Is this possible with a loan? Give it back?

KennethC

hufc2002 wrote: »

Can I just add that he traded in 2 car's (both still with finance outstanding) for the Mini in 2008.

Oh dear I think this is one that you should walk away from, or perhaps break into a trot

chalkie99

KennethC wrote: »

If it is an HP agreement then yes he can end the agreement if he has paid over half and take the car back, get him to tell the garage and see what they have to say, they may be delighted, although I'm not sure about Santander though.

Gordon Bennett! You're not related to the OP are you?

It's nothing to do with the garage. They sold the car and that was the end of their involvement. The finance agreement through Santander is entirely separate. It is they who are owed the money and who must be contacted.

DCFC79

KennethC wrote: »

Well that's vital, I was assuming it was and as has already been posted, he cannot legally sell it if it is on HP. If it's a loan from Santander, then it's another ball game.

Maybe Ive read it worng but I thought the OP wasnt sure what kind of finance the mate had.

KennethC

DCFC79 wrote: »

Maybe Ive read it worng but I thought the OP wasnt sure what kind of finance the mate had.

Well you are right that we do not know specifically, but he said he took out finance with them I would assume that it could only refer to HP which is pretty standard for a used car dealer.

hufc2002

I am waiting for my mate to come back to me on what type of finance is in place.

Whilst I wait, what are the normal length terms for a hire purchase?

BillJones

hufc2002 wrote: »

I am waiting for my mate to come back to me on what type of finance is in place.

Whilst I wait, what are the normal length terms for a hire purchase?

Years and/or months, in general.

Alexd52

Hire purchase agreements can be over a variety of lengths, typically 3 to 5 years

KennethC

Alexd52 wrote: »

Hire purchase agreements can be over a variety of lengths, typically 3 to 5 years

This is true it can be 12 months up to normally a maximum of 5 years and as he has had the car for three years, we would assume if it is over half way paid, then it would be a 5 year term, but has he missed any payments?

hufc2002

Just been on Santander's website to look at their Car Finance Products and this is what they offer:

Personal Contract Purchase
Conditional Sale
Personal Loan
Lease Purchase – Santander Flex Plan

I think I can safely say it's not on a PCP following the below statements:

Typically repayment periods are over 25 or 37 months. (he has had the car longer than this already)
The car can be up to 36 months old at the start of the agreement and must not exceed 60 months at the end of the agreement. (car was just under 3 at the time therefore is now 6 so older that 60 months).

Hire Purchase is not even listed.

KennethC

hufc2002 wrote: »

Just been on Santander's website to look at their Car Finance Products and this is what they offer:

Personal Contract Purchase
Conditional Sale
Personal Loan
Lease Purchase – Santander Flex Plan

I think I can safely say it's not on a PCP following the below statements:

Typically repayment periods are over 25 or 37 months. (he has had the car longer than this already)
The car can be up to 36 months old at the start of the agreement and must not exceed 60 months at the end of the agreement. (car was just under 3 at the time therefore is now 6 so older that 60 months).

Hire Purchase is not even listed.

If he has the loan from Santander and not a hire purchase agreement, he has a problem and needs to sell the car and pay off the loan, cannot see a way round it, of course we do not know how much he paid for the car, how much loan is still outstanding or what the Mini is worth. Of course he can still keep on making the monthly payments.