Somene told me that if you have paid more than half on a hire purchase agreement that you can hand the goods back (this being a car) if i can.....what do i say to the finance company...????
2007-02-12 09:36:07 · 7 answers · asked by David M 2 in Cars & Transportation ➔ Buying & Selling
Your credit will take a huge hit. If you dont care about that then go for it.
2007-02-12 09:39:39 · answer #1 · answered by tchem75 5 · 1⤊ 0⤋
You can always hand the car back but it will be considered a voluntary reposition. The finance company will then send the car to auction and you will owe the difference between the balance of the loan and the selling price. This is a good way to ruin your credit fast. Since, I do not know how much you put down you might do a Kelley Blue Book Value at kbb.com to see if you owe more than the car is worth. If you could potentially come out ahead carmax will usually buy your car for close to kbb value. If you are in a lease. You might look into a lease transfer. That is where someone assumes your lease and you simply walk away from the payments and responsibility to the finance company. The catch is you have to find someone able to take over the payments. There are many internet companies that handle lease transfers. I wish you could have given more details.
2007-02-12 09:44:30 · answer #2 · answered by Lily 7 · 0⤊ 0⤋
Unless you want to ruin your credit and have a hard time buying a house, car or any sort of loan for that matter, either sell the car to pay off the loan, or find someone to take over payments and get that officially done with the lien-holder.
Good Luck...
2007-02-12 09:42:09 · answer #3 · answered by Captain Jack ® 7 · 1⤊ 0⤋
Someone lied to you. You have to pay 27 payments. You can sell it and get the 27 payments. Hope you took care of it. You should never ever buy a car with that much time in payments!
2007-02-12 09:40:22 · answer #4 · answered by Karrien Sim Peters 5 · 0⤊ 0⤋
Only if you want to ruin your credit.
Sell your car. Use the money to pay off the loan. Hope you have some left over for yourself. This is the normal way to go about things.
2007-02-12 09:39:42 · answer #5 · answered by Lisa A 7 · 0⤊ 1⤋
you can hand it back, but you'll still have to pay. So why not keep it. If you think I'm kidding ask them. They can and will garinish your wages.
2007-02-12 09:45:16 · answer #6 · answered by spiritwalker 6 · 0⤊ 0⤋
no you cant hand the car back.....
2007-02-12 09:39:08 · answer #7 · answered by camden 3 · 0⤊ 1⤋