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My sister recently bought a new car and was advised by the car dealership that from whom she bought the old one from that best she could do was VT the car with the finance company. There's nothing wrong with the car it was just that the dealer wasn't giving her enough to clear the finance. Now she's paying for two cars.
When we rang Santander today to enquire about voluntarily terminating they said it wasn't actually finance but a personal loan. Is this misselling of a product? She can't afford to pay for two cars and doesn't want to miss any payments, but god knows when this car if ever will be sold. Is there any way round this?
I do know that Santander offer personal loans for the purchase of cars so in answer to your question - no, this would not be the miss-selling of a product unfortunately. The best case scenario is for your sister to get her older car up for sale on as many websites as possible so that she can sell it and clear the old agreement with Santander.
What is the car worth approximately and how much is owed? Your sister may need to get a cash sum to help with any negative equity. Once the old agreement is settled your sister will be free to get on with her life with just one active car finance agreement. Sorry I couldn't be of more help. Kind Regards, Edwin