MarkMK

Has anyone ever been able to terminate a car finance deal early in i.e only 6 month into a 48 month agreement ? Does anyone have any advice on this

Cheers
Mark

davegtt

Cant see why not but you'll probably get charged some sort of redemtion fee, some interest etc...

Have you tried ringing the credit company and asking. be much easier and quicker than asking a bunch of people who know nothing about the contract youve signed yourself into.

Does anyone do any sort of research into anything anymore without consulting SN?

sti-04!!

I consult the oracle also

MarkMK

Called the finance company to ask for a settlement figure they were supposed to be sending one out but this was never recieved , called them again and again still no joy , just read my contract and i can hand the car back after 12 months but they will want 3k off me cheek .

davegtt

Its not cheek, its called business. They want £3k to cover the depriciation in the vehicle youve just ragged about for the last 12 months.

Diablo

Its dead easy - you ask for a settlement figure, and they give you one. You should get a rebate against the interest charges so will pay less than the sum of the outstanding payments.

I've just done the same thing.

Its only hard if you can't pay the settlement figure.....

MarkMK

Ragged out a Corsa Comfort 1.0i 12v do me a favour pal . The car has done 200 miles since i've had it . I understand depriciation of a car but back on a forcourt this car would fetch 4k + 3k they want from me 7k , thats robbery .

imlach

It's only robbery if these steal something from you that they're not entitled to

The T&C's you read when you took out the finance would have mentioned the early repayment charges etc. You did read them didn't you?

MarkMK

I did yes but a nice little loop hole in the agreement would be nice .

davegtt

You want me to do you a favour? your the one who ragged it about buddy.

Doesnt matter how many miles its covered, the second you did 0.1 of a mile and drove away it lost a grand or 2 instantly. Thats the way it is when buying cars on Finance from dealers IMO.

MarkMK

..

davegtt

lol.. touchy touchy. Does it matter whether you have ragged it or not? Im playing with you, ragged it or not you still signed the agreement and you know full well driving it off a forecourt your gonna lose a fortune on the car. Thats just the way it is.

Some people are just so easily wound up

GrahamG

Why do you want to give it back already?!? or you just want to pay it off early?

MarkMK

I appolagise , the only thing that winds me up the the fact that i have asked the finance company for a settlement figure but they just cant be bothered to send it out to me , if i had this then i would be happy bankers draft in post car settled then i can go look for another car , i just seem to be banging my head against the wall ATM

MarkMK

What ever way is easyier or cheaper but as i said finance company don't want to know .
The reason its its just too small for a family car 3 kids 2 dogs and a nagging wife who wants more arm room to put her makeup on :P

The Rani

It is possible to trade the car in and do a deal with the finance company so you borrow enough to pay the old loan off as well.

MarkMK

Finaly i have a settlement figure after weeks of hounding them , and to my supprise its not that bad at all although the car is only worth 4k the settlement is 5.3k .

I could trade the car in i suppose but they are only offering me 2k for it

Could i sell the car then pay the difference to clear ? not sure if they would go for that .

Silvafox

iTrader: (1)

The finance company I was with gave me a settlement figure and then allowed me to sell it myself. You can only do this with their permission obviously and the buyer would then send the settlement amount directly to them and you will get anything left over (or add to it if its short). So I just sold mine to a dealer, they paid the finance people off, took the car and was released from the finance. Job done. Although they did work in a early termination fee...you can't avoid them if you've signed a contract with them.