S3TH

iTrader: (2)

Guys need a bit of advice from anyone that might be in the know. The documentation we have from finance company is not very clear and yes will probably call them later in the week but just wondered if anyone could clarify something for us?

My girlfriend bought a Golf on finance in Feb last year on a 4 year deal.

Thus as she`s only had it a year its probably going to actually cost us to get a settlement figure and get rid of the car due to negative equity thanks to the current climate and car market.

Im sure i read somewhere that under the credit act you can hand the vehicle back without any penalty once you have made 50% of the payments? Hence she would be able to hand it back to finance company this time next year?

can anyone clarify? would just like to know our rights before we call them this week.

thanks.

jho!

Hi

I used to be a car salesman for my sins.

You can hand the car back to the finance company but only after you have paid half of the total purchase price this is not the same as half of the monthly payments.

What you need to do is check on the invoice what your total purchase price is then phone the finance company and ask for a settlement figure. If it is less then half of the total purcahse price, you can then tell the finance company you wish to volintary terminate your contract. They will then arrange to pick up the car (they can ask you to deliver it to them).

Please remember though the dealership you bought the car from has nothing to do with this and therefore my not be very helpfull if you where to ask them.

It will not cost you any money to get a settlement figure (apart from the phone call)

jho!