200: ending renault finance early??

[200cup andy]

has anyone done this?

i took out the 2 year contract when my life was a lot easier (worked 5 mins from home, well paid) now 8 months down the line im unemployed having to look at driving distances to work and with the clios love of fuel, i am only just affording to keep the car on the drive let alone actually using it.

im seriously looking at giving the car back but im unsure about what to do

any help would be great as im quietly freaking out

 

[Richy_Boy]

I'd advise you call them up and explain your situation... they can give you your options over the phone.

Rich

 

[200cup andy]

the dealer or the renault finance people??

 

[Richy_Boy]

Renault finance themselves.. the dealer is only interested in selling you a car, or taking money off you some other way!

No matter what finance deal, there will be some way of 'getting out'.

Rich

 

[200cup andy]

just rang both, selling it privatly to someone seems the only way so once i have the money i can then pay off the finance

but a hpi check is gonna screw any chance of that working as it will show up the finance

 

[Harpham]

I was told by my dealership that I can give it back after 1 year if I no longer can afford the repayments and it wouldn't have an effect on my credit rating.
(He just advised not to make a habit of doing it)

Not sure of the actual logistics of that, but he just mentioned it to me when I picked mine up.

 

[Liambo-201]

Im sure there is ways and means of handing the car back after a certain period of time etc...

This is the kinda situation where im glad i paid cash

 

[MikeDX]

Most standard finance packages allow the car to be given back after 50% of the loan period with no penalty.

 

[clio200cup]

I was told by my dealership that I can give it back after 1 year if I no longer can afford the repayments and it wouldn't have an effect on my credit rating.
(He just advised not to make a habit of doing it)

Not sure of the actual logistics of that, but he just mentioned it to me when I picked mine up.

handy to know

 

[200cup andy]

yer is after 50% is paid for me but as ive got one of those balloon pament things its pretty much when the 2 years is up

its seeming like im heading in to one of those s#@t creek with out a paddle things

 

[Roy]

cant you ask the dealer to buy it back and they can pay off the loan???

 

[edd1e]

do you have negative equity?

I.e. is the settlement figure more than its worth?

 

[Richy_Boy]

^ Yeah, I'm sure if you explained to the buyer that there IS finiance but it will be cleared when the car is sold they'll understand. It's only when there's finance that's not declared during a sale that there's a problem... (to me anyway).

Maybe get a short term private loan from the bank to pay off finance, then sell privately (as the bank loan won't be tied to the car).

There's loads of solutions, I guess you just need to juggle money around a bit. I'm suprised Renault Finance didn't help you more though.

Rich

 

[200cup andy]

no ive only had it for 8 months its done less than 6k miles

roy the dealer is going to give me a silly price though ive got a pretty good idea how much the car is worth with the op extras

my life is down the pan anyway so its not like i can loose much more money

rich- i wouldnt be able to get a loan as im unemployed

 

[Roy]

no ive only had it for 8 months its done less than 6k miles

roy the dealer is going to give me a silly price though ive got a pretty good idea how much the car is worth with the op extras

my life is down the pan anyway so its not like i can loose much more money

rich- i wouldnt be able to get a loan as im unemployed

you never know mate

you can put it up private and get the buyer to pay the finance off
have you asked Steve Murr of here if he wants to buy it???

 

[Jasey]

yer is after 50% is paid for me but as ive got one of those balloon pament things its pretty much when the 2 years is up

its seeming like im heading in to one of those s#@t creek with out a paddle things

Read the small print in the agreement you have.

Not sure if the balloon payment has anything to do with the right to put it back once you're half way through the payments you've agreed to (presumably 24 x £199 or something like it)

You may just have to pay the payments for another 4 months then hand it back ?

Good luck.

 

[200cup andy]

not yet im still doing all the maths to figure out whats best

i really dont want to sell it as ill be car less and screwed getting to interviews, but i really dont want to get black listed because i cant pay the finance

 

[Roy]

its a $hit but sure you will get it sorted

 

[ipodsandguns]

Pretty sure you can give back at 12 month hassle free if its not hammered with miles.

Optional extras make no difference. if you have recaro seats and speediness sell them to get you over the next 4 month?

 

[MadaCup]

All I'm hearing are excuses.

You can't sell it privately because it has finance outstanding. Not true.
You can't sell it to the dealer because you'll get a bad price. Not necessary true, you haven't found out how much they will give you.

I'm not sure what you expect us to say, they are 2 very good suggestions and possibly the only way for you to end your agreement without penalty but you don't seem interested in perusing either of these routes :eek: