Finance Q&A - Finance Options

Can I give my car back to the finance company?

I bought a car on finance previously and was wondering if it's possible to return a financed car as I can't afford monthly payments anymore?

Catherin

Answer from the Stoneacre finance team:

If you want to return a car bought on PCP or HP finance, you can hand it back to the finance company, provided you've paid off at least 50%. However, if it's less than this, you'll need to pay the difference. Don't forget to include all the interest charges and other fees.

Meanwhile, if you’ve used leasing to finance a car, then you may need to pay the remaining sum to refinance the vehicle. 

In the scenario where you've paid off more than half, you can obtain a settlement sum and keep the car or return it. It's important to inform your lender by writing an email or a letter to confirm you want to end the agreement. 

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