Return a Car on PCP

sallyandmark

Hi (short story first)
Recently my son from previous partner, returned after no contact for 6 years (family stuff), as he and his mum had a fight.

Basicaly my current partner (18 yrs), wanted to make my son feel loved and wanted (he is 20) to help him find work. They went out and bought a car on finance (I was against this, but happened any way).

My son has gone back to his mums, after we found out he lost his job and had no insurance so we took the car of him.

Basically, do we have many options. I understand we can return but we would have to pay to get out, but could affect credit rating.

We could buy another car, as we had thought about this last year. Can we take the car (Vauxhall, finance with Santander) to any garage? and trade in with our old car included?

Many thanks, and I realise silly mistake, but we all make stupid decisions when our children are involved.

Thanks Mike

Mobeer

Have you asked Santander? It would be logical to talk to them if they provided the finance. Also what does your paperwork say?

and is this PCP, hire purchase or a loan?

and who actually owns the car (son or partner?)

Nearlyold

Is the car that your partner and son purchased not suitable as your "new car"?

bengalknights

If its PCP then you can trade in but you would need it to be in positive equity to clear the finance

System

sallyandmark wrote: »

Hi (short story first)
Recently my son from previous partner, returned after no contact for 6 years (family stuff), as he and his mum had a fight.

Basicaly my current partner (18 yrs), wanted to make my son feel loved and wanted (he is 20) to help him find work. They went out and bought a car on finance (I was against this, but happened any way).

My son has gone back to his mums, after we found out he lost his job and had no insurance so we took the car of him.

Basically, do we have many options. I understand we can return but we would have to pay to get out, but could affect credit rating.

We could buy another car, as we had thought about this last year. Can we take the car (Vauxhall, finance with Santander) to any garage? and trade in with our old car included?

Many thanks, and I realise silly mistake, but we all make stupid decisions when our children are involved.

Thanks Mike

The simplest way and most likely the most cost effective given you intend to get another one anywat would be to continue the PCP deal and sell your old car if the car on the PCP deal was suitable.

In the first year it is extremely likely that you are in negative equity so you may find just how much you have to pay to get out of it is far more than you thought. For example someone on this board was looking at a new car on PCP which was £15995. The same model less than 6 months old with just 5000 miles on could be found on Ebay from £10-£11k.

sallyandmark

We had thought about just using the car, and is still a possibility but with two younger children and a dog (lionburger, so big) not really practical.

yep looked at getting out, and its about £3000 although we haven't spoke with Santander and it cant hurt to ask, as we would be looking at getting a lager car.

Car in sons name, but this is about to be transferred to my partner.

defo PCP.

Thanks everyone......looks like speak with Santander first, see how we get on.