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GAVINB

car loan advice

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I currently am 2.5years into a 5 year loan agreement secured against a new car. I am in difficulties and have fallen into arrears on the account.

 

I have been advised to return the car by the bank, and that they will sell it at auction, but that I will be liable for the difference.

 

Is this possible, what are my options - can anybody offer any help or advice.

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Phone up the finance company and tell em. This happened to a friend of mine a few years ago. He bought a car on finance, then lost his job. 6 months later someone from the finance company turned up. He opened the door, gave them the keys and log book, he never heard from them again. Good luck.


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