I am just about to send my car back to a finance company now I have paid 50% off the borrowed amount. I have had numerous faults on the car but have not replaced both elec. front window motors which failed a while back (£600 bill to fix). Can anyone tell me if this is unsatisfactory condition or can I send it back like this without being billed. If it is unsatisfactory I asume replacing them myself will be cheaper than thier bill. Any advice appreciated. thanks
{Finance company name removed as per the forum policies. DD}
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IMO satisfactory condition would mean everything working and no accident damage. Think of it as, how you would like to receive the car if you were buying it. It would be interesting to hear what the finance company does if the car is not in satisfactory condition, do they have a fixed charge or do they repair it and send you the bill ? I know most of the finance company recalled vehicles ususally end up at auction, so would they even check it ? If they don't check it on pick up, then you could claim the windows were working when you handed it over.
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I think you have to have paid off 50% of the TOTAL amount, including any interest. I handed my Saxo back when I moved four years ago. As they could not collect until after I had gone I left it at a friends house, and he said the guy who picked it up gave it a thorough going over, even commenting on the mismatched wheeltrim on the front.
The car has to be in reasonable condition for it's age, and I believe if there are any serious faults they would refuse to take it until they had been rectified.
It saved me a fortune as I had done 60,000 miles in eighteen months, and having bought it just before prices dropped by about ten per cent the outstanding finance was almost double the book value.
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How old is the car and what do you estimate its value to be?
I would assume that if its low value then the finance co. will just send it to auction.
I guess the circumstances may be different between the new style PCP agreements where the compnay have placed an agreed value on the car based on mileage and condition, and a traditional HP agreement, but my understanding is the same that the 50% relates to the total payable if you maintained the agreement, not 50% of teh borrowed amount. WIth some HP agreements the two figures are very different.
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These voluntary terminations, IMO can very powerful tools for avoiding hefty mileage penalties on pcp deals.
I sent a Rover back with 60,000 on the clock, racked up in two and a bit years, against a supposed allowance of 15,000 per year over 3 years.
The finance company didn't object.
When collecting the vehicle, the guy didn't check anything, although to be fair, the car was pristine, anyway.
Net effect was that I avoided paying a remaining 9k for a car which had a trade value, after Rover's demise, of about 4k.
Phew!
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