Cancelling my finance

[ukaskew]

Has anyone had any experience of handing their car back once theyve paid for half of it? Im just under the half payment threshold so in a month or two I will have paid the minimum amount to hand it back. No probs there but problem is Ive done 20,000 miles and thats exactly 3 months before Ive had it two years. At 6p a mile Im going to get hit hard on that I imagine, technically I should be on 17,500 at the moment to not get stung with charges. Just wondered how dealers react to it, I know Im within my rights to hand it over but if its loads of hassle Id rather not.

Im desperate to get a 172 (even more so with that mint one in Wiltshire sat over in the for sale section, would be absolutely perfect considering how local it is!), at this rate Im going to go waaaay over the mileage by the time 3 years comes around, so when it comes to that time Im not going to get much back for it anyway.

 

[phunkey_monkeh]

The extra miles are going to cost about £150.

You need to call Renault Finance and they will give you an address to write to.

I nearly gave mine back, but i ending up selling it instead.

 

[badinvincible]

If the extra mileage charge is less than the difference between value of car and finance outstanding, just pay it and hand the car back. If not, get a loan, clear finance and sell the car privately.

 

[scotty1]

sell the car privately. You should make a profit. Pay off the settlement figure and then put what youve made towards another car.

 

[MickeyO]

hand the car into the dealer, and hopefully it will be worth a bit more / the same as what you owe the finance company.

Sort out any differences in amounts, ie if its worth less pay the difference, if its more use that as a deposit on a new car.

all that means is you would have to find a dealer with a 172 for sale (get second hand one imo) as a pose to a new 182

 

[ukaskew]

Ah right thats interesting. I didnt realise I could pay off the outstanding balance completely. Thats around £5k at the moment so as long as I could make that back on it Im in good health, looking at Auto Trader £5k should be achievable.

 

[Big G]

I terminated the finance on my old car instead of selling it. Was a fairly straight forward affair; I put it in writing and then they wrote back advising me of what documents I had to return with the car (log book, MOT cert, service manual etc). Theyve made their money on the car, so they just put it straight to auction.

When it was examined on pickup, the guy just took a quick look round the car and that was it done.

 

[Guilbert]

if you are planning to get finance on the 172 then go to the dealer and see what trade in they will give you.

Say you owe £5000, and they were to offer £4700, they would pay that amount off your original finance, the other £300 (would be easier to pay off yourself) but they can add it to the new finance agreement. So say the 172 is up for £8000, your new finance will be £8300.

Obviously if they offer a crap trade in then try to sell it or give it back, what ever works out to be the most cost effective for you really.