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how to get out of of car hp ?

jennyn8545
jennyn8545 Posts: 97 Forumite
hi, we have 18 months left on a hire purchase on our astra ( 5 year plan £131 monthly)
however we depearatley need a bigger car for our family, we can no longer get finance ( past debt problems) so i was looking at getting a car from my works salary sacrifice scheme which sounds perfect.
Trouble is if we get the new car how can we get out of the hp without paying the lump sum ? also loans/credit cards are not an option.
thanks in advance :cool:
2013 WINS
pepsi tshirt, cosmo diesel goody bag, toni & guy hair smoother, £100 lesuire vouchers, chloe bubbles & nail file, £500 myro learning books & fake tan

Huge thanks to the posters :beer:
«1

Comments

  • Malky
    Malky Posts: 694 Forumite
    Sell the Astra and put the proceeds towards the balance?
  • Tixy
    Tixy Posts: 31,455 Forumite
    What does your HP agreement say about voluntary termination?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • jennyn8545
    jennyn8545 Posts: 97 Forumite
    just seen this -termination- you have a right to end the agreement, you should write to to the company you make your current payments to. we will then be entitled to the return of the goods and to half the total amount payable, if you have already paid at least half of the total amount and any overdue installments plus have taken reasonable care of the goods. you will not have to pay any more.
    Surely it cant be that simple ?
    2013 WINS
    pepsi tshirt, cosmo diesel goody bag, toni & guy hair smoother, £100 lesuire vouchers, chloe bubbles & nail file, £500 myro learning books & fake tan

    Huge thanks to the posters :beer:
  • Tixy
    Tixy Posts: 31,455 Forumite
    Yes - if you have paid half the total amount due (including the lump sum at the end) - and subject to the car being in a reasonable condition - thats usually all you have to satisfy for a Voluntary Termination.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Theblueone
    Theblueone Posts: 51 Forumite
    How are you going to afford the new 'bigger' car?
  • Theblueone
    Theblueone Posts: 51 Forumite
    Just reread your post, salary sacrifice:j I'm just a bit thick today :(
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    what's the car worth?
    how much have you got to pay before you would own it?
  • R_P_W
    R_P_W Posts: 1,507 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    i think you are going to have to pay your way out? We had similar situation with our mini cooper - we had a 3 year HP but after 12 months we moved to London so didnt need it. We couldn't sell the car privately and pay off the balance as we didnt own it. The dealer offered us a shockingly low price for taking it back.

    In the end we paid off the HP with savings and sold it privatly at a loss.
  • ihateyes
    ihateyes Posts: 1,326 Forumite
    i believe they will also mark your credit file, that have VT your agreement
    Promo codes are never always cheaper..... isnt that right EuropCar?
  • Apples2
    Apples2 Posts: 6,442 Forumite
    edited 10 July 2012 at 6:01PM
    I could understand if it were a Micra or similar.

    An Astra is an entirely large enough car for a reasonable sized family.

    VT is the way out if it's that desperate.
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