just want rid, it's a luxury I can't afford anymore. Might have a wee reshuffle and see what else can go first!

I suppose he could get a loan for your outstanding finance and pay it off and take the car?

Gutted for you, been there ((hugs)) x

thechippy

Have you got a copy of the original agreement?

HP and car finance agreements can vary wildly and for all we know, you may already be in a position where it could be returned.

MrsNotAPenny

Superbiatch wrote: »

I suppose he could get a loan for your outstanding finance and pay it off and take the car?

Gutted for you, been there ((hugs)) x

Nah, it'll just complicate things. I need to sort this out myself, truely learn my lesson!

The seperation hasn't been that bad, it's been on the cards for a while and I'm relieved it's happened now while my kids are young (really young!) and can't remember.

I have the credit agreement looked out now, too scared to look incase it says 'you can't ever hand these goods back' or there's some horrific clause in there about taking my soul if I can't keep up repayments! Another lesson, it's absolutely essential to read credit agreements! Who'd have thought....

MrsNotAPenny

Nope, I tell a lie. I opened the folder I thought it was in and 4 CC bills fell out! Man alive!

:eek: