car on higher purchase

Debt_Free_Chick

Yes, it sounds good - give the car back and avoid paying half the finance - but you have to remember that the finance you've already paid was effectively "rent" i.e. you've paid all that money and now have no car :eek:

I agree that selling the car will usually give you a profit, compared with giving it back

Ivenofinmoney

Debt_Free_Chick wrote:

It's in the finance agreement. I know it's dull etc, but you can hardly say that they "won't freely tell you".. it's in the small print with all the other boring - but vitally important stuff, such as the part that tells you that you don't own the car until you've paid off all you owe

I know !!!!

And I do always read the small print, but as I said this was my OH, before we got together and she would sign her sole to the devil for a shinny new car (pair of shoes; handbag etc) ** And it was by reading the small print that I discovered this option.

I personally would never get into a finance agreement that I couldn't easily get out of. :A

Finally.... Whilst I'm sure the best MSE's always read the small print and wont be pressured into signing, these dealers don't exactly escort you into a quiet room, where you can study the small print for an hour, the less strong willed amongst us are easilly intimmidated into signing without reading the finer details

sblueger

If you hand the car back to the finance company does it put a black mark on your credit rating?

Xbigman

No. You have not defauled because you have honoured the terms and conditions of the loan. However, if you hand back the vehicle and its defective or damaged you *might* be charged for it and that, if unpaid, could result in a default.
Regards



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