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Moving Abroad - Can i hand my car back to the finance company?

I have recently took finance on a £10,000 BMW in July, I have paid 4 months worth of payments on time no fuss, but i have to move abroad for my job and obviously wont be able to make the payments.

Can i just give the car back? or what is the process?

Posted by John Behan on

Answer.

Hi John, a good question and thanks for using the Q&A. If i'm honest you'll have to get all the T&C's from the lender who lent you the £10,000 initially. Have you spoken to them yet?

My experience tells me that you will have to sell the vehicle privately and pay some early settlement charges with the lender to settle the finance agreement completely before you move abroad. Let me know how you get on. Kind Regards, Edwin

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Question.

Hi, I took out a five year finance agreement in march 2010. The finance is in my fathers name and since this he has developed alzhiemers. He is getting confused as to why money is going out of his bank now and getting frustrated and ill. Even though the car was for me and I keep reassuring him that I'm paying the bill not him, it's still making him deteriate. Also since then my circumstances have changed and I can no longer afford the car payments. The settlement figure is a ridicules amount and I'm wondering if I a can send the car back at all or how to lower these payments. Please can you help?

Posted by Gav on

Answer.

Hi Gav, unfortunately as you're not 50% of the way through your agreement you can't hand your car back or voluntary terminate the agreement as they say in the industry. Your best bet is to re-schedule the payments with the existing finance company or re-negotiate the payments to a more manageable amount. I'd also advise that you set-up the direct debit to come out of your bank account so that it doesn't go on upsetting your father. Lastly, how much can you sell the car for and what is the settlement? Are you in much negative equity? I'm sorry i couldn't be of more help. Regards, Edwin

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Posted by Hannah on

Answer.

Hi Hannah, You may want to contact the finance company to see what your options are. It will depend on how far into the agreement you are. If you are over half way you may be able to voluntary terminate the agreement and hand the car back. Unfortunately it is difficult with regards to selling the vehicle privately as it is the finance company that owns the vehicle not yourself. Ideally you would need to settle the finance before selling the vehicle. Hope this helps. - Edwin :)

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Question.

I am moving out of the country but my car is on finance. I took it out in January 2013 and have been paying up to now. My contract is for 36 months.

Can I return the car to Advantage Finance or can I ask my friend to park it in her garage and declare it SORN so that I won't be paying for the car tax & insurance? I am aware that I am not half way through my contract. Please can you help?

Posted by Jules on

Answer.

Hi Jules, thank you for reaching out to me.

Unfortunately Advantage won't just let you just hand the car back and terminate your agreement unfortunately. It is a shame you're not 50% of the way through otherwise this would have been possible.

The only option you have is to sell the car privately. With the proceeds you'll then have to call Advantage Finance and settle the full amount. Do you know how much you owe to Advantage and what your car is currently worth? Hopefully you're not in any or too much negative equity. Kind Regards, Edwin

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Question.

Hi, i got an Audi A4 on finance 6 months ago and it cost £10,000 over 5 years. However, I've now been offered a job in Australia.

Do you know if i can i take the car with me but carry on making payments? Do finance companies allow this? Or what what would be the outcome if they won't as I'm going to emigrate no matter what? Thanks

Posted by Glenn Mayell on

Answer.

Hi Glenn, thank you for the question.

I'd be surprised to be honest of the finance company allowed you to take the car abroad as legally it is theirs until all payments have been made. Please ask your finance company the direct question though.

If they say no as i expect you will have to sell the car and settle off the finance agreement. Do you know what amount is outstanding and how much your car is worth (trade value)? Good luck with the move and i hope you can resolve the issue swiftly. Regards, Edwin

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Question.

Hi Edwin, thanks for the answer. I don't intend to live back in the UK so, what would be the repercussions if i just left UK and emailed them to collect the car?

Posted by Glenn on

Answer.

Hi Glenn, if you left the country and just emailed them to collect the car there's not a great deal they could do. They'd have to come and collect it and sell the car at auction to recoup their costs etc. However, i wouldn't advise doing this as it would leave a big default against your name with the credit reference agencies. If you ever returned to the UK (things do change) you'd struggle to get any sort of finance. Kind Regards, Edwin

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