Handing Car back to Finance Company

SashaKolakovic

Hi People,

What are my options for handing a car purchased on HP back to the finance company?

I bought it in June last year for £9750 and have made about £5750 back in repayments (deposit + monthly).

I read somewhere that you can hand it back if you have made more than 50% of the repayments but I cannot see that anywhere in my agreement.

Thanks for your help

leanneq

Phone them up and get a settlement figure first. I sold mine privately then paid the finance off as it worked out better!

EKAndrew

leanneq wrote: »

Phone them up and get a settlement figure first. I sold mine privately then paid the finance off as it worked out better!

are you allowed to do that? I didnt think you were allowed to sell a car when there was oustanding HP on it?

nomoneytoday

EKAndrew wrote: »

are you allowed to do that? I didnt think you were allowed to sell a car when there was oustanding HP on it?

You pay off the finance co with the sales proceeds, clear title and the buyer takes the car.
Usually garages do it behind the scenes, but a private buyer can too if they're confident in what they're doing

Beavis64

I plan to hand my car back to the finance company soon on VT.
The car has some scrapes and scratches on the bumper though. Would the finance company make me pay for these or is it considered wear and tear?
Thanks

chanz4

Its not wear and tear scrapes are not.