car finance

lincs1205

Hi all, have got a car on finance at the mo, have had it since last april. The total amount of finance left on it is 12,414 am currently paying back 269.69 per month.
What im wondering is can i take it back to the dealership and ask to downsize it and then pay the finance company back the money that i get from it.
Any advice welcome. Thank you

Arlen

You will need to either check the agreement or speak to the dealer. I can only give mine back (on hire purchase style scheme) after 2/3 of the term is over. If I give it back earlier I would be charged large penalties.

Lorne

Completely depends on the agreement, check your paperwork and have a chat with the finance company, see what they say.

Good luck

standupguy

Is this a Hire Purchase agreement?

If so have you paid one half the hire purchase price - this amount is shown on your agreement?

Add up your deposit and all of the payments you have made and If you have paid this amount then you can voluntary terminate the agreement and give the car back to the lender.

If you have not paid that amount you can still voluntary terminate but your outstanding liability will be the difference between what you have paid and the half hire purchase price.

Alternatively if you have equity in the vehicle ask the Finance company for a settlement figure and then compare this to what a dealer values the car at - if favourable you could then consider part exchange