Car HP. Getting out after a year?

ashley79

bris wrote: »

It's very easy to get a settlement figure from the lender and settle it with them. It happens every day many many times.

So I could take my car to a car garage tell them there is finance owed on it and they will??

Buy the car off me?
Pay direct to the finance company?

If I owe 6k but want nearer 9k for it a dealer will give me 6k as he wants his profit hence wanting to go private to get near the 9k.

[Deleted User]

ashley79 wrote: »

So I could take my car to a car garage tell them there is finance owed on it and they will??

Buy the car off me?
Pay direct to the finance company?

If I owe 6k but want nearer 9k for it a dealer will give me 6k as he wants his profit hence wanting to go private to get near the 9k.

Yes and yes.

You will get a worse price but I can't imagine anyone who would go through the risk of 'buying' a car from you privately for your 9k asking price when you owe finance - they will use this against you

ashley79

[quote=[Deleted User];54681823]Yes and yes.

You will get a worse price but I can't imagine anyone who would go through the risk of 'buying' a car from you privately for your 9k asking price when you owe finance - they will use this against you[/QUOTE]

Yes I agree. They will want to pay closer to the settlement figure which means Im better off just going to a garage and doing it there see what they offer me obviously I would tell them there is finance on it first. But they will give me a lesser figure as they want their profit.

Poor man loses again haha. Thanks for all the advice guys its a help to get other perspectives on this.

jumperjohn

I'll

marleyboy wrote: »

:eek::eek::eek:

http://help.cleardebts.co.uk/hire_purchase_debt.html

OP, its always a good idea to triple check your rights, before taking advice from strangers on an open forum.

I think it is you sir who is misinformed, hence my ignorance remark. I have bought cars which have had finance owing. There has never been a problem with the hp company or the seller. If it were impossible to purchase a car with hp the whole car buying, selling game would come to a standstill.

It's easy to quote from a website but nothing beats experience and understanding.

marleyboy

jumperjohn wrote: »

I think it is you sir who is misinformed, hence my ignorance remark. It's easy to quote from a website but nothing beats experience and understanding.

Quite possibly so, but as I will repeat for OP to check his\her rights rather than rely on me OR YOU as clarification to their rights, be that we are complete strangers, one who merely claims to have experience in such matters is a risk I would not wish to take. I am sure no court in the land would accept "Some experienced stranger on a forum said it was fine your honour." would class that being any less ignorant.

ashley79

Thanks guys

Please dont row. not worth it. all advice and opinions are useful. we all have different views that's what makes it a good site. all useful for me so thank you.

BugsyBrowne

ashley79 wrote: »

Thanks guys

Please dont row. not worth it. all advice and opinions are useful. we all have different views that's what makes it a good site. all useful for me so thank you.

Mate I work in car sales I can tell you Now that our company has purchased many HP cars in the past and will carry on to do so.

NeverEnough

ashley79 wrote: »

So I could take my car to a car garage tell them there is finance owed on it and they will??

Buy the car off me?
Pay direct to the finance company?

If I owe 6k but want nearer 9k for it a dealer will give me 6k as he wants his profit hence wanting to go private to get near the 9k.

Two years ago, I did just this - part exchanged my car, which still had outstanding HP, via a main dealer who offered me £11K for the car, which had £9K outstanding on it - I accepted and had the dealership add the £2K to my deposit on the new car I bought. So it is absolutely possible to sell / part ex a car on which finance is outstanding and you are not necessarily ripped off by the dealer buying the car, if you are part exing via a dealer. Main dealerships are less likely to vmess about with settling the finance, but it would be possible to do it privately if the HP company consent or via a small dealer as well.

I have traded in several vehicles with outstanding HP over the years and either done a settlement deal with the new dealer or ended up with a few thousand pounds owing to me, which I have put against the new car purchase, reducing it quite substantially.

bargainbetty

Ashley79, perhaps you should start by checking your paperwork and finding out what your specific finance company requires for the transaction (private or trade) to go through.

Lots of people have lots of different experiences - check your situation first, then work out what to do from there.

By the way, you must have a remarkable car for it to be worth £6k to a dealer but £9k to a private buyer - that's one hell of a mark up. Have you checked the book price or found equivalent cars online for sale?

Good luck

verityboo

ashley79 wrote: »

I am a year in to a £286p/m HP payment Plan. not a problem at first but after a year my situation has changed and I wish to get out of the HP. I dont have a lump sum to pay or I would.

Is there any other way of getting rid of it or am I stuck for another 3 years?

If you took out a 4 year loan at £286 a month the total including interest is £13728 in addition to the £2k deposit. If you have paid 13 months (£3718) that still leaves £10010 to pay. They may offer a lower settlement figure as the money is not being borrowed for as long but i would expect it to be more than £9K.

If you paid £11K retail for the car a year ago I doubt it value now would cover the outstanding finance