# bought car on finance



## kim (7 Jul 2011)

Hi 

I bought a car from a garage last Jan 2011 and signed up with a finance company arranged through the garage, the repayments are 295 per month for 5 yrs, at the moment I am thinking that I should downgrade and get a cheaper car as I could use that 295 per month for something else, how do I get out of the finance deal? can I sell the car and pay off the finance or is it that simple? I just want to know what my options are? thanks


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## Billo (7 Jul 2011)

What did the documentation from the finance co. say about exit ?


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## sean.c (17 Aug 2011)

Would this be the Ford Mondeo that you were complaining about?

Is this a Hire-Purchase, or an outright loan?

If it's a HP, you don't own the car, so you can't sell it.  You can give it back to the company (see ) but you are still liable for the remaning payments until you hit the 50% mark.

If it's an outright loan and you own the car, you can sell it and repay the loan.

So it really depends on what contract you have.


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