Help with car loan, HP

dfons

We purchased a brand new car a few months ago on hire purchase. Part-exchanged our old car (5k) and put 3k on top as deposit. The HP loan is for 17k to be paid over 5 years. Payments are £368 a month.
The problem that we have now is that we will be relocating overseas from next August and we dont know what to do with the car. Might have enough money to keep paying the monthly instalments, but this option doesn't seem reasonable, as the car would have to remain unused. I don't want to give the car back to the leasing company as it would mean I lose 8k in just 6 months. Is there any other way I could go round this? I was thinking of getting a loan to pay the car off and then sell it privately. The car has only got 4000 miles so it should retain a good part of its value.
I'm a bit confused so any help would be much appreciated.
Thanks in advance

BenL

The other way around it (or an other way) is to get a settlement figure from the finance company, advertise the car for sale and when people look advise them of this (it would show up on an HPi check any buyer should do anyway).

When the buyer agress to buy the car they write 1 cheque to you and 1 cheque to the finance company.

This way they know the car is clear of finance and they own it and you get what's left.

Have a look on autotrader and parkers.co.uk price guide to see what your car is worth.

New cars depreciate the most and take a big hit off the forecourt most of the time so although you won't lose £8K, it maybe near that unless you have bought a sought after car like a Mini, Audi TT, Porsche etc.

Something like a Peugeot 607 and you would be in negative equity.

Hope this helps a bit

Ben