Taxi Driver Online

How many of you know that when you buy a new car on finance that you can legaly return it without any penaltyes once you have payed half.
I do this regulary I take the finance out over the maximum period say 5 years, this keeps the payments low, then after 2 and a half years call the finance company and tell them to take it away then you dont have to pay anymore for it, before you do though order your new one first about 3 weeks before should do it, this way you can have a new car every 2 and a half years
read the small print on your agreement and you will be amaised

I thought when you did that it was subject to a quality check to make sure the car was in very good condition.

this is just on normal HP and not a loan from the bank etc.
this is OK as long as you have never missed any payments during the term, they can and will hit you for a big bill if your not right up to or over the 50% of payments.

You can do it on any car as long as you are up to date on the payments and it's in good order.

Aint the hp laws different in Scotland skippy?

Captain cab

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Think of how stupid the average person is, and realize half of them are stupider than that.
George Carlin

Yes I know it only applys to hp and no the law is not diferent in scotland and if you keep the car in good nick and serviced there is no problem,
This might also apply to leased cars as well I dont know as I dont want a balloon payment at the end

but dont the lease to buy cars have an option to hand the car back at the end of the lease term, with nothing to pay anyway?

I'm looking to do this next month, anyone any more advice on this?

id be intrested in hearing from anyone whose done this with a lease car with a balloon payment? as im approaching the halfway point on my skoda

Can you return it after 50% or do you have to pay 50% plus one payment?
I picked a punter up a few months since who said you had to pay 50% plus one payment. He caimed he was into car finance , but he was a bit the worse for wear booze wise. He also said if I was going to get another motor on HP I should order it before I returned the current vehicle to ensure there was no problem with the credit check.
A driver on our circuit returned a 406 a few months since to black horse finance, he said they charged him , i think, £600 or so, I don't know if he was 50% into his payments tho. Trouble is I haven't seen him to talk to.

To be precise I think it's at least 50% of the total amount payable, so if you've paid half your instalments then you may just be under the 50% if the final payment is a bit bigger than the previous ones, which it often (or always) is.

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Taxi Driver Online
www.taxi-driver.co.uk

Yes, I'd always wondered if this might affect your ability to get credit in the future, thus it's maybe a bit short-termist.

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Taxi Driver Online
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I don't know if it's just HP agreements or not, but it should be in the small print in your agreement.

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Taxi Driver Online
www.taxi-driver.co.uk

We could do with skippy 41 to tell us how to kick this off and give us the fine points about this.