Remaining payment to get out of finance deal

[Keylee]

Hello, I wanted to find out some information on what kind of legal rights I have in regards to my finance agreement. I got a car with a company called zuto, they were very helpful and found a car as well as arranged the car finance with a company called money way, I am 3years into my finance agreement and called to find out how much the settlement amount would be, I was advised it was £6000!!
I was completely shocked as I have already paid £8000 and the car was £7000 so was exspecting to be quite abit lower, I calculated and confirmed with moneyway that this would mean the whole 3 years they have only paid £1000 towards my car and the £7000 has been taken as finance payments???? They confirmed this and said there is nothing I can do and I must pay the remainder! I am completely at a loss and I don’t understand how you can take so much money for finance and not actually be putting the money towards the car I am actually purchasing? I’d this even legal?? What can I do if anything to get out of this? The payments are just too high and my situation has changed over the last few years. I have never missed or made a late payment but the car has some damage on the side where other parked vehicles have hit it with their door, so am worried they may give me a hefty bill if the car is to be inspected. I have a 59 plate so the car is 9 years old so definitely not worth the money remaining so even selling it wouldn’t cover the remaining payment due. Please advise if anything can be done ir any advise would be amazing. Thank you

[Keylee]

?????

[R0b]

Hello

First of all I have to say that I am astonished if you didn't read the finance agreement or at least the pre-contractual documentation. Surely you must have known how much the car was worth and how much you would be paying as a total? If you didn't and simply signed your name to the paper then that was very stupid.

You've not told us any details of the type of finance agreement because that might affect what options you have moving forward. I am assuming Money Way are a financial lender for those with poor credit because based on your figures, their interest amount is 100% of the car's value at the time. Did you take out value added products such as accidental damage cover or GAP insurance?

In terms of whether the agreement is legal, the starting point is yes it is. You should have read the terms and conditions or at least the financial information knowing what you were entering into before you signed yourself up. That said, if you didn't receive any financial documentation or never signed any paperwork then you might be able to do something but then I would be even more amazed if you agreed to something you didn't know what you were paying for! Equally, if Zuto / Money Way failed to carry out any affordability checks at the time then that might also allow you to either not pay any more money or recoup some of the money you have already paid.

Before we can go any further, we need to know the type of agreement and if possible, upload the document itself with your personal information removed.