Car finance. When can i give the car back?

13
Found 26th Feb 2012
Hi

I have bought a car on finance and have had it 2 years now but want to upgrade. Toyota are not offering me a good enough deal to stay with them so want to give the car back and get something else. Ive paid two years off and i know i can give the car back after 3 but ive heard you can give it back after youve paid 50% off. is this correct? will it effect my credit and also is it 50% of the full amount including the finance or half of the cars value?

thanks in advance for any help
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MiscCar
13 Comments
Found the following on Yahoo answers...

Check your finance agreement, somewhere in it it should state that after you have paid half the total cost of the car(Goods) you can return the vehicle with no more to pay, assuming you have taken reasonable care of it. I have done this 3 times now and have saved a fortune as the money I owed was far more than i could get selling it or trading it in, Check your finance agreement and if you can, you just need to send the finance company a letter stating you wish to voluntary terminate the agreement, you will then have no more to pay but make sure you follow your letter up to make sure they know you are going to stop payments to them , also it can't adversely affect your credit history.

NB. You must have this statement stated in your contract to do this.
novel idea, but why not ask Toyota finance?
If this is something your going to continue to do with each car, why not lease?
JonnyTwoToes

If this is something your going to continue to do with each car, why not … If this is something your going to continue to do with each car, why not lease?



wont continue to do ive just realised i need a bigger engine as doing motorway runs now.


mikefellows

Found the following on Yahoo answers...Check your finance agreement, … Found the following on Yahoo answers...Check your finance agreement, somewhere in it it should state that after you have paid half the total cost of the car(Goods) you can return the vehicle with no more to pay, assuming you have taken reasonable care of it. I have done this 3 times now and have saved a fortune as the money I owed was far more than i could get selling it or trading it in, Check your finance agreement and if you can, you just need to send the finance company a letter stating you wish to voluntary terminate the agreement, you will then have no more to pay but make sure you follow your letter up to make sure they know you are going to stop payments to them , also it can't adversely affect your credit history.NB. You must have this statement stated in your contract to do this.




Thanks will take alook see what i can find
mikefellows

Found the following on Yahoo answers...Check your finance agreement, … Found the following on Yahoo answers...Check your finance agreement, somewhere in it it should state that after you have paid half the total cost of the car(Goods) you can return the vehicle with no more to pay, assuming you have taken reasonable care of it. I have done this 3 times now and have saved a fortune as the money I owed was far more than i could get selling it or trading it in, Check your finance agreement and if you can, you just need to send the finance company a letter stating you wish to voluntary terminate the agreement, you will then have no more to pay but make sure you follow your letter up to make sure they know you are going to stop payments to them , also it can't adversely affect your credit history.NB. You must have this statement stated in your contract to do this.


if you have done this 3 times now, you would have saved even more by just leasing.
csiman

if you have done this 3 times now, you would have saved even more by just … if you have done this 3 times now, you would have saved even more by just leasing.




he found that on yahoo if you look. its not him that said it
lincolnsmommy

he found that on yahoo if you look. its not him that said it


good spot!
lincolnsmommy

he found that on yahoo if you look. its not him that said it




Cannot think of a less helpful post, except maybe this one.
look at the terms and condition in the paperwork you signed when taking out the contract, it should tell you there the circumstances in which you can return the car.
I had a finance agreement going back 10 years and I was able to return the car after half of the original agreement term. Providing the car was worth at least the balance left to pay. I had to drop it of at a car auction..
If you have a secured agreement you can hand the car back with no effect on your credit rating once you've paid half of the total amount borrowed. This will include any balloon payments.

If you have a personal loan the above doesn't apply.
I did VT after 3 years in 2006. It comes off my credit file this year. I was told it would affect my credit file. And that was SSID to me by experian.
thanks guys. found my agreement out and have worked it out. 4 months left then i can give it back. thanks all for your help just got pick a new car now
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