Carcraft finance cancellation?

micky8627

So I took out car finance in 2012 and I've never missed a payment. I pay a silly amount of £191 for a vauxhall astra 58 model. I end up paying way over the odds which I knew when taking it out so it's my own fault. I was just wondering if there's any way in which you can end the agreement early or hand the car back? I had a bad year in 2012 and didn't care too much as I was diagnosed with MS and went a little silly. Any advice appreciated.

gycraig_2

May be able to sell the car to significantly lower the repayments.
But I can't see them letting you just hand back a car which will probably of Depreciated faster than you have paid it off

thebritishbloke

Is it a hire purchase agreement? Check the paperwork but it should be covered by the Consumer Credit Act, and you should be able to voluntarily terminate (VT) the contract once you've paid 50% of the total borrowed. This means you give the car back and the finance company call it even.

GingerBob_3

thebritishbloke wrote: »

Is it a hire purchase agreement? Check the paperwork but it should be covered by the Consumer Credit Act, and you should be able to voluntarily terminate (VT) the contract once you've paid 50% of the total borrowed. This means you give the car back and the finance company call it even.

Yes, that's about right, but you'll find there'll be tough conditions applied to handing it back. It will need to be inspected (you'll pay about £100 yourself for the inspection if you don't hand it back), and the inspectors will pick up on absolute trivia and reduce its value accordingly. Also, there's probably some (low) annual mileage condition attached to handing it back. Still, maybe worth considering it, but they have got you over a barrel when it comes to VT.

balmk

If it's not an HP agreement, you may find it worth asking for a settlement figure and then re-financing that at a lower APR if you are able.