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Car Finance
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Hi folks, thanks in advance for your help.
I have been advised that, although my car is £2k in negative equity, I can hand my car back as long as I have paid more than half of the loan, due to CCA regulations, with no apparent penalty.
My questions are,
1, is this possible?
2, Are there really no penalties, credit rating etc?
3, I would buy another car from the same manufacturer - will they blacklist me.
If anyone has knowledge/experience of this I would be grateful.
Many thanks
I have been advised that, although my car is £2k in negative equity, I can hand my car back as long as I have paid more than half of the loan, due to CCA regulations, with no apparent penalty.
My questions are,
1, is this possible?
2, Are there really no penalties, credit rating etc?
3, I would buy another car from the same manufacturer - will they blacklist me.
If anyone has knowledge/experience of this I would be grateful.
Many thanks
0
Comments
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1) yes
2) the account will be shown as settled on your credit files
3) they could choose not to deal with you if they feel you are not a profitable customer0 -
Thanks very much ZX81, much appreciated.0
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What type of deal was it....did it include a final balloon payment?0
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No, just straight HP0
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