Can I get out of my car finance ?

WUW1

In January I got a new Vauxhall Corsa Black Edition. I paid £100 deposit and 0% apr for 5 years paying £263 per month for those 5 years. The finance is with gmac (Vauxhall) and I pay by DD.

6 months on I regret getting the car. It's so boring and cheap made (can cause a scratch on the paint with your finger nail !) making the monthly payments is fine and I've not missed one, but I can't afford to pay 50% in one go, which is £8,000 and hand it back. Thus ending the finance.

Is there any other way to perhaps hand the car back, which has 4,000 miles on it and end the agreement.

Any help would be great, thanks.

molerat

Read the agreement. What type of finance is it - HP or fixed sum loan - it will state across the top of the agreement ?

If HP you can VT at any time but you are responsible for paying off up to the 50% figure mentioned on the form - they can not stop you from VTing even if you have not got the money but doing this will trash your credit record. The other option is to sell the car, how much is it worth ?

WUW1

I'm not sure off the top of my head, my agreement is back at home. But I'm pretty sure it's a fixed loan, I get to keep the car after 5 years too, don't have to hand it back after it's ended.

In a way, I know it's bad, but I'd rather wreck my rating for a few years than drive that piece of rubbish for another 2 years till I've paid half. But preferably I wouldn't want to do that.

Really regret getting the car, I'd never recommend a Corsa to anyone, imo most new cars for companies that are not German or Japanese, are just cheap hunks of plastic with technology gimmicks.

jaydeeuk1

Always wondered who these people are that buy a brand new corsa.

molerat

The type of agreement is very important as to the options open to you.

Ectophile

WUW1 wrote: »

In a way, I know it's bad, but I'd rather wreck my rating for a few years than drive that piece of rubbish for another 2 years till I've paid half. But preferably I wouldn't want to do that.

What were you planning on driving instead? If you default on one loan, then nobody's going to give you finance (at anything like a sensible interest rate) to buy another.

trailingspouse

Am I the only person with a vision of Little Britain (Want that one!!) in my head?

You wanted the car, now you don't want the car, but you don't want to do what you need to do to get out of the arrangement. So now you're going to throw your toys out of the pram and wreck your credit rating, just because you can't have what you want straight away.

forgotmyname

There is a main dealer selling the same 2014 model for £11,000

Your going to take a huge loss trading in before the halfway point.

gardner1

WUW1 wrote: »

I'm not sure off the top of my head, my agreement is back at home. But I'm pretty sure it's a fixed loan, I get to keep the car after 5 years too, don't have to hand it back after it's ended.

In a way, I know it's bad, but I'd rather wreck my rating for a few years than drive that piece of rubbish for another 2 years till I've paid half. But preferably I wouldn't want to do that.

Really regret getting the car, I'd never recommend a Corsa to anyone, imo most new cars for companies that are not German or Japanese, are just cheap hunks of plastic with technology gimmicks.

so why the bl00dy hell did you buy it...and did you not test drive it

gilbert_and_sullivan

forgotmyname wrote: »

There is a main dealer selling the same 2014 model for £11,000

People pay 14 large ones for a Corsa?

About time they re-opened the asylums.

mattyprice4004

16 grand of finance on a Corsa?!
The world has gone mad.