Getting out of Car Finance after 6Months

NE8218

Hi guys,
I am just after a little advice.

I took out car finance for brand new car in September and now i want rid of it...reason been basically, i wanted a car with high mpg, was told i would get 51mpg and only get 32mpg costing me a fortune to run.

I purchased the car 100% finance for £13,849, at the end of January my settlement figure will be £12,694. I have had the car valued from the garage where i bought it and they will give £9350 for it.(High Depreciation) leaving me a neg equity of £3,344.

So my question is that, I know that the car is owned by the finance company so it is illegal for me to sell it privately. but am I able to take the car back to garage where I bought it and sell them car back to cover £9350 and pay in cash £3,344 to cover the neg equity for them to pay off the finance?
Thanks

nomoneytoday

You can. However, £3000 pays for an awful lot of petrol

downhiller

was told i would get 51mpg and only get 32mpg costing me a fortune to run.

Drive slower?

NE8218

nomoneytoday wrote: »

You can. However, £3000 pays for an awful lot of petrol

haha, I like it.


Hate the car, it does not suit my amount of travelling and type of business.


thanks though.

NE8218

downhiller wrote: »

Drive slower?

]
I drive as eco possible, the has an awful power to weight ratio,

nathand_2

NE8218 wrote: »

and type of business.

So why did you buy it in the first place?

NE8218

nathand wrote: »

So why did you buy it in the first place?

I had all intentions of buying a 2.0ltr diesel , but was told they had a good offer on these 1.2 petrol's which promised a good mpg, i was pressured into it and jumped into signing the contract.

SeanG79

You can sell the car privately or any other way with the lenders permission, and they will gladly accept on condition the new buyer pays them and you pay in the shortfall.

I am assuming you would be getting another vehicle, which I would presume is on finance, you have the option of carrying over the negative equity if you so choose. You are however then paying interest on interest...

Expensive no matter how you look at it

NE8218

SeanG79 wrote: »

I am assuming you would be getting another vehicle, which I would presume is on finance, you have the option of carrying over the negative equity if you so choose. You are however then paying interest on interest...

Expensive no matter how you look at it

Yeah thanks I have already considered two different options,
1, transferring the neg equity onto a second hand car roughly costing £8000 which will cost £20 more a month than what i am paying now, for 60months, meaning and additional 6 more month payment.

2, paying off the outstanding finance out right and owning the car. and part ex'n for a car with higher mpg.

well a third having car for another 4 and 1/2years I hate.

dalesrider

NE8218 wrote: »

I had all intentions of buying a 2.0ltr diesel , but was told they had a good offer on these 1.2 petrol's which promised a good mpg, i was pressured into it and jumped into signing the contract.

What car is it?

I have a 1.2 Chevvy Aveo and see 42 MPG commuting and can easily see 50+ on long M'way runs and this is a 4 year old car.

NE8218

dalesrider wrote: »

What car is it?

I have a 1.2 Chevvy Aveo and see 42 MPG commuting and can easily see 50+ on long M'way runs and this is a 4 year old car.

Its a 1.2 Corsa Limited Edition, would never recommend one. the car is too heavy for the size of the engine. I can push 36 on the motorway, 32 on the A / B roads.