Help needed re:Finance for my Car

showerdance

Hi all

I have recently purchased a new car from a car dealer on Finance however in hindsight I maybe shouldn't have as it is giving me a lot less money a month than I originally banked on for myself. Does anyone know if it is possible for me to give the car back to the company the finance is through and if so what the financial penalties are likely to be?

Thanks in advance

vansboy

Needs to be re posted/moved to Loans forum, I guess.

There's a lot involved in returning the car - but you'll certainly loose a hefty £$£$£ by doing so.

What car is it & how much £$£$ involved?

First people to chat with, would be the dealer - if it's BRAND new, you'll have to expect at least £1500 loss, even on a cheap car. Unless it's something like a MINI, which has a strong used value, you might not get a very keen dealer, to want it back.On more expensive vehicles, you might get some more nasty offers.

If it's used, try some of the local independent garages, they will always consider buying for cash.

But make sure you do it properly & let the finance company know whats going on - the car is technically theirs, remember.

Ask agin, if you want more info.

Also, post on http://www.honestjohn.co.uk in 'The Backroom' on 'Discussion' for all things motoring

VB