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Can you hand a car back to the finance company when you have paid off less than half of the amount borrowed?
Wiki User
∙ 15y ago
The loan company technically owns the car, so it doesn't really belong to you anyway. But keep in mind that your relationship with the finance company isn't really about the car, it's about the loan you took out with them. They want the loan repaid. What happens to the car is not their primary concern.
Talk to your loan agent if you are having trouble paying your loan. They will usually be more than happy to try to work out a payment schedule that is easier for you -- they would rather get the money slower than not at all. If you don't want the car anymore and would rather have a different one, ask your loan agent about the laws in your area concerning selling a car that is still on payment.
Wiki User
∙ 15y ago
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Can you hand a car back to the finance company when you have paid off more than half the amount borrowed?
You can but it will still negatively effect your credit score. It is better to voluntarily turn it over then have it repossesed.
If you give a car back to your finance company are you responsible for negative equity on the car?
Yes - unfortunately you didnt borrow a car, you borrowed money. Your car has depreciated faster than you have paid off your loan it is your responsibility to pay the rest not the finance companies.
What is the amount of money you will have to pay back in addition to the money you borrowed?
Interest
Do you call the finance company or just take the car to the dealer if you want to do a voluntary repossession and do you need to inform the finance company you're taking it back or will the dealer?
call the finance company and tell them that you want to do a voluntary repossession and they will take it from there.
Your car was on a buy back list because of problems Before the buy back could go through your car was repossessed What are your options?
Then the car was never yours - it 'belonged' to the finance company until you have paid the full amount. When a person buys something they pay the seller the purchase price - you didn't pay that money, the finance company did, so they were the buyer and you were using it with their permission until you paid the price to them. The finance company will benefit from any transactions concerning it.
After you've signed papers on the car and the auto finance company rejects you for a loan can you bring the car back and not try to get another finance company to loan you money for the car?
YES.
What does the finance company do when a car is totaled and there is no collision insurance?
If the driver was uninsured or only had liability insurance, they would be liable to still pay the finance company back or face a lawsuit.
How much do you pay back for payday loans?
It depends on the amount borrowed, the term it is borrowed over and the interest rate charged. Generally you will be charged around £30 per £100 borrowed over a 30 day term.
Your vehicle was repossessed and the finance company charged you ''storage'' fee on the invoice to get your vehicle back can the repo agent still charge for storage?
no because the storage fee that the finance company charged you was what the repo company charged on the invoice. the finance company had no other reason to charge storage fee's they did not store it
Uninsured finance vehicle has been stolen Cancelled insurance because car was being repossessed by finance company?
You still have rights to recover the vehicle. The finance company may help you look for it if they're desperate enough to get it back. Even if your car was insured, you would legally have to payback the finance company for the car since you broke a binding finance contract.
What can a finance company do if you voluntarily give them their car back?
They can keep the money you already paid.
What is the mortgage of owning a house?
the amount of money you have borrowed from the bank which you must pay back over 25+ years.
