i have had my car for 6 months. was got brand new on a 3 year finance plan. I really dont need the car as much as i thought i would so would like to get rid of it.
how do i go about doing this and what money will i owe/be owed????
Selling back a car on finance?
The garage will automatically offer you 3/4 of the price you paid and the finance documents should let you know what happens if you end your agreement early .
I%26#039;m afraid you stand to lose a few thousand !
If i we%26#039;re you i would work out exactly how much you would need to pay in order to be rid of the car without damaging your credit rating .
Then advertise it on eBay for that price explaining the situation and stating that the buyer will pay the finance company directly .
Hopefully it will work out that someone will get a nearly new car at a bargain price and you have honoured your finance agreement .
The cars manufacturers warranty is attached to the car itself so it makes no difference who owns it .
please note ;
It is technically illegal to sell anything with outstanding finance , this is because finance companies will trace the vehicle and reclaim it without compensating the buyer .
But if the buyer pays the finance company directly the car is yours to give away .
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