[MiniRuby]

Hey, my friend is half way through is second year on his mini select plan. He is struggling to make the repayments, what are the options in opting out of the finance?

Cheers.

[Streeters]

He can either, try to get a bank loan over a longer period / lower rate which will reduce his payments, or speak to the finance co and them about re-financing which will be more expensive long term but better than losing the car. the worst thing to do is bury the head in the sand . The finance co would be prepared to listen , as some money is better than no money.

If he has repaid over 50% of the total amount repayable on the loan , he is within his rights to request voluntary termination (VT) where the finance co take the car back and write of the loan. subject to vehicles condition being ok

[Bonj]

One route he could go down is giving the car back to MINI and maybe swapping for a cheaper/older MINI. If he speaks to the finance chaps at MINI, they can give him a settlement figure. This may be less than the value of the car. They can use the difference as a bit of a deposit on a different car and work it that way. When I wanted to change my car half way through my agreement for an R56 MINI, they were very helpful and even gave me a good deal as I was sticking with them.
Moral of the story - tell him to go speak to the dealer.