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Hi there, just over 12 months ago I took out car finance (in my Mum's name) and after these 12 months I upgraded the car as I wanted something bigger and more comfortable. The price of the original car was £5995 and the new car £6500. My payments have increased and even though I can afford the repayments the total payment after the term of the lease (72 months) will be a whopping £18000! I only have a 60 reg VW Fox not an Audi or a BMW! I think this is ridiculous. I want to know if I can just terminate the finance and then go elsewhere and start again. Is this something I can do? Thanks.
Hi Emma, do you have a PCP (personal contract purchase) agreement or a lease agreement? I ask as PCP's are traditionally easier to escape as you can sell your car and place the proceeds towards your settlement figure. You're in a tricky situation as a 72 month lease (with 60 months left) is incredibly long. If you're in a lease you may be able to carry out a lease transfer which involves "selling" your lease to someone who requires a short term car lease but not all leasing companies allow this. You could speak to your leasing company and see what's involved with settling early but there may well be severe financial penalties so it may not be worth doing so. If i'm being honest you're best speaking to your leasing company and explaining your situation and finding out what (if anything) you can do. Sorry i couldn't be of any more help. Regards, Edwin