Surrender or Sell
Discussion
I can no longer afford my car.
I "bought it" in January 06 through a lease finance. I can no longer afford the repayments and have the option of just surrendering the car back to the finance company for them to auction off to reclaim the cash or I can sell it myself.
My cynical self thinks I would be better off selling it as I fear the car wouldn't get enough at auction to cover the cash owed and leave me with money still owing.
Any opinions please.
I "bought it" in January 06 through a lease finance. I can no longer afford the repayments and have the option of just surrendering the car back to the finance company for them to auction off to reclaim the cash or I can sell it myself.
My cynical self thinks I would be better off selling it as I fear the car wouldn't get enough at auction to cover the cash owed and leave me with money still owing.
Any opinions please.
I believe that if you have paid at least half of the total agreed finance price, then you can return the car and have nothing further to pay. This I suspect is what they mean by surrender it, if you sell it they will then expect you to clear any outstanding finance.
So have you paid 50% of the agreed finance amount?
So have you paid 50% of the agreed finance amount?
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