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Unregulated Car Finance
In April 2014, we brought a brand new volvo from a volvo dealership on finance. I am now not needing to use the car due to having a company car, however It didn't work at cost effective to sell the car as we owed more than the value of the car. I have had the understanding that I was able to terminate the finance agreement once I had paid off half to the amount of credit, and I was also informed this was the case by the volvo dealership. Now we are approaching the point where I can hand the car back as I've paid half of the amount of credit, I have been informed by the dealership that now they have looked into I can not do it as my finance was secured as a personal loan and NOT against the car. I have been informed that this is rare and that Volvo very rarely offer this kind of finance. However I am now in a position where I can not get out of the finance.
I am struggling to afford the repayments, and was living with the hope of light at the end of the tunnel, however this is now not the case.
Anything we can do? We would never have taken this finance had we have known.
I personally feel that this is very poor service from the dealership.
TIA
Tom
I am struggling to afford the repayments, and was living with the hope of light at the end of the tunnel, however this is now not the case.
Anything we can do? We would never have taken this finance had we have known.
I personally feel that this is very poor service from the dealership.
TIA
Tom
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