Is there any way around retunring a car, which I bought on finance, without actually paying the full amount?

Question

I bought a car a year and 3 months ago and I've hit some difficult financial circumstances. Now, I want to return the car, for the fair price obviously of around £7500, which will leave me with £2500 to pay. If I return it, can I somehow get away with not paying the remaining finance? Not including anything illegal obviously ;)

Answer 1

Sounds like you're "across the pond", so this may or may not be accurate.

You'll be stuck with what's called an "involuntary repossession", and you'll still have to pay the difference of what you owe and what the car brings at auction.

I would do whatever I could to avoid that.

Answer 2

if you return the car to the finance company it will get sold at auction what ever they get for it will come of what you owe them and if it is not enough you will have to pay the rest.also remember you cannot sell the car privatley as it is on finance

Answer 3

You can't return a car. You have to sell it to someone.

Answer 4

No.  You borrowed the money, you owe the money.

It may come as shock, but when you sign a legally binding contract (as you did), you are required to honour it.  By law.

Answer 5

HELLO

YOUR OTHER PROBLEM IS THAT EVEN F YOU BORROWED MONEY TO PAY THEM, THEY WOULD NOT REDUCE WHAT YOU OWE THEM. THEY WOULD STILL WANT THE WHOLE AMOUNT WITH ALL THE INTEREST

SORRY

Answer 6

If you bought in on HP finance, then no, you could return the vehicle, but the finance company would then assess it's value, calculate the difference between how much you owe & the value and then ask for payment of the balance immediately.

If you told them that you were in financial difficulty, they may be sympathetic, but I doubt it.