HP advice for someone ending agreement

[mikeyr]

Friend has asked me how to deal with terminating an HP agreement on a Suzuki Swift. I've never had an HP agreement or even looked into them so wondered on best advice or important questions to ask about this...

'just phoned [Suzuki Dealership] and they may not be willing to purchase it back from me as they are overstocked. settlement price is £8167 left to pay. webuyanycar offered £11k if no damage.has a scraped alloy and poss a windscreen [i don't know if this is a crack or worse, i've not seen the car]. worth trying other second hand car dealers to see if they'll buy it?"

By sounds of it i'd get a WBAC quote and if more than the £8k use the money to settle up. Surprised a dealership wouldn't want car back to sell but then I've not been through this process. However, in my head isn't there also something about terminating a contract when paid over half? Or did I make this up? They are emigrating in 3 weeks time so don't want to sell it privately.

[Dimebars]

WBAC may settle directly (for a fee no doubt). They won't want to "own" a car with outstanding finance

Make your friend aware that there are many places similar to WBAC offering better prices mostly. And also Motorway

[mikeyr]

Tried a couple and WBAC seem to be highest at moment. But yep, this is route they'll go down, WBAC will pay as long as has settlement letter. Thanks for help

[anonymous-user]

WBAC, Evans Halshaw and Motorway are the ones I always try (and have used successfully in the past).

[Dan W.]

mikeyr said:

Friend has asked me how to deal with terminating an HP agreement on a Suzuki Swift. I've never had an HP agreement or even looked into them so wondered on best advice or important questions to ask about this...

'just phoned [Suzuki Dealership] and they may not be willing to purchase it back from me as they are overstocked. settlement price is £8167 left to pay. webuyanycar offered £11k if no damage.has a scraped alloy and poss a windscreen [i don't know if this is a crack or worse, i've not seen the car]. worth trying other second hand car dealers to see if they'll buy it?"

By sounds of it i'd get a WBAC quote and if more than the £8k use the money to settle up. Surprised a dealership wouldn't want car back to sell but then I've not been through this process. However, in my head isn't there also something about terminating a contract when paid over half? Or did I make this up? They are emigrating in 3 weeks time so don't want to sell it privately.

Suzuki dealer here, Surprised they also dont want the car back unless it was a issue car for them to start with or they are struggling money wise.

But your best bet is wbac, take your settlement letter with you they will pay the settlement to the finance company and pay the difference into your bank account.

Vt you can do when you have paid over half of the agreement but you have equity in the car so it makes no sense to hand it back and gain nothing

[mikeyr]

Thanks, think they rang dealer to talk about settling up and got told might not be interested in it. Which is weird on a 2 year old car in good nick with average miles but heh ho, the WBAC thing seems to work for them so all appears to work out fine.

[Jamescrs]

mikeyr said:

However, in my head isn't there also something about terminating a contract when paid over half? Or did I make this up?

That used to be a standard clause in dealer financed HP deals but I don't know if it still exists, I did it around 20 years ago with my first car, a Fiat Seicento I bought pre registered from a main Fiat dealer.

Cleared the balance to the half way point and handed it back after they sent out an inspector to confirm the vehicle was in satisfactory condition.

It does sound though like they would be better selling to WBAC and they may well walk away with some cash in pocket