Car finance question

[relost 10]

I have just been offered a temporary promotion with work and will get a company car for while I am doing this job. In september I will find out whether I will continue in my new post, or go back to my old post.

 

Problem is I have just purchased a car on finance with first response. I have only made 2 payments so far, and won't even contemplate getting rid until September when I know where I stand.

The car wil be off the road until then, as I wil have use of company car.

 

Anyone know if I can get out of finance? I know it will depend upon my agreement and I will have to go home and check it. I know there are options to end it early, and incur a fee, but I doubt this is an option as I am not ina financial position to just shell out £0000's.

 

I know I can't just sell it, then use that to pay finance, I could have done this had I got a loan instead.

Anyone know anything? What are my options?

[MuteWitness 10]

Can't really answer your question that well but if you did not pay the installments they would take the car and sell it at auction and you would still have to pay the outstanding balance. Car cost new £9000 sells at auction for £6000 your left to pay the £3000.

I don't know if this is also what they would do if you got out early

try going to http://www.moneysavingexpert.com go to the forums and then the motoring section.

[alchresearch 215]

You're probably better off keeping your car, and getting your company to give you something towards extra insurance and servicing.

[jumperjohn 10]

You don't have to take a company car, you can opt out as many do due to the increase in payable tax. Is it a company car that is being offered or is it a pool car for you to use? If its the latter then use the pool car and keep your private car off the road, keeping the miles down is good, and see what happens in Sept.

[relost 10]

You don't have to take a company car, you can opt out as many do due to the increase in payable tax. Is it a company car that is being offered or is it a pool car for you to use? If its the latter then use the pool car and keep your private car off the road, keeping the miles down is good, and see what happens in Sept.

 

Pool car. This is exactly what I was thinking!

[relost 10]

You're probably better off keeping your car, and getting your company to give you something towards extra insurance and servicing.

 

Can't really, because it will add loadsa miles on and it will cost them more as a company to pay increase on my insurance and servicing than it woudl for pool car!

[davyboy 19]

If your car is on HP and you want to end the agreement and give the car back I think the finance company usually want 50% of the total amount you have agreed to pay back,NOT 50% of what you have borrowed.

It will be in the contract you signed on taking out the HP.

[newvanandman 10]

The best option to you should you decide you want rid of the car IS to sell the car,but not to a trader sell it privatly and bleed it for every penny.There is nothing that states you cant do this although,there will be a shortfall.you will need to make some arrangement regarding paying that before/after you get the purchaser to write a cheque direct to the lender,when the cheque is cleared release the vehicle.

If you phone your lender they will give you a settlement figure.

[Gazza 10]

I have just been offered a temporary promotion with work and will get a company car for while I am doing this job. In september I will find out whether I will continue in my new post, or go back to my old post.

 

Problem is I have just purchased a car on finance with first response. I have only made 2 payments so far, and won't even contemplate getting rid until September when I know where I stand.

The car wil be off the road until then, as I wil have use of company car.

 

Anyone know if I can get out of finance? I know it will depend upon my agreement and I will have to go home and check it. I know there are options to end it early, and incur a fee, but I doubt this is an option as I am not ina financial position to just shell out £0000's.

 

I know I can't just sell it, then use that to pay finance, I could have done this had I got a loan instead.

Anyone know anything? What are my options?

 

 

What is the early settlement % charge / figure ?

[Gazza 10]

just looked on their website..

 

 

Typical 37.2% APR

 

OMFG!!

[Gazza 10]

got this from their website;

 

Settling your loan early

Whenever you ask, we will explain how you may settle (pay off) your loan early

and how we work out the amount you will pay us. If you would like to know

more about settling your loan early or the amount you will have to pay, you

should contact us first. Also, if you ask for a settlement statement, we will

provide this as soon as possible and free of charge.

[ap123 10]

if a car is on finance you can't sell it as you don't technically own it, it belongs to the finance company, and if you have made payments already its gonna cost a lot to pay off the financeor to give it back to the finance company

give them a call and ask