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Edwin Miles. Underwriting Manager

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Can i hand my car back to the finance company if I bought it from a faulty garage?

Hello, I bought a car and obtained finance for the purchase. I put down £1400 cash deposit. I drove the car home and found three major faults.

I have driven 40 miles each way twice to get the same faults repaired by the dealer but the fault has came back again. The turbo hose keeps breaking away from the inter-cooler and the garage have held it together with tie wraps.

I have already made an official complaint to the finance company but now I just want to hand it back as after two weeks with the car I don't trust it. Is this possible as i have a 2.5 year finance package? Regards, Gordon

Posted by Gordon Cowan on

Answer.

Hi Gordon, with any car finance agreement you get a minimum of a 14 day cooling off period in which if you're not happy with the vehicle you have the right to withdraw from the credit agreement.

However, the law does not say that the seller has to take the goods back and they are allowed the right to try and repair the vehicle. If the 14 day cooling off period has elapsed then you will have to come to an agreement with the dealer directly to take the car back and un-wind the deal if at all possible. The most amicable way to resolve these issues is to come to a sensible resolution with the supplying dealer.

It is worth speaking with your current finance company though as some lenders have different rules and regulations? Some lenders also take a tougher stance with the supplying dealership. I'd advise that this is the next step for you to take. Another option would be to potentially get the dealer to swap your car for you and do a change of asset at the finance company. I hope this helps you a little and good luck.

If you need finance again in the future please apply with us as we can beat dealer rates, offer a no obligation quote and you're free to choose a car from any dealer in the UK. Kind Regards, Edwin

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Question.

Hi, I signed for my car on the 15th July I have now had my car for a week & I am starting to think whether I have made a mistake buying a new car rather than gonig for some sort of lease deal where you can hand the car back if your circumstances change. I believe i have 2 days left to withdraw from the finance company. If I change my mind what happens with the car? Does it go back to the garage and I loose my deposit? Any information will be much appreciated. Thanks, Matt

Posted by Matt on

Answer.

Hi Matt, apologies for the delayed response. Yes, the car would go back to the dealer if you changed your mind within the stated cooling off period. What have you decided to do? If you hand your car back you may well lose some or all of your deposit so please bear that in mind.

Posted by on

Question.

Hi there, I took a car loan out and I am 50% into it and I have told the company that I want to hand the car back and they have accepted to take it back. The car is in immaculate condition and I have taken really good care of it. When I took out the finance there was nothing to say about an annual mileage, as it is not a lease it was straight finance over 5 years. The finance company are saying I have done 5K over the mileage as I was only supposed to do 12K per year, and want to charge me £1300. Can they do this, as I do not remember seeing any mileage clause in the agreement i signed? Thanks for your help.

Posted by Rachel Jenkins on

Answer.

Hi Rachel, £1300 for an extra 5000 miles is highly excessive. When you would have applied for the finance the person who submitted your application may well have placed the 12,000 miles per annum on the lenders system as an approximate number. It seems to me like the finance company may be trying it on a little bit with you. Have you spoken to them to try and come to an agreement? I'd offer them £500 as full and final settlement as i do know that there can be charges when you hand your car back to the finance company but as each lender is different they all have different rules & regulations. If they don't accept a lower offer i'd seek some legal advice and get the solicitor to run through your agreement to see if they can highlight any potential charges etc. Before doing so i'd ask the finance company to point out where in the agreement the calculations for charges are worked out so that you can see for yourself.

Posted by on

Question.

Hi I need some advice, I have a car on HP and have paid the required amount to be able to terminate my agreement.

The car is in great condition however I have had it for 3 years and only had 1 service. What are the company going to do when they find this out when I return the car?

Posted by Gemma Devine on

Answer.

Hi Gemma, thank you for your question.

As finance companies work differently when calculating any costs related to terminating your agreement early you'd have to speak with them directly. It'd be worth calling and getting all the information up-front so that there's no surprises in the future. Kind Regards, Edwin

Posted by on

Question.

Hi, I was wondering if you could help.

I've payed 75% off my car off and I'm going in for the 'VT'. I was wondering do you get to choose what day you hand your car back over to them or do they say?

Plus, when they come to collect the car do they do a full check of the car, as in the engine and everything or is it just the exterior and interior? The car is 6 years old now and in good condition, only a slight dent to passengers side above the wheel on the rear end. Hardly noticeable unless pointed out!

Will I need to get that sorted before handing the car back? Thanks, Jess

Posted by Jessica Bolton on

Answer.

Hi Jessica, thank you for your question.

I'm sure it is possible to arrange a day with your existing finance company when they can come and collect the car. I'd also speak with them in terms of what checks they carry out and whether there will be nay charges as all lenders are different.

If you need car finance in the future please make an application with us as we can beat dealer rates and we do provide a no obligation quote. Once accepted you can buy your car from any dealer. Kind Regards, Edwin

Posted by on

Question.

Hi, we brought our car on finance over 5 years and have paid a year.

My circumstances have changed now in that I am eligible for a motorbility car through DLA. How do I go about stopping the finance and is the garage eligible to take my car back?

Posted by Sherralynn Longman on

Question.

Hi, I bought a car on finance did part ex in my old car and also paid sine cash. Since purchase if my new car we've had nothing but problems.

First if my car keeps going into limp mode for no reason. Secondly the company that I picked the car did all the direct debit stuff etc but my finance company keep failing to request the direct debit.

This is our third month and I have two default letters no charges as it's their fault they even admitted their fault as they gave me 30 to appease me. I've been to France in my new car and low and behold the car is in limp mode AGAIN what can I do as I am so frustrated pls help

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