should i give car back?

O

ohmygodwhathaveyoudone

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has anyone has done this or know the ins & outs of whats involved ?
bought a metallic blue passat 3 yrs ago for £9000 :eek:
it had 1 owner from new,full mdsh & 50k on the clock.it is an auto with cruise/climate etc all the usual toys etc....the condition is immaculate with just a few stone chips on front bonnet edge.i have kept up the service history @ vw garages.the car has never given me any trouble at all but could do with a little bit more power but the wifes well happy with it.
imagine my horror when i wanted to px it against a s-type jag that was up for 13k.
book value is only £3000 trade £3500 private :cry:
i have heard people say that if you have kept the payments up for at least 70% of the term & the cars value is less than the amount outstanding you can hand the car back with no adverse credit history & no need to pay anything else.
i don't really want to that but as i have another 12mths left to pay on it,it would depreciate even MORE in by the time the loan is paid off.
any ideas please.
 
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how did you pay for the car ohmygo......?
 
Quote from :- http://www.parkers.co.uk/guides/?guideid=0&section=114&page=122
The agreement can be legally terminated at any time, if you are not the owner of the car until the last payment is made (as is the case with Conditional Sale and Hire Purchase agreements). Provided you have paid half the credit price of the car, you can simply hand it back.
However, you will lose all the payments you have made to date, and will be liable for further charges if the condition of the car is poor. If you haven't paid half of the credit price of the car, you will lose the car and still be liable for any outstanding payments. Overall, this is the worst result of a credit agreement.

No personal experience of this ...
An awkward point is the condition of vehicle ... at best subjective !!
Hand it back to whom ?

P
 
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12 months at £183 pm = £2196
Trade £3k ... Sell to trade, pay off early (may get rebate) pocket min £804 ...... :eek: So where is the problem ... I can only guess there is a problem with the car, hence the giveaway !!

ohmygodwhathaveyoudone WotAreYouAboutToDo !!
P
 
have finally done the figures.
have paid £5711.52
outstanding £4712.36
p/x value @ present £3500
the credit company says it is not an option to hand the car back?they say the agrrement has'nt got it written on it?
there must be a way round this?
i don't want to give them £4700 for a car thats only worth £3500 :cry:
 
presumably as there is a large amount outstanding, you have a personal contract plan? Or do you have a hire purchase agreement?
if the former then why don't you wait the year pay the £2196 and hand the car back.
if the latter then the sums don't make sense. you shouldn't have that much to pay off in the last year.
some PCP's allow you to return the car early and start a new one. Might be worth discussing that with the company.
as pipme hinted at though if the mileage is really high compared to what was predicted with the PCP you may have to pay an excess for this.
 
Now I may be a country boy .... but

£4712 outstanding with one year to go = £392.66 per month

Have paid £5711.52 in 3 yrs = £158.65 per month

This aint jelling .... you must do better !!

..... If I buy a new car over 10yrs (God forbid), statistically it probably will not exist after 7yrs, So should I gripe about paying years 8-10 when there is no car ? A joke ? not so, there are people increasing mortgages to buy cars .... what is the saying, 'one born every minute !!'

P
 
heard this point mentioned on mondays working lunch
the lenders where publicising the fact it was
unfair that the consummer has all the protection
and they can get lumbred providing you pay half the cost

belive it or not its somthing to do with a centuries old law
to do with loans for live stock[mainly bulls i think]
if they wernt sold at the right time they became
virtualy valuless

big all
 
sorry my mistake.have got 26mths remaining@£183.00
milage is only 70k.
i've paid over 50% of loan back so in theory should be able to give car back. :confused: have just found the agreement as was @ work earlier :rolleyes:
 
I know this sounds ruthless, but if the law is with you and you have a signed agreement that says you can opt out this way, then do it.

Hand the car back and wave them goodbye.

Avec deux doigts, preferablement!
 
26 months remaining of 48 months ain't halfway timewise, certainly not halfway dosh-wise.

I reckon £8k, 48 months at £183 per month has an APR 4.759% applied Extremely low !!

I also reckon that at 22 months :-
Retail or capital repayments = £3482.58 being 43.53% of £8000
Total repayments 22x£183 = £4026.00 being 45.83% of £8784
£8784 is the total credit price, half this occurs at 24 months.
Half the retail price (repayments disregarding interest) is exceeded at 26 months.
Guess you have a couple of months to go at best !!

Know something ? Cool cars can = empty pockets, buy the former to create illusion about the latter ... mugs game mate.

P
 
Been reading this with interest but still don't quite understand how you can give the car back. (Thick Bristolian)
 
Bristolians generally nick 'em ... not hand 'em back !! Don't they ?

"Got new modor zee !"

;)
 
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