Can i return my car back to the finance company?

[jennyuk]

I brought my car on finance back in Feb 04 and the agreement runs out in Feb 09. i have never missed a payment and have obviously now paid well over half of the loan. It says on the contract that if i have paid over half then i can terminate the agreement. Has anyone done this? Does it affect your credit rating? the only problem with the car is that it has no mot or tax which is why i am thinking about ending the agreement as the car is gonna cost about to get repaired. will they still take the car?

 

the agreement is with on:line finance which has been taken over by GMAC. I tried phoning but they not open until tomorrow.

[gni03349]

If the agreement say that after 50% has been paid, you can terminate it, then you can. However, there "may" be costs involved. I would read a bit further into that small print to see what it says about terminating the contract early.

 

Is the car off-road while it has no tax etc? It might be worth thinking about putting a SORN on it, if it is (Statutory Off-Road Notice... just tells the DVLA that it isn't being used on a public highway basically, IF it's off-road). It depends on the state of the car and how much it will cost to fix, and also, what you actually want to do with it. I wouldn't build up your hopes that they'll just come and take it away if you terminate the agreement. It would, I imagine, at least have to be running for them to consider that, as they would want to sell it on.

[jennyuk]

thank you for your reply. Basically the car was used by my ex and has been left at my house on the driveway as he couldnt afford to repair it so he brought a cheap car instead.

 

I done the Sworn thing last week with dvla. The car goes but wouldnt pass mot at the moment. needs summit doing to exhaust and the back brakes.

 

Just want to get rid of it. ill phone and see what the finance company say tomorrow

[Guest wino]

I have recently done a voluntary termination of our car. It was all very amicable the finance company arranged collection and it went straight to auction.

They even wrote to inform us of the ridiculous low figure it had been sold for.

We still had two years payments to go but had paid enough to the finance company as per the agreement. As far as I am aware this does not go against your credit record:)

[sequenci]

How much was the car financed for?