BMW on finance. Any way out?
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bryanferguson07
Posts: 19 Forumite
in Motoring
In October 2014 I agreed to get a bmw on finance(£19500) over 5 years, for myself and my partner.
We paid £1500 deposit and pay £360 each month now. 16 months so far! (£6140 paid so far)
We have since decided we don't want a car on finance and have purchased another car with cash now anyway so having both cars isn't necessary.
Is there anyway of getting out of the finance agreement and handing the car back to BMW and not owing them a huge amount of money? Or do I just have to lump it until I've paid in enough to break even with them and the car value?
Any help would be awesome!
We paid £1500 deposit and pay £360 each month now. 16 months so far! (£6140 paid so far)
We have since decided we don't want a car on finance and have purchased another car with cash now anyway so having both cars isn't necessary.
Is there anyway of getting out of the finance agreement and handing the car back to BMW and not owing them a huge amount of money? Or do I just have to lump it until I've paid in enough to break even with them and the car value?
Any help would be awesome!
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Comments
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There's a little known rule that on a leap year, you can hand back any item on finance and walk away without any penalty and technically, that day doesn't legally exist. Shame you missed it this year.0
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There's little you can do until you've paid 50% of the total finance payable. Instead of buying another car with cash why didn't you put that towards paying of the finance?0
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Can you hold your contract a bit higher, please? I can't quite read the bit in it about early termination.
Depending on the type of finance, there may be a legal right to voluntarily terminate after 50% of the agreement is paid. It sounds as if you have another year to go before that point, so you're probably relying on whatever your contractual rights are.0 -
There's little you can do until you've paid 50% of the total finance payable. Instead of buying another car with cash why didn't you put that towards paying of the finance?
My partner needed her own car for work, I've since changed jobs and have a works van so the BMW sits in the garage most of the month!0 -
bryanferguson07 wrote: »
We have since decided we don't want a car on finance and have purchased another car with cash now anyway so having both cars isn't necessary.
Any help would be awesome!
This just doesn't make any sense to me.0 -
Can you hold your contract a bit higher, please? I can't quite read the bit in it about early termination.
Depending on the type of finance, there may be a legal right to voluntarily terminate after 50% of the agreement is paid. It sounds as if you have another year to go before that point, so you're probably relying on whatever your contractual rights are.
Yeah that's what I was fearing, thank you for your advice! Will need to look into the contract and pray it had the voluntary 50% termination.0 -
SO why not sell her car, let her use the BMW and you use the van?0
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VT is a legal right, depending on the type of finance. Even if it is applicable, you are only half-way there.bryanferguson07 wrote: »Yeah that's what I was fearing, thank you for your advice! Will need to look into the contract and pray it had the voluntary 50% termination.0 -
She's dragging her heals with the option of selling her car - says the BMW is to big( she's reversed it into 3 cars)0
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Fit some reversing sensors? Or a camera?0
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