XSeries-forum

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

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

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

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

Richard