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Voluntary termination of car finance

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Comments

  • Lovetotravel
    Lovetotravel Posts: 386 Forumite
    25k Jeebus, no way! lol It was for 7.5k.
    I'm confused because my documentation says "fixed sum loan agreement" and I don't think this is the same as HP...
  • BoGoF
    BoGoF Posts: 7,098 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Lovetotravel wrote: »
    25k Jeebus, no way! lol It was for 7.5k.
    I'm confused because my documentation says "fixed sum loan agreement" and I don't think this is the same as HP...

    It isn't the same.......I thought that was established early on??
  • Apples2
    Apples2 Posts: 6,442 Forumite
    Seems obvious, Sell the thing and use some of your "new car" money to clear the loan (early settlement).

    Then use what is left to get a new car, lower value of course but be debt free and happy.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    Apples2 wrote: »
    Seems obvious, Sell the thing and use some of your "new car" money to clear the loan (early settlement).

    Then use what is left to get a new car, lower value of course but be debt free and happy.

    Or even better, buy a used car (assuming the OP means brand new) which has already had the bulk of it's depreciation take place.
  • vicmorrow
    vicmorrow Posts: 243 Forumite
    SBCUK wrote: »
    You send me the car, then i'll send you the 4k, within, Paypal. :money:


    Of course you will... NOT. SCAM. Do this and you will be screwed!
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
    vicmorrow wrote: »
    Of course you will... NOT. SCAM. Do this and you will be screwed!

    Well, quite..................some people just don't do irony, do they?
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
    I'm spending hundreds per month on fuel and I have other things I'd rather do with that cash.

    Yes, but you would still be spending some money on fuel, even with a more economical car. I would rather spend the difference on fuel than on interest payments through borrowing more money.
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • geoffky
    geoffky Posts: 6,835 Forumite
    You can have mine that i paid nearly 30k cash for a very short few years ago for 12k...it hurts when i write it down,at least it was for cash.
    Never again will i buy new..
    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.
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
    edited 22 January 2012 at 6:42PM
    Never again will i buy new..

    You're right, of course. But there is nothing like the smell and feel of a brand new car, and the certainty that it will be serviced properly and on time. It is nice not having to bother with MoTs too, and having the security of a manufacturer's warranty for 3/5/7 years.
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    get a kia, cheap and 7 year warranty but quality is soso
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
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