How to end a Hire Purchase Agreement

CLAPTON

I say this in the nicest possible way as I have no details of your circumstances .. but it would seem to me that you are throwing money away.
If I'm wrong then I'm wrong but if you rerun your car buying and think about better purchasing strategies then I'm sure you could have saved a fortune.. To say you dont care about how long but only about the monthly repayments is financial madness.
Think for the future : cheap bank loan for the fiance
with cash you can drive a better bargain with the car
with cash you can choose to part excahnge or sell independantly to get the best overall deal.
By the time you finance the this deal of five year you will have spend about 15k to own a 5k motor.


Just my view ..

kennyboy66_2

A car salesmans ideal customer fits the following profile

1) Changes their car every 12-18 months.
2) Gets their finance through the dealer rather than a bank.
3) Part exchanges their car with them rather than sell it privately.
4) Buys with their heart rather than their head.

I can only see that by changing now you are throwing money away by having to settle the HP.

I would look to do the following.

Follow the guide to saving money on fuel http://www.moneysavingexpert.com/travel/cheaper-fuel

I am sure you could cut your bill by 10% - not much - but £250 per year.

Is there anyone you could car share with on alternate days / weeks ?

Cut your none commuting mileage by walking or cycling.

Bite the bullet and accept that you will be keeping the car for another 4 years. At least then you might have a car worth say £1 - £1.5k and can then get a loan if you wish to upgrade.

I don't think there is any quick fix to the problem, changing cars again seems like just digging a bigger hole,

lcheater

CLAPTON wrote: »

I say this in the nicest possible way as I have no details of your circumstances .. but it would seem to me that you are throwing money away.
If I'm wrong then I'm wrong but if you rerun your car buying and think about better purchasing strategies then I'm sure you could have saved a fortune.. To say you dont care about how long but only about the monthly repayments is financial madness.
Think for the future : cheap bank loan for the fiance
with cash you can drive a better bargain with the car
with cash you can choose to part excahnge or sell independantly to get the best overall deal.
By the time you finance the this deal of five year you will have spend about 15k to own a 5k motor.


Just my view ..

Yes, you are probably correct in what you are saying which is why i am more than likely just to stick with what i have. As i said i can afford to do what i am doing now, its just a bit tight and ideally i would like more 'spare' cash each month. I just wondered if anyone on here knew of any loop holes etc but from the responses on here so far, it doesnt seem that way. I know i have snookered myself and i am happy to sit and wait for the noose to be loosened a bit before i buy my next car. From what i have heard, you are effectively stuck in car finance until you have had it and paid for at least half of the period (in my case 2 and a half years)

lynned_2

hi dont no if anyone can help us my partners dad passed away april 13 this year he had a renault megane which he only had 3 weeks we have rang dvla etc and the cars log book and insurance is now in my partners name as the car is not suitable for us my partner was gonna change it at a garage the garage ran a check and the car has finance on it no finance company has sent any letters to us nor my partners dad or anything how do we stand with this ?? if anyone can help we would be gratfull as we are having one headache after another

thebaroness

lynned, when the car dealer did the hpi check on the vehicle it would have given him a reference number and details of which company the finance is with. When you have this info, call them and inform them of the situation.