How Do I Return My Car To The Finance Company

Ariana

6 Jan, 2019

Buying a new or used car is an exciting time. Why cant a car finance company make payment arrangements after they have charged off a vehicle.

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My advice is to check your finance agreement carefully but either way you will have to get the repairs done as the finance company will not take the car back if it needs repair and you are not keeping to the finance agreement if the car is not kept roadworthy.

How do i return my car to the finance company. Have the car voluntarily repossessed. Work with the loan company on a deferred or extended payment plan. My agreement states that i need to have paid off 7k before i can give the car back to the finance company but thats another 15 months of payments which i cannot afford.

Some finance companies will extend the loan period substantially albeit at a higher interest rate. But in some instances car buyers splurge on a car purchase and they finance a vehicle thats beyond their budget. I have never missed a payment despite this.

If youve bought a car on finance and found that you can no longer afford the monthly repayments then it is sometimes possible to cancel the contract and hand the car back to the finance company. The best move would be to get a lower interest rate but you could also score smaller monthly payments by requesting a longer loan period. Do not sign a voluntary surrender form as you will give up your right to return the car under the half rule.

It is very important to read any documentation sent out by your car finance company when you return your car using the half rule. Using this option means that you voluntarily return the car to the finance loan company if you are too far behind on your payments and cant recover. If you decide to return the car tell the finance company by letter or email and keep a copy.

Finally once i have given the car back am i within my rights to terminate my direct debit with the finance company via bank straight away. You should do anything to avoid returning your car. Return the car to the garage or to whatever location has been agreed between you and the finance company.

If you decide to return the car the finance company may pick up the vehicle or it may require that you return the car to its location. Also do i get an invoice from the finance company for the excess charges or do they invoice me instead. Additionally if i dont pay back the excess mileage would this affect my credit score.

Make very clear youre returning the car and ending the agreement. Fortunately there are ways to cancel an auto purchase and return a financed car. However your ability to do so depends on the type of finance you have and how much money you have already paid off.

And depending on the loan contract you may be able to return a financed car and avoid credit damage. How do i return a car on finance not paid off to the finance company. The second option is to look at refinancing your car loan.

However recently my situation has changed and i cannot afford the payments and its stressing me out. If you dont do this you could be seen to be defaulting on your payments which could affect your credit rating.

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