Can we sell car under Ford options agreement

ottosump

Hi group, my son got a car through Arnold Clark on the Ford options scheme, he thought he was tied in for 2 years but after reading the small print it is actually 3. He wants rid of the car and the debt and is hoping to start again with a clean slate and get a cheaper runabout which is more affordable, the outstanding settlement figure is 5895.13 and he has 9 months left before he can hand it back. What I would like to know is can he sell the car and pay off the existing finance early, webuyanycar have offered him 6,355.00 which I know through experience is the carrot dangling and upon inspection it will probably get 5-600 pounds less, but with a little put too it is enough to clear the settlement figure, but is it lawful.
Any advice appreciated, Regards Otto West Cumbria

RumRat

Is that settlement figure including the end balloon payment? AFAIK you can sell it as long as it clears the complete payment not just the financed option, otherwise you have nothing to hand back.

IamNotAllowedToUseMyName

ottosump wrote: »

Hi group, my son got a car through Arnold Clark on the Ford options scheme, he thought he was tied in for 2 years but after reading the small print it is actually 3. He wants rid of the car and the debt and is hoping to start again with a clean slate and get a cheaper runabout which is more affordable, the outstanding settlement figure is 5895.13 and he has 9 months left before he can hand it back. What I would like to know is can he sell the car and pay off the existing finance early, webuyanycar have offered him 6,355.00 which I know through experience is the carrot dangling and upon inspection it will probably get 5-600 pounds less, but with a little put too it is enough to clear the settlement figure, but is it lawful.
Any advice appreciated, Regards Otto West Cumbria

You can ask to end a deal early and they'll give you a quote to consider, though there may be deductions depending on the condition of the car at final inspection and they include some penalties to compensate themselves for the loss of earnings but there will be a discount over the cost of continuing it on.

The people to discuss it with are the finance people, they do this all the time.

motorguy

ottosump wrote: »

Hi group, my son got a car through Arnold Clark on the Ford options scheme, he thought he was tied in for 2 years but after reading the small print it is actually 3. He wants rid of the car and the debt and is hoping to start again with a clean slate and get a cheaper runabout which is more affordable, the outstanding settlement figure is 5895.13 and he has 9 months left before he can hand it back. What I would like to know is can he sell the car and pay off the existing finance early, webuyanycar have offered him 6,355.00 which I know through experience is the carrot dangling and upon inspection it will probably get 5-600 pounds less, but with a little put too it is enough to clear the settlement figure, but is it lawful.
Any advice appreciated, Regards Otto West Cumbria

You "should" be able to hand the car back with nothing further to pay once you have paid 50% of the total agreement cost. This figure should be clearly documented on the finance agreement.

Check the details around that.