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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4473
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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Can i return my car i got on finance. I have 2 years left. I

Customer Question

Can i return my car i got on finance. I have 2 years left.
I am unable to pay monthly payment.
I paid half.
But can i cancel my agreement?
Submitted: 4 months ago.
Category: Finance
Expert:  Rakhi Vasavada replied 4 months ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

YES -- You may return the car. There are some other options as well.

To begin with -- just stopping the payments would be a tempting idea but you should NOT do that. It will affect your credit rating in the worst possible manner.

Having said this, -- What you need to do first is sit down and work out exactly what you owe on the car. Ring the company you borrowed the money from and ask them for a settlement figure. When you know what this is, you can start to do something about it.What you need to do first is sit down and work out exactly what you owe on the car. Ring the company you borrowed the money from and ask them for a settlement figure. When you know what this is, you can start to do something about it.

Other option would be to trade down the vehicle OR still better, selling it away. You may have decided that you don't want to have a car anymore or that you can't afford to run one. If this is the case, then have a look at cars of a similar make/model/condition to yours and see how much the going rate for them is.

MORE IMPORTANTLY you need to check the terms of your car finance.

In most car finance deals there is a clause that states that after a certain amount has been paid (usually around 2/3 of the total price) or after a certain amount of time has passed with the loan account being managed in good order – with payments made on time, etc, then the borrower has the right to return the car to the financier.

The lender will do a number of checks on the car, arrange the admin, and then take the car and resell it – leaving you arrangement free without any further commitment.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

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