MarkO!!
03 December 2002, 04:30 PM
#2
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Can you give me the run down on the clause about being able to hand a car back to your finance company? I want my girlfriend to hand her POS Renault Clio back due to the fact that the dealers are spineless, lying, decietful scum, IMHO,
cheers.
cheers.
03 December 2002, 04:39 PM
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Speak to the CAB or your finance broker (IANAL). But basically, it goes like this:
The consumer credit act says that once you have passed the halfway point in a secured credit agreement, you can take 'voluntary termination', in which you ask for the agreement to be terminated, and the lender will reclaim the security (the car) in return. It doesn't matter if the loan is in negative equity as long as you have maintained the car correctly and there is only 'reasonable' wear and tear on the vehicle (so 20k mileage/year is not acceptable).
You should be able to hand back the keys, and get the agreement terminated - that's what I did.
I'm sure there's more accurate information on the web though, and I'd check with somebody who's an expert before taking my word as gospel.
The consumer credit act says that once you have passed the halfway point in a secured credit agreement, you can take 'voluntary termination', in which you ask for the agreement to be terminated, and the lender will reclaim the security (the car) in return. It doesn't matter if the loan is in negative equity as long as you have maintained the car correctly and there is only 'reasonable' wear and tear on the vehicle (so 20k mileage/year is not acceptable).
You should be able to hand back the keys, and get the agreement terminated - that's what I did.
I'm sure there's more accurate information on the web though, and I'd check with somebody who's an expert before taking my word as gospel.
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04 December 2002, 06:39 PM
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mine was worth 5k, had 8k left on finance, and had paid more than half.
I striped the car, including the radio, and handed it back to them
Didn't affect my credit, and everyone was happy.
They even sent me a letter last week offering to fund an R34 I'm looking at.
I striped the car, including the radio, and handed it back to them
Didn't affect my credit, and everyone was happy.
They even sent me a letter last week offering to fund an R34 I'm looking at.
04 December 2002, 08:40 PM
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I thought it would be a good idea to do this until she started going on about getting a Corsa instead 
I think I'll get rid of her and keep the Clio. Can you hand a girlfriend back without losing money?
I think I'll get rid of her and keep the Clio. Can you hand a girlfriend back without losing money?
04 December 2002, 08:50 PM
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Can you hand a girlfriend back without losing money
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