200: ending renault finance early??

[200cup andy]

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:

yes and ive took note of those suggestions, but as i stated i really dont want to sell the car as its a dam nice car, so, was trying to get other options out of people
what i dont need to hear is "stop moaning and make a choice out of one of the 2 suggestions" that may mean im going to be more out of pocket than i already am

im sorry about the rant most people can read through my threads and see i dont tend to loose my rag at anything but this for me is a big thing, i dont have a house so the clio is the biggest outlay i have, and there are alot more reasons that mean im allowed to have a rant once in a while

calls will be made tomorrow to get more info about both of the current suggestions

 

[Jonesy]

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.

If you have paid 2/3's or over then the car is legally yours, and you also have the right to hand the car back to the finace company, with in the same condistion that u bought, with normal wear and tear. This WILL NOT effect your credit rating.

I did this with my old car

 

[200cup andy]

its not 2/3rds yet. ive got all the figures from the finance so i know how much i owe but they didnt say about handing the car back

i think the selling privatly then paying it off sounds like the best plan tbh

 

[J_Hale]

When i brought my car privately it had outstanding finance, i was fully aware of this and although abit sceptical at first, as id never done it before, everything when smooth. I got the finance agreement from the seller and then rang a few numbers and double checked some details and figures and then when i went to collect the car i paid off the finance over the phone, no money went to the seller at all, finance cleared, cars mine, sorted. No problems at all.

Aslong as you make them aware and they carry it out it the right way then selling a car with finance is perfectly fine.

 

[Jonesy]

its not 2/3rds yet. ive got all the figures from the finance so i know how much i owe but they didnt say about handing the car back

i think the selling privatly then paying it off sounds like the best plan tbh

u would have to get the buyer to right a check out in your fiance companies name, if your sell the car car, get the money and then pay it off then thats illegal FYI

 

[Graeme GTR]

strange, always thought the 1/2s and 1/3s rule was Scotland only.

You could go to the bank, get a loan to clear the finance off and take it over a more managable period, also have the option to sell the car to clear the bank loan.

You will get a sub trade in price from a dealership, I know because once a month someone always asks me if I'd buy there car from them. If your buying from a customer who isnt buyin from you, you need that car at seriously cheap price to justify it. Also consider that a car like a clio 197/200 has overage stock written all over it. Reason for it needing to be cheap. :clap:

 

[MadaCup]

yes and ive took note of those suggestions, but as i stated i really dont want to sell the car as its a dam nice car, so, was trying to get other options out of people
what i dont need to hear is "stop moaning and make a choice out of one of the 2 suggestions" that may mean im going to be more out of pocket than i already am

im sorry about the rant most people can read through my threads and see i dont tend to loose my rag at anything but this for me is a big thing, i dont have a house so the clio is the biggest outlay i have, and there are alot more reasons that mean im allowed to have a rant once in a while

calls will be made tomorrow to get more info about both of the current suggestions

Well we don't know your financial position so we can't offer advice other than what you asked for which happened to be "how to end the finance early". That leaves you with 2 realistic choices (selling it privately or through a dealer) or an unrealistic choice of defaulting on your payments and ruining your credit history. Both realistic options were met with objections.

The point is we don't know how out of pocket you are already, we are providing you with advice for what we have been asked.

 

[Maz]

When i brought my car privately it had outstanding finance, i was fully aware of this and although abit sceptical at first, as id never done it before, everything when smooth. I got the finance agreement from the seller and then rang a few numbers and double checked some details and figures and then when i went to collect the car i paid off the finance over the phone, no money went to the seller at all, finance cleared, cars mine, sorted. No problems at all.

Aslong as you make them aware and they carry it out it the right way then selling a car with finance is perfectly fine.

Exactly how I sold mine

 

[ken182]

i ended my 182 after about 6 months after buying the car new with renault finance and theyre absolutely stung me when i ended it

 

[MikeDX]

I believe the ballon payment is a final payment to buy the car back isnt it?

Might be worth speaking to CAB. Money lending has become more strict and there are more safeguards in place. New rules come in all the time to protect the buyer.

Renault finance arent going to give you a get out of jail free card just by asking but its definitely worth pursuing to the letter of the contract.

Keep your chin up mate, all of us are right behind you here

 

[Curley]

i ended my 182 after about 6 months after buying the car new with renault finance and theyre absolutely stung me when i ended it

Any chance of more details?

 

[ken182]

i had to pay the full term interest even though i repaid the loan off early

so basically paying off early saved me no money compared to if i ran it for the full 3 years

bmw finance only charge you interest up to the point to pay the finance off.

with the clio i paid a large deposit and sold the car on after 6-9 months aprox and as i got hit with the full interest charge any equity in the car was taken away from me. one of the most expensive mistakes i hope to ever make renault finance

 

[Maz]

Hmm that didn't happen with me.. I sold my 200 after 5 months, paid off the finance and retrieved my deposit.

 

[Harpham]

Hmm that didn't happen with me.. I sold my 200 after 5 months, paid off the finance and retrieved my deposit.

Was that with the pcp deal?

What were the in-depth details of that? (Just for my knowledge)

 

[Maz]

Yep 2 year PCP.

Sold my car for x which paid of my finance of y and left me with near enough my original deposit of z.

Never owned or sold a car on finance before and it was hard work showing the buyer I was not going to rip them off.. Must look dodgy lol but I provided my settlement figure evidence, let them call the finance company to confirm, they paid the finance company the outstanding money direct and me the excess to make the agreed Price for the car.

 

[200cup andy]

Yep 2 year PCP.

Sold my car for x which paid of my finance of y and left me with near enough my original deposit of z.

Never owned or sold a car on finance before and it was hard work showing the buyer I was not going to rip them off.. Must look dodgy lol but I provided my settlement figure evidence, let them call the finance company to confirm, they paid the finance company the outstanding money direct and me the excess to make the agreed Price for the car.

thats the info i needed. that someone has been able to do it.

 

[Maz]

It's possible, anything is

Happy to discuss in further detail if it helps.

 

[brightside]

I was thinking of getting a personal loan to pay off the finance,(when its time is up, which isnt yet..) sell the car and then with they money from the sale pay the personal loan off. That way even if I still owe a bit I can still get rid of the car, and just pay the loan off when I can. If that makes sense...

 

[200cup andy]

It's possible, anything is

Happy to discuss in further detail if it helps.

drop me a pm with some more info. im crap at all this money stuff so i need all the help i can get

 

[Maz]

^ happy to help, if you drop me a pm with what you want to know it would be easier.

I was thinking of getting a personal loan to pay off the finance,(when its time is up, which isnt yet..) sell the car and then with they money from the sale pay the personal loan off. That way even if I still owe a bit I can still get rid of the car, and just pay the loan off when I can. If that makes sense...

That would work too and was a last option for me.