MINI2

Suttie · Mar 30th, 2006, 05:29 PM

Hi i recently bought a brand new mini one on finance but unfortunatly i cannot afford to keep up with the re-payments but i dont know what my options are i was hoping u could help me out i mean am i allowed to sell it or can i give it back or what?! i just dont know please help asap

supa-dupa-cooper · Mar 30th, 2006, 05:33 PM

Is the finance with BMW?

If so you should have recieved a booklet with all the details in, tells you what you can do in your circumstance.

You cant sell the car, you dont own it, the finance company do.

Give them a call, im sure they will be able to help you out.

supa-dupa-cooper · Mar 30th, 2006, 05:33 PM

Oh yeah and welcome to M2

Suttie · Mar 30th, 2006, 05:35 PM

cheers supa i will have a look

dietcokeplease · Mar 31st, 2006, 02:28 PM

Suttie,

Once you have read the T&Cs you could contact your local Citizens Advice bureau as they can explain your options.

Your rights are greater if you have paid more than half of the agreement. In some instances you could hand the car back with no further penalty. Best of luck.

Tommy_Gun · Apr 5th, 2006, 11:05 AM

which finance package was it? a pcp or normal finance?

If you've paid over half (I think this only applies to pcp but not sure) you can hand it back no questions. Also contact the finance company and ask them for your settlement figure i.e how much you still owe.

You could always ask the delear do buy it back but you'll have to pay the difference between the price they offer and the settlement figure (depreciation).

GR33NIE · Apr 7th, 2006, 10:50 AM

Used to work for a finance company

This is related to the 1/2's & 1/3's Rule, basically if you've paid over half you should be able to hand it back, don't think this differs on the type of product eg Hire Purchase, Personal Contract Purchase etc

Mar 30th, 2006, 05:29 PM	#1
Suttie MINI2 Newbie Join Date: Mar 2006 Local Time: 02:20 AM Posts: 2 Offline	finance Hi i recently bought a brand new mini one on finance but unfortunatly i cannot afford to keep up with the re-payments but i dont know what my options are i was hoping u could help me out i mean am i allowed to sell it or can i give it back or what?! i just dont know please help asap

Mar 30th, 2006, 05:33 PM	#2 (permalink)
supa-dupa-cooper In S Club Heaven!! Join Date: Mar 2004 Location: Cloud MINI Local Time: 02:20 AM Posts: 19,738 Offline	Is the finance with BMW? If so you should have recieved a booklet with all the details in, tells you what you can do in your circumstance. You cant sell the car, you dont own it, the finance company do. Give them a call, im sure they will be able to help you out. * The Italian Job 2008......Team 50 - Website Here!* UNION JACK OWNERS CLUB GB002

Mar 30th, 2006, 05:33 PM	#3 (permalink)
supa-dupa-cooper In S Club Heaven!! Join Date: Mar 2004 Location: Cloud MINI Local Time: 02:20 AM Posts: 19,738 Offline	Oh yeah and welcome to M2 * The Italian Job 2008......Team 50 - Website Here!* UNION JACK OWNERS CLUB GB002

Mar 31st, 2006, 02:28 PM	#5 (permalink)
dietcokeplease Official MINI2 Fluffer Join Date: Jul 2001 Location: Spearmint Rhino Local Time: 01:20 AM Posts: 5,315 Offline	Suttie, Once you have read the T&Cs you could contact your local Citizens Advice bureau as they can explain your options. Your rights are greater if you have paid more than half of the agreement. In some instances you could hand the car back with no further penalty. Best of luck. There is just one moon and one golden sun; And a smile mean friendship to ev'ryone; Through the mountains divide, and the oceans are wide; It's a small world after all.

Apr 5th, 2006, 11:05 AM	#6 (permalink)
Tommy_Gun MINI2 Regular Join Date: Apr 2005 Location: Hatfield Heath Local Time: 01:20 AM Posts: 242 Offline	which finance package was it? a pcp or normal finance? If you've paid over half (I think this only applies to pcp but not sure) you can hand it back no questions. Also contact the finance company and ask them for your settlement figure i.e how much you still owe. You could always ask the delear do buy it back but you'll have to pay the difference between the price they offer and the settlement figure (depreciation). http://www.myspace.com/scorpionking1982 People should not be afraid of their governments, governments should be afraid of their people

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Mar 30th, 2006, 05:35 PM	#4 (permalink)
Suttie MINI2 Newbie Join Date: Mar 2006 Local Time: 02:20 AM Posts: 2 Offline	cheers supa i will have a look

Apr 7th, 2006, 10:50 AM	#7 (permalink)
GR33NIE Polo GT Owner! Join Date: Aug 2004 Location: Oxfordshire Local Time: 02:20 AM Posts: 3,805 Offline	Used to work for a finance company This is related to the 1/2's & 1/3's Rule, basically if you've paid over half you should be able to hand it back, don't think this differs on the type of product eg Hire Purchase, Personal Contract Purchase etc

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