Sending a car back to the finance company?

(2011-03-13 15:30:37)

1. jessieb Says: I have a car on finance and wish to send it back to the finance company i would sell the car however the car is now only worth approx £1500 and the finance is approx £3700 so pointless me selling.

I have read my contact and it states i can return the car as long as i have paid £5000 off the finance well i hae paid now £6000 off the original finance.

my question is will this go against me on my credit file and if yes why if it states in my contract i am with in my rights?

2. Mark B Says: While you may well be able to return it under the terms of the contract. it will also tell you somewhere else in the small print you are still liable for any shortfall on what you still owe.

The finance company would just stick it in the local auction and let it make what it does, so if it only made say £800 through the ring you would owe £2900 still.

3. thumper Says: First of all, you CAN'T sell it because you don't own it; the finance company does. Secondly, this may go against your credit report because you are returning it. You would be better off if you could pay for it in full, obtain the title, then sell it.

4. $1,539,684,631,121 Clinton Debt Says: Yes, because you still FAILED to comply with the contract in full.