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Help! Finance Affordability

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  • Help! Finance Affordability

    Hi all.

    I have had a change in circumstances which has left me in great difficulty regarding my car finance. I took the car in October 2016 on a 3 year contract. I have since left my job and am moving to France (not currently in employment). I wish to give the car back to the garage before I leave but there is an approx 3 thousand pounds difference between what I have paid already and what they are valuing the car at which they say I have to meet the difference.

    I was told at the point of signing the contact and also about 2 months ago at the service that I could return the car free of charge as long as I was half way through my payments, however the garage are now denying this and I donít have it anywhere in writing that they said this to me.

    I canít afford this lump sum nor can I afford to keep the monthly payments up. I have met all the payments thus far and the car is in very good condition, the only other thing is Iím over my mileage limit.

    What are my options? Iím awaiting an appointment with citizens advice but no word yet.

    Thanks
    Tags: car finance

  • #2
    Hello

    Who is the car finance with? if the car is finances through a hire purchase agreement then you have the legal right to terminate the agreement and only be liable for 50% of the total price.

    Unfortunately without having sight of the agreement its very difficult to know your current position. You need to speak to the finance company, not the garage because your contract (I assume) is not with them so what they say is irrelevant.
    Click here to check out my list of templates

    DISCLAIMER: ANYTHING I POST ON THIS FORUM SHOULD NOT BE CONSTRUED AS GIVING LEGAL ADVICE. I DO NOT ASSUME RESPONSIBILITY NOR DO I ACCEPT ANY LIABILITY AND THE USE OF MY CONTENT FOR YOUR OWN PURPOSE IS SOLELY AT YOUR OWN RISK. YOU SHOULD ALWAYS SEEK INDEPENDENT LEGAL ADVICE BY GOING TO THE LAW SOCIETY'S FIND A SOLICITOR OR CONTACT YOUR LOCAL CITIZEN'S ADVICE BUREAU.

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    Voluntary Termination: Letter Templates
    A guide to voluntary termination: Your rights

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