can i send back my car after half the term?

[loopy2212]

i have a car on finance which i had over a 3 year period and i have been told that after half the term of the finance agreement i can send it back without owing the finance company any more money?

[tubeway]

Depending on the type of agreement - If you have paid off half the total amount payable (price of the car including interest and charges) then you are allowed to inform the finance company that you wish to return the car - they will charge you for any damage to the vehicle. Finance companies do not like to do this but this is your right under the consumer credit act. Check you finance documents and it should have the information.
They are not allowed to adverselt affect your credit score either.

[bednobs]

have a look at your documents you signed when you took the car on - it will all be in there. As no-one on here was privvy to your agreement, we cant tell you. However, was it a loan you took out or car finance through the garage on a personal plan? If the latter what you have been told is more likely to be true, if the former, it isnt

[eyebrows]

i would have thought so....

say you bought your car for 10k and total payable of say 13500 you would have paid off say 7000 and your car is worth say 6500 you can walk away as you have now broken even.

This will only work if you have financed with your agarge tho....

i looked into teh sam thing, except i was more eager, and was still inj negative equity...therefore they said come back in 6 months....so it worked for me...