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Can We Give Our Finance Car Back? in The AnswerBank: Law
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Can We Give Our Finance Car Back?

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winkyridg | 14:34 Sun 26th Jan 2025 | Law
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Hi, not sure if i'm posting on the right forum, my better half and i both have cars on finance because we work at opposite ends of the City we live in, in a week or so we will both be working for the same company therefore will not need 2 cars as one will just be sat there doing nothing, is it possible that we could just give one back to the finance company? If so would there be a fee, i've looked at my finance contract and it's not clear what we can do, unless i'm reading it incorrectly, any help would be greatly appreciated :-)

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Better to sell it and declare the finance.

tell us the make model and year of car and the amount owed for a better answer.

The simple answer is no. You signed a loan agreement to pay x amount back you have to meet those terms. However you can request a settlement amount to clear the loan, but dont build your hopes up to too much discount. Once you have that settlement amount in writing you can look for a buyer who is prepared to pay that settlement amount direct to the finance company. I doubt there will be any cash return hitting your bank.

Forgot to add that the amount you get for the car will only be the market value of the car at time of sale, normally bottom or average, so the chances are you will still owe for the cost of the loan%%%%

Best speak to the finance company.  They may have suggestions but at least they will give you the information you need to make a decision

I'm pretty sure barry you have to tell them that you want to be rid of the car. By law the car belongs to the finance company until you have fully paid up.

Yes you can get a settlement figure then advertise the car for sale making it clear the outstanding finance. Then the buyer will have to pay off the balance and give you the change if there is any.

What's the exact make, model and year of the car, approx what balance is left?

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