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originally posted by: Ghost147
originally posted by: rickymouse
Just sell it and pay off the loan. You can pick up a cheap car temporarily till you get on your feet again. Check with relatives or good friends that are getting rid of an older car.
I was under the impression that it's difficult to sell a vehicle that still owes money on it?
And wouldn't the sales price determine if I could pay off the loan? If the vehicle sells for less than what I owe, then I would be without a vehicle and still making payments, wouldn't I?
originally posted by: pavmas
a reply to: Ghost147
Hi, this is Uk law which is similar to Canadian law so read the contract. In the UK any good you take on HP can be handed back if you have made over 50% of payments. for instance if you buy a car over 36 months and have paid 19 payments you can just write to them and tell them to pick it up as you no longer want it and under terms of the contract ( which section) you are ending the contract and returning the good. I know this is not ideal but if you can't pay they will end up getting the car back and adding costs. I know you are a bit off the half wage stage but it you can somehow manage the payments then hand it back after half is paid you maintain your credit rating etc and can get another car when things pick up. Finance companies do not like it when you exercise this right so keep all receipts. I once handed a printer back and 3 years later they sent a debt company but I had the receipt and they asked me to send it them, I said no way come to my door and I will show you it or just take me to court and I will produce it there' but I have to advise you that I will be charging costs as the reciept is up my loft and I am disabled and cant get up so I will be hiring a secretary to do it and do the paper work so expenses will be in the region of £600 (printer was £170) I stated just because you cant get your paperwork in order hats n my problem. You can legally hand anything back on finance after you have paid 50% I actually think its 51% leaving 49% which gives you the right to hand it back, if you bought a pc and its less than half price and better spec than what you paid you should check your agreement, They like to hide this bit of consumer protection.