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Thread: hire purchase

  1. #1
    Regular Member DAVIDD88's Avatar
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    Default hire purchase

    Has anyone returned a car that they have not had long to the finance company been looking and it says anytime only had the car 4 months but looking to return it and will pay the diffrence in instalments has anyone done anything like this before

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    Regular Member ian1401's Avatar
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    i don't think they will do it,the car will show on a hpi check as outstanding finance on it,nobody will touch it,the only way is to part exchange it..

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    Regular Member DAVIDD88's Avatar
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    Returning it to the finance company I bought it from ???

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    Regular Member byebyeitsagsi's Avatar
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    Depends if its a loan or hire purchase. You really need to read your own paperwork to see what the arrangement is.

    If its a loan be it a personal loan or a motor loan then the car is owned by you as soon as you leave the showroom and all the lender wants is the money repaid and has no interest in the car.

    If its hire purchase etc then the car is owned by the lender until the final payment is made.

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    Full Member spennny's Avatar
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    Cant you try and sell the car privatley and ask the finance company for a settlement figure, when you sell it have the cheque made out directly to them

  6. #6
    Regular Member DAVIDD88's Avatar
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    Hire purchase mate

  7. #7
    Regular Member DAVIDD88's Avatar
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    Can't sell as its not mine its on HP owned by finance company I've looked up on direct gov will phone tommorow

  8. #8
    Full Member spennny's Avatar
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    Quote Originally Posted by DAVIDD88 View Post
    Can't sell as its not mine its on HP owned by finance company I've looked up on direct gov will phone tommorow
    Yes you can ?

    Ask them for a settlement figure,
    If you can sell the car to match their figure then get the cheque made out to them, you have to explain this on the forsale ad though

    If you cant match the money that you owe then obviously you cant sell it

  9. #9
    Regular Member DAVIDD88's Avatar
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    Going to try and hand it back and make an arrangment to clear the diffrence not worried about credit rating

  10. #10
    Regular Member mcpitman's Avatar
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    Vehicle : Vectra C

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    Engine : 1.9 CDTi

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    Default

    A friend of mine has just done this and changed the car he had for another at the dealer and they allowed him to restructure the finance for the new car.

    If that is not an option, you can often hand the car back and pay the difference to settle the finance, although their charges are sometimes quite high and will more than likely include front loaded interest, admin charges, registration fees etc etc.

    If you settle the agreement within their terms and conditions (i.e pay all outstanding monies and hand the car back) it shouldn't affect your credit rating.

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