Has anyone ever ended car finance early ???

[LimesInLemonade]

Hey!

just wondered if anyone has any advice

basically I took out a 5 year hire purchase plan on a car almost 3 years ago. It was silly, expensive, my parents told me not to and said I would regret it in a few years when I wanted to buy a house and still had huge monthly HP payments coming out and they told me to get a cheaper more sensible car. But 23 year old me just knew better, told them they were wrong and got the sports car anyway. Because I knew so much better and pfft what did they know (hope the sarcasm is obvious!)

anyway, fast forward almost 3 years and they were absolutely correct - I do regret it. I have a large HP payment, insurance and petrol every month and I’m wanting to get a mortgage to trying to cut back. It’s only 2 years left on it so not the end of the world if not, but just wondered if anyone has ever been able to find someone to buy their car for though to clear the finance? I went back to Arnold Clark but there would be a balance of several thousands between what they would pay and what’s left on my finance.

Basically I’m just wanting to get rid of it and get a cheaper car to run

thanks so much if anyone has any advice!

If you've paid more than half the total agreement amount including interest, which you may already have done unless its actually PCP with a balloon payment, you have a legal right to hand the car back and walk away, it's called voluntary termination.

Can I hand my car back if I can no longer afford the monthly finance payments? | What Car?

Omg wow I didn’t realise that was a thing! Thank you so much!

Have you asked for a settlement price? It might be worth paying that and then selling privately for maximum return

I sold mine via Motorway.

They settled the remaining finance and I got what was left. The price they offered me was about £4k more than we buy any car.