You have just been told you are going to made redundant from 01 Jan 2010 you have recently bought a car in September on finance and your 3rd payment of 36 will be made this month can you send it back?

Answer 1

Generally the news is bad: The lender is normally not concerned about your financial situation.

However you do have a few options:

1. Try it, they can only say no, in which case you've lost nothing.

2. Check out your financial agreement, you may have insurance coverage for retrencment. In some countries and with some institutions it's a standard. Some banks actually insure your income when you open up an account so it may be worth your while speaking to your bank.

3. Check with your innsurance company, they may hav a coverage clause as well, although it's ot standard practice it's worth a shot.

4. Ask what price you will get from a trade in. It may be worth trading/selling the vehicle and then working out a payent plan, with your lender, for the remainder. The sooner you do this the more the car is worth and the less you wil have to pay back.

5. It may be worth you while advertising it in order to sell, but as with the point above, you generally lose anything from 20-30% of the value the moment you drive the vehicle out of the shop!.

6. The lender, as a last resort, will repossess. They will then auction the vehcile off. But remember your vehicle will be one of many hundreds and won't fetch a hihg price. This means you will still have to pay back the difference between the amount you borrowed and the ehicle auction price. So it's better to try to sell the vehicle before they repossess.