GMAC Car Finance

motorguy

Lilly2x96 wrote: »

Yeah I thought I was, I was expecting that, I was just seeing if I have any other options! But I think I will ring up at some point and see if they can do anything, I'm probably going to have to stick it out at least another two / three years anyway thanks for your help I appreciate it!

Dont give them any indication that you might not be able to afford it.

Be very careful if they make noises about a "voluntary surrender". They'll make it sound ok, but when they get the car back they'll flog it at auction and pursue you for the full amount.

You will have the option down the line to "voluntary terminate" - once you've paid 50% of the total transaction cost you can hand the car back with nothing further to pay (subject to fair wear and tear)

BUT you probably will be 2.5 years in minimum before that will happen.

almillar

You will have the option down the line to "voluntary terminate" - once you've paid 50% of the total transaction cost you can hand the car back with nothing further to pay (subject to fair wear and tear)

Just to make this a bit clearer - it's correct that you can terminate once you've paid 50%. That point will come naturally at some point as motorguy says, but you can terminate now if you want - you'll just have to stump up that 50% amount a bit earlier! You'll lose use of the car obviously, but depending on what you buy next, you could save some back on insurance/fuel/running costs. Probably not worth it, just worth clarifying.

motorguy

almillar wrote: »

Just to make this a bit clearer - it's correct that you can terminate once you've paid 50%. That point will come naturally at some point as motorguy says, but you can terminate now if you want - you'll just have to stump up that 50% amount a bit earlier! You'll lose use of the car obviously, but depending on what you buy next, you could save some back on insurance/fuel/running costs. Probably not worth it, just worth clarifying.

+1

Worth noting.