sons car finance

[dillon21]

Can anyone give me advice on a situation my son finds himself in he bought a car on finance 17mths ago

since then his work and personal circumstances have changed he hasnt missed a payment but it is leaving him with no money at all he needs to get rid hes tried to sell it private so he could settle the finance but had no intrest can he speak to the garage and tell them he no longer has a regular income and therefore cant pay, and ask ifthey could take the car back what does happen when you just dont have the money to pay

Many Thanks

[dillon21]

What options does my son have he got a car on finance 17mths ago hes kept up with all payments but he now as no work and cant afford he payments what are his options can he ring garage and ask for the car to be returned,he really needs to get rid of the car

Thanks

[havinastella]

It really all depends on what the contract says. If he has kept up repayments, he may have the option to voluntary terminate.

 

Jogs

[dillon21]

how do we find out should we speak to the garage where he bought the car from surely there must be a way out if peoples circumstances change

[Guest]

dillon

as Jogs says, see first what the finance agreement says, if anything, re 'early' return of car/termination. your son should have a copy of the agreement.

imo

[raydetinu]

If on HP then his contract is wiith the finance co. or is it a personel loan. He cant sell it if on HP as its not his car.

The options will be on the agreement.

Let the finance co straight away they MAY reshedule the payments, longer period at a reduced payment ( long shot )

You can hand the car back if you have made at least 50% of the payments and owe nothing. ( exact amount will be stated on agreement )

If you dont keep up payments then they can reposses the car; if you have paid more than a 3rd then they need court order to do this, under a 3rd they dont but will need one to remove it from private property.