Car Finance, Hand car back to lower payments?

Car Finance, Hand car back to lower payments?

Car Finance, Hand car back to lower payments?

Posted: 04 Jun 2013 06:01 AM PDT

I have a fiat 500 on PCP finance with fiat which i have only had for 6 months. The car no longer suits what I need it for (Baby!) and was looking at changing it for a different one. I was told by a dealer who contacted fiat that I have around £6000 negative equity on the car which would needed to be added onto any other new finance agreement making my payments very high. I decided that I needed to get out of this current agreement as fast as possible and thought maybe if I changed my car for a much cheaper car I could lower the term and pay it off faster but because of the large amount of negative equity I am being refused the finance. Would I be able to hand the car back to fiat to reduce the amount I owe them (basically paying them off the 8,000 the cars worth) and then pay of the remainder of the loan over a 2-3 year period? My partner could then take out a new agreement on a much cheaper car (around 3,000) meaning our payments would be only slightly more but we could reduce the term to just a couple of years and i get get done with this finance.

0 comments:

Post a Comment