When unexpected circumstances arise you may no longer have the funds necessary to keep up with your car payments. A lender can only do this if you broke the terms of the agreement for example if you missed any payments or damaged the car.
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Yes you can terminate and hand your car back subject to you paying half the hire purchase price.
Can i give a financed car back. According to nolo a legal advice website you can simply call the dealer and return a financed car but the lender is under no obligation to release you from the debt owed. But think carefully before you do this you might still owe the lender money. Car dealer will not give you a decent price.
My agreement states that i need to have paid off 7k before i can give the car back to the finance company but thats another 15 months of payments which i cannot afford. The lender wont write the loan balance off. Buying a new or used car is an exciting time.
Financing the difference with a credit card is a bad idea though unless the card offers an exceedingly low interest rate. Carefully weigh your options and the pros and cons of each before you take action. And depending on the loan contract you may be able to return a financed car and avoid credit damage.
I have never missed a payment despite this. Hire purchase price a lender can take back the car without taking legal action against you. If the car is now worth less than you owe consider taking a personal loan to cover the difference when you pay back the lender.
Fortunately there are ways to cancel an auto purchase and return a financed car. Another good option is to sell your car and pay off the debt. The lender may sell the car but you may still be found liable for the difference between the price the lender gets from reselling the car and the price you agreed to pay.
If this happens you can take steps to give the vehicle back to the lender. However recently my situation has changed and i cannot afford the payments and its stressing me out. But in some instances car buyers splurge on a car purchase and they finance a vehicle thats beyond their budget.
The lender must give you notice in writing and must give you 21 days notice to fix the problem. More tools from moneysavingexpert budget planner. Free tool to analyse your finances and scrutinise spending.
Cookies qa how this site is financed and mses editorial code. If you cant afford your car payments you can give the car back to your car loan lender.