bought car on finance

K

kim

Registered User
Messages
133
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
 
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.
 
You must log in or register to reply here.
Back
Top