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Ben Jones
Ben Jones, UK Lawyer
Category: Law
Satisfied Customers: 50165
Experience:  Qualified Solicitor
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Is it possible to hand back a car that is on finance and

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Is it possible to hand back a car that is on finance and essentially downgrade. I have a car on finance from Toyota and the monthly payments are just a bit too high for me now. I would like to hand the car back and ask for a cheaper lower spec car and wanted to know where i stood because i know that they will do everything they can for me to keep the current car.
thank you.

Hello, my name is***** am a qualified lawyer and it is my pleasure to assist you with your question today.

Customer: replied 1 year ago.
Hi Ben, thanks for getting in touch.

Hi Phill. No problem at all. How long have you had the car on finance?

Customer: replied 1 year ago.
exactly one year with this car. I upgraded with them last july and had the previous car for 1 year also.

OK thank you, ***** ***** it with me. I am in court today so will prepare my advice during the day and get back to you at the earliest opportunity. There is no need to wait here as you will receive an email when I have responded. Thank you.

Customer: replied 1 year ago.
thank you Ben.

No problem at all.

Many thanks for your patience. The issue here is that there appears to be nothing wrong with the car. You have essentially changed your mind. This does not give you any consumer rights to hand the car back and get a replacement. Had the car been faulty or not as described then you would have had some consumer rights but not in this case. So you would have to rely on the agreement you have in place or the finance company’s discretion. The first thing to check is the agreement terms to see if they state anything about the possibility of getting a replacement. If that is not possible then you will have to rely on their discretion and goodwill as to whether they allow you to replace it. They would however not be legally obliged to so you would have to try and negotiate with them as best as you can.

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