BMW finance

[wilkoturbo]

Hi all my wages were cut yesterday and I'm wanting to sell or hand to car back to BMW it is on finance , I'm just going to be short of money and was wondering what my options are ? Many thanks Paul

[Sumo69]

If you have the copy of the finance agreement, I think if it is a regulated agreement that you can return the car once half the payments have been made. Not 100% on this, so others may say different but the agreement will have some clauses about terminating early.

David

[CondorX5]

All hp agreements say HP Agreement in the heading - I'm pretty sure BMW FInance are HP AGreements, mine certainly is, in which case you can hand the car back at the halfway point of finance agreement - once you have paid half the sum owing, including deposit. Its called a VT or Voluntary Termination.  You may find after VT ing that  you have problems getting HP on a car again for a long time although it isn't meant to be punitive and is within your contractual rights, it is a bit of a bind.

If its not HP and is a loan then you can't hand the car back, although you can sell it which you can't if its on HP unless you get the finance company to agree to a sale first and make arrangements for the transfer of the funds in a way they accept in order to transfer ownership to the buyer, like the buyer transfers funds directly etc.

Sorry to hear about the work issues, sign of the times

[X5Sport]

Really sorry to hear this.  Hope something gets sorted for you quickly though......

Richard