Car Finance

[qprdebbie]

I had purchased a car on finance and have just had the first payment taken from account. I purchased the vehicle as my husband was setting up a tiling company so to prevent us from having 2 cars I purchased a land rover in which we could both use. The Tiling Company hasnt taken off and my husband had applied for a job which supplies a company vehicle.
I do not need a car now and called the finance office to tell them of my woes in which the response was Tough!!!! you signed the contract.
Is this so? Can I not return the car???

Thanks

[Gok Wan]

No you can't return the car.

If the car is on HP then you can hand the car back once you have paid half the amount, if you do it before then - i.e now - the finance company will most likely sell the car and pursue you for the difference between the sale price and the outstanding amount of your finance.

[Ethel]

Did you buy it on HP -in which case the previous answer is entirely correct; or by personal loan?

If personal loan then you can't return the car. You can sell it, and use the proceeds to pay off the loan but there is a likelihood you wil have to pay an 'early redemption fee' and it is highly unlikely you'll get back the money you paid for the vehicle in a private sale.

[LBerry]

I'm a Director of a finance company, and your attitude and those of people like you infuriate me. You took a car (a depreciating lump of metal) on finance over a predetermined period of time, and due to a change in your circumstances (one which sounds entirely within your control, and certainly doesn't sound like the end of the world), you bleat about the fact that you can't simply hand the car back and walk away?! Open your eyes and accept the responsiblity of your own actions. Ask for a settlement figure, sell the car (with their authority if necessary) but be prepared to pay the shortfall.

[qprdebbie]

Thank you all for your answers. To MR HP Director I wasnt bleating on & I do take my responsibilities very seriously. It was just a question.