Can you explain the overfinancing a bit more.
If the car was only 25,000 why did you have to finance 30,000?
Did you get 5k cash out of this as well??
If the car's on HP then you can't legally sell it as its not yours. I'm wondering if the €5000 extra was the interest and cost of the HP agreement. If you hand back the car it will be sold at auction for considerably less than you paid for it - even selling privately you are unlikely to get the same price as you paid. You then owe the balance on the HP agreement.
If you could get somebody to buy the car then i would approch the hP company and advise them of your situation and check whether they might be prepared to do a deal by allowing you to sell the car and pay the balance yourself (likely to be a few K). you should get a rebate on the interest as you'll be paying it off before the term is up (e.g paying off in 6 months rather than 5 years). If you haven't got the money then they might be prepared to do a deal with you to convert the balance to a loan and allow you to pay back over time. Either way you are still likely to be losing money so it might if possible be better keeping the car for the moment.
There is also a half-way rule where you can hand back the car after paying half and depending how far into the agreement you are it might be worth considering this.
thanx everyone for their input on this,esp thrifty who just about hit the nail on the head with his approx figures. At this time as I am still with perfect credit rating I am wondering if the finance company could take the car back and agree with me to pay the outstanding balance vis a personal loan,if my shortfall is about 8thousand euro i will be paying back approx 160 euro p.m instead of 600 which is what i am currently paying,will drive another old car for the time being,hurts a bit but needs must. cheers
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?