handback car on hpp

cara_mum

hiya following bad advice i took out a car loan on hp in 2008 just as i began my nurse training, I now need a more suitable car as i have a child I have the funds to buy a new car but still have two years left on finance car is worth 2500 and i owe 2500, it is high purchase can I just hand it back update to date with payments just want rid

motherofstudents

Well, you need a settlement figure. If you are going to a dealership for a new car, find out what they will give you in part ex. Even if there is no equity, you may be able to haggle to get some part ex from them. The outstanding finance will be paid off by them and you go ahead with a new finance deal. You will obviously be paying off the remaining amount that you owe on the first car.

immoral_angeluk

If it's HP you should have the option to voluntary termination (ie hand the car back and make no further payments so long as you've paid more than 50% of the payments). Give them a call.

immoral_angeluk

motherofstudents wrote: »

Well, you need a settlement figure. If you are going to a dealership for a new car, find out what they will give you in part ex. Even if there is no equity, you may be able to haggle to get some part ex from them. The outstanding finance will be paid off by them and you go ahead with a new finance deal. You will obviously be paying off the remaining amount that you owe on the first car.

You can't part ex a car on HP as it's not the OP's to sell or part ex. Also taking out finance with the new garage to pay off the finance would end up costing the OP loads of interest when they should have the option to VT anyway.

chanz4

You can part ex it on hp, the dealer just pays off the settlement figure to the finance company