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Edwin Miles. Underwriting Manager

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Returning car to finance company

I am more than half way through my Black Horse agreement. The only thing is there are a couple of things wrong with the car. There are a couple of holes and cracks in the bumpers, the back bumpers clip is broken and so hangs slightly lower to one side, my stereo is marked and won't go off when engine is on or can't change volume, plus there is a noise coming from under bonnet possibly to do with power steering pump.

Would all these need to be fixed as I am aware that I will be charged if the car doesn't meet standards but, as usual they do not declare what these particular standards are when returning your car. Also if the car goes to auction and is sold for less than what is owed on the agreement, will I have to pay the difference between the auction price and amount owed?

Posted by Ashlie Graham on


Hi Ashlie, as you're returning your vehicle to Black Horse i'd do everything possible to get the vehicle in tip top condition without having to spend a fortune. Cosmetic damage can be rectified quite cheaply these days and it's well worth sorting out yourself rather than being overcharged by the finance company.

I'm not exactly sure how Black Horse operate when customers return their cars to them to be honest so i suppose you'd be best speaking to a representative on the telephone and find out exactly what you will be charged for if the vehicle doesn't make the expected price at auction to clear the outstanding finance.

I know that some finance companies do charge individuals if the car isn't in a good way so spend a bit of time on your car before returning it and find out exactly what the terms are for charges etc. It'd be worth reading the credit agreement you originally signed. If you need a new car on finance moving forward please apply with us as we can beat dealer rates and you can choose a car from any dealer. Kind Regards, Edwin

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I have been contacted recently by moneyway stating as I am 50% of the way through my term I can VT the car.However the car has been an absolute money pit since I bought it, starting with driving down the motorway after picking it up.I am going to VT the car but do not want to get stung on the repairs the car needs doing to it to send it back.Due to the amount I have paid on the car in repairs(not including fair wear and tear) is there some way of off setting these payments on any repairs that moneyway feels it needs to get it back in reasonable condition?Thanks Laura

Posted by Laura on


Hi Laura, Unfortuantely as far as I am aware you will be liable to pay the vehicle repair fees. I would advise that you get the car up to scratch before you VT as the finance companies usually charge higher costs than what it would be to get it repaired at a local garage. I'm aware that this won't help you now but you should have reported the faults to the finance company and the dealer at the start of the agreement. The dealer would have been liable to get the vehicle in the condition you expected it to be in when you purchased it. I hope this helps, Edwin

Posted by on


My brother took two car finance loans at Carcraft for me and my daughter as we both was refused credit in 2011. He has excellent credit but they have charged 25.34 APR, which is very high for his credit scoring.

Is there anything he can do to resolve this we have been paying the installments for 32 months? I feel we have been conned and we are only half way through the loan. Two cars that cost £6000 each is costing us £30000. Please can you advise us what we can do? Thanks, Denise Moore

Posted by Denise Moore on


Hi Denise, thank you for your question.

There is a way out of the agreements and help is around the corner. All you need to do is hand the cars back to the finance company once you reach exactly 50% of the way through the finance agreements. Who is the finance with? You need to call them and say you wish to "VT" (Voluntarily terminate) the agreements as soon as they reach the 50% mark.

Please make sure the cars are in good condition as the finance companies can levy a charge. Again speak with the finance company regarding charges.

When you have handed the cars back and you need a new agreement please apply with us as we can beat dealer rates and you can choose a car from any dealer with our finance in the UK. We also provide no obligation quotes. Kind Regards, Edwin

Posted by on


Hello, I took out finance deal on a car for a friend in my name.

This person has now stopped making payments to me and left the country. I have the car back but with no log book. I want to return car to finance company.

I am not halfway with the repayments unfortunately, but want to pay a lump sum to take it to that point. It has caused me a lot of stress and want to put it behind me.

Posted by Martin Resendez on


Hi Martin, thank you for your question.

It sounds like a bit of a nightmare situation to be honest and one that finance companies dislike as this happens all the time. We never recommend that anyone takes out finance for a friend or family member as if someone stops paying (as in your case) it is then left for the person who's name is on the finance agreement to clear up the mess.

Unfortunately, as you say you can't "VT" the agreement as you're not 50% of the way through. I would however, keep up the repayments as best you can as not making the payments will effect your credit profile and chances of getting credit in the future.

The only option is to either sell the car and settle the finance or come to an agreement with the finance company. In my opinion you'll get more for the car privately than handing the car back as that'll come with large financial penalties. You'll need the V5 to sell the car so this needs to be registered in your name. You can apply for a new one at the DVLA but before you do this try and get it from your "old friend" as it'll save a lot of hassle.

Good luck and a i do hope you sort the problem out. Kind Regards, Edwin

Posted by on


Hello, I bought a car at the big garage and didn't get the proper information about paying interest on the finance agreement.

I cancelled the finance agreement within 14 days and I took the car to the garage and left it there. I cancelled the insurance because I didn't like the car as it had a problem when driving it.

I am scared of driving the vehicle and we told them at the garage however, they want me to take the car back and want me to pay £5789 in cash since I cancelled the finance. What do I do as I don't like the car anymore?

Posted by Shamiso Zvaraya on


Hi Shamiso, thank you for your question.

Unfortunately, you can't just hand a car back to the car dealership simply because you don't like it anymore however, you are within your rights to cancel the credit agreement within 14 days due to the interest not being explained to your correctly.

When cancelling the credit agreement though you must pay for the vehicle with other sources (credit card, cash etc). So, the dealer is correct in demanding payment for a vehicle you have signed for. Can you come to an arrangement with the dealer on another car on their forecourt if you didn't like the one you initially purchased? You have to speak with the dealer to resolve the issue though. You can't just drop it off and forget about it as you signed to commit to purchase the vehicle.

If you'd like a free and no obligation finance quote from us then please make an application here.

Posted by on


Hi, I'm returning my car to BMW finance do they need all parts of V5C?

Posted by David Taylor on


Hi David, thank you for your question.

As far as i'm aware they won't need the full V5. They'll just need the new keeper part as a minimum so they can send off for a new V5. You'll have to send the yellow part of the V5 off to inform the DVLA you have disposed of the vehicle.

Kind Regards, Edwin

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Posted by Julian Richards on

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