it can have implications if you seek finance again, as you may be concidered a bad risk as you handed it back before you had too.Originally Posted by euan
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so the finance company lost money by you doing that. Dont get e wrong, it happens all the time, usually the same dealer but you can bet youe ass it aint the same finance company, and a higher rate.
Broony, just to be clear, are you talking about folk handing their car back BEFORE they are half way through their agreement? Or at the point where they are half way through their agreement? Or handing their car back at the point where they reach the balloon point with a GVF?
A.
R60 Light White / Red Countryman All 4 John Cooper Works Auto
R57 Chili Red Convertible John Cooper Works Auto
Certainly, I handed back my old Golf GTi when I was more than halfway through and had to pay a (very slightly) higher rate on the Mini as that was what I'd swapped into.
However, it's a valid option in the legal context of the deal, the finance companies know this and I'm sure there will be a lot of people executing that right in the next year. The finance companies must be s***ting it right now.
did you see the news tonight showing pictures of the Minis when they were doing the report on Corus.
Talking about Corus owned by tata could this be a sign of them not having the money to put into Landrover = them going down the plug.
Cooper Coupe...
Andy, it's people handing the car back before the agreement has reached the point of termination , there contacting people who have a baloon and saying hand it back early because its in neg eq , but it's only in neg eq if they do, if you no what i mean... if they continue with the agreement the baloon is guaranteedso they cant be in negative !!!!!!!
Neg equity commences the minute anything is worth less than the value of the item, be it a house, land or in this case a car.
Andy, it's people handing the car back before the agreement has reached the point of termination , there contacting people who have a baloon and saying hand it back early because its in neg eq , but it's only in neg eq if they do, if you no what i mean... if they continue with the agreement the baloon is guaranteed
It has nowt to do with when you hand a car back.
I think Andy is referring to the point where a loan reaches the point where the person paying the loan calls in the agreement where you can simply hand the car back and walk away owing, but owning nothing
I see what you mean. So the finance companies or dealers are calling their finance customers and telling them their car is in negative equity so they should hand their car back early, but, by the way, it will cost you £X.XX to bring your account to 50% of the way through the policy. If that's the case, that is naughty naughty.
Andy, it's people handing the car back before the agreement has reached the point of termination , there contacting people who have a baloon and saying hand it back early because its in neg eq , but it's only in neg eq if they do, if you no what i mean... if they continue with the agreement the baloon is guaranteed
Alan, I see what Broony is saying with regards to being in negative equity or not, but you are only affected by that negative equity if you hand back before your stipulated policy end date. If you wait to the policy end date and hand a car back that's worth £5,000 and the GFV is £12,000 - as much as that's £7K of negative equity, it's the finance companies problem.
A.
R60 Light White / Red Countryman All 4 John Cooper Works Auto
R57 Chili Red Convertible John Cooper Works Auto
How is that different to handing it back when you've reached the legal point you can hand it back? Can't see the difference myself!I see what you mean. So the finance companies or dealers are calling their finance customers and telling them their car is in negative equity so they should hand their car back early, but, by the way, it will cost you £X.XX to bring your account to 50% of the way through the policy. If that's the case, that is naughty naughty.
Alan, I see what Broony is saying with regards to being in negative equity or not, but you are only affected by that negative equity if you hand back before your stipulated policy end date. If you wait to the policy end date and hand a car back that's worth £5,000 and the GFV is £12,000 - as much as that's £7K of negative equity, it's the finance companies problem.
A.
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