From: "Alex" 
Newsgroups: uk.finance
Subject: Re: Surrendering a Car to finance company
Date: 29 Jan 2007 11:50:57 GMT

At 18:23:52 on 25/01/2007, Martin delighted uk.finance by announcing:

> 
> "Jonesey"  wrote in message
> news:1169748382.174871.44520@s48g2000cws.googlegroups.com...
> > Hi,
> > 
> > Just after a bit of advice or information before I speak to my car
> > loan company (Black Horse)
> > 
> > 
> > I took a car loan out in 2005 to buy a car, which I still have, I am
> > moving into a new house and the car has to go, however, with the
> > finance outstanding, I feel limited as to my options. Can anyone
> > give me any help on what my rights might be on saying to black
> > horse - Take the car back, I can't afford it?
> > 
> > I cannot get a loan to pay off the outstanding amount and the car is
> > worth more than whats outstanding as I put down a fair deposit.
> > 
> > I know my best option is to just phone them but wanted some thoughts
> > first!
> > 
> > Thanks
> > 
> > Andy
> 
> Strongly suggest you do NOT say you can't afford it.  Put's a black
> mark against your name.

Nonsense.

> Instead, use any excuse (eg "getting company car") and say you want
> to sell off car and re-pay loan early.  Ask them how much they want
> by way of "penalty" for early redemption - it'll typically be the
> best part of a month's interest.

The first step is knowing exactly how the car's financed - what does
your contract say?  Assuming it's on HP, the car can be returned after
half the payments have been made (or sooner if the agreement allows
that).