GIBBS
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Registered: 22nd Feb 01
Location: Kent, Jap Car Importer :)
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Need a bit of advice here for a mate, he bought a new corsa over a year ago now, but he doesnt want it anymore and wants to do some travelling, so effectively.. can he just go and hand it back to vauxhall?
Cheers
Matt
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liamC
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Registered: 28th Feb 04
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You can only go and hand it back to Vaux after you've paid half of the car off. If he has, then he can do just that.
If he hasnt paid half the finance off, then if its the same as it is with my finance company (I know this as I have rang them as I'm in the process of selling my car) he has to sell the car, then has 7 days once the car is sold to pay off the remainder of the finance.
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liamC
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Registered: 28th Feb 04
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Also, if the car aint half paid off, you can ring Vauxhall finance and ask to give you a settlement price if he wanted to sell privately.
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GIBBS
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Registered: 22nd Feb 01
Location: Kent, Jap Car Importer :)
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but that's bullshit, he's paid it for over a year so has paiod the interest for a year so should be able to just give it back to them? they have made a profit still?!?!
what happens if he just walks in gives them the keys and walks out? can't do much can they?
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liamC
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Registered: 28th Feb 04
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They can't really do much then I suppose.
Bad credit history it possibly the most that would happen although I havent a clue on these things. The car would probably go to the car auctions along with the rest which don't get paid off on finance and repossed.
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Mark Petty
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Registered: 26th Jul 01
Location: Bournemouth Drives: Suzuki gsf600
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quote:
Originally posted by GIBBS
but that's bullshit, he's paid it for over a year so has paiod the interest for a year so should be able to just give it back to them? they have made a profit still?!?!
what happens if he just walks in gives them the keys and walks out? can't do much can they?
They can they may not want the car, he will still have to pay the full balance of the finance. Unless they agree to a price for the car then he will have to pay the remander.
They will offer a very little amount  even if they do accept the car I reckon he will still owe them money as they will want to make money out of it.
He should of got a loan not finance
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Rob Withey
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Registered: 21st Sep 03
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quote:
Originally posted by GIBBS
but that's bullshit, he's paid it for over a year so has paiod the interest for a year so should be able to just give it back to them? they have made a profit still?!?!
what happens if he just walks in gives them the keys and walks out? can't do much can they?
They may not have made a profit. The car likely isn't worth as much now as it was a year ago. Interest isn't there to cover depreciation.
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nickyboy01
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Registered: 10th Sep 03
Location: Oxford-ish
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If he gives it back and walks off then he will be liable for the full finance cost still. Even if they sell it, its 12 months old and will be worth prolly 2/3rds of the original price whereas the finace is still gonna be almost the original cost when you include the interest. He agreed to all this in the terms of finance when he signed the paperwork.
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BlueCorsa
Member
Registered: 14th Jan 04
Location: Midlands Drives: MB SLK250 CDI
User status: Offline
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quote:
Originally posted by GIBBS
but that's bullshit, he's paid it for over a year so has paiod the interest for a year so should be able to just give it back to them? they have made a profit still?!?!
what happens if he just walks in gives them the keys and walks out? can't do much can they?
They will just record it against his credit record and send it to debt collectors etc. to recover whatever they consider is outstanding. Not a problem if your mate is leaving the country and not coming back - if that is the case, then to be honest, I would just sell the car and take the money with him...
...unless there is a guarantor for the loan, in which case the finance company will go after them...
[Edited on 10-04-2005 by BlueCorsa]
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