Voluntary termination what charges?

zee34

hi all,
I have a fiat punto that has cost me more than a grand in 2 years for repairs as the gearbox is just the worse gearbox ever. So bad even dealerships are unwilling to take it off me as part exchange on  negative equity finance. So the last option i have to get rid is voluntary termination. Question, what would the finance company charge me for?  I know they say ' reasonable condition" so no dents etc. But is it as easy as it looks? I just give a car back whose gearbox and transmission system is on its last leg and then write off the existing finance?? Or would they try to sell it in auction and id pay the difference between what they sold it for and my final settlement amount?? Anyone who done voluntary termination i appreciate the response. Thanks 

macman

What sort of finance is it? HP, PCP?

AdrianC

No, it's not as easy as it looks... 

If it's driving fine when you return it, then great.
If it's not - then... nope. That's going to land back on your wallet. Quite how expensive is another question. It won't be as simple as "the difference between settlement and auction".

Grumpy_chap

How long have you had the Punto?
Did you buy it new or used?
What is the remaining finance term?
What was the original finance amount?
What type of finance, loan., PCP, HP?

zee34

Its an HP finance....im bang on half way through. My final settlement is about 2900 or so. Bought it used, 11 plate. I had 3 months warranty but of course the gearbox leak didnt show itself till like 7months after i bought it. 

ontheroad1970

Half way through the number of payments or paid half of the total repayable under the agreement?  In any case they win't accept a car that is not in full working order.  

facade

Can't you just put a reconditioned gearbox on it? Punto gearboxes are well known to fail, you'd have to be really lucky to return it and they not notice- it is probably printed on the return sheet to check the gearbox on a Punto.

With a decent recon gearbox with quality bearings in it it should be good for a long time after.

zee34

I was thinking of a reconditioned gearbox or to get the clutch repaired. Because i just really dont know how much would they charge and would leave me without a car for many months. As i said, i couldnt even part exchange without the first question being "hows the gearbox" from dealership. It works fine at the moment but i know the clutch will need some work soon, i see the symptoms.  I would only need to get bout 12k miles out of it over the 2 years really.

facade

http://www.helicalgearboxes.com/fiat-punto-5-speed-gearbox/