walshy5050 Posted March 18, 2015 Share Posted March 18, 2015 hi people after some info things looking bad there is a big chance I could be made redundant and looking round there is no work out there for my skill set so it looks like we could be moving back to the uk my question is I have a car on finance/personal load can I hand the car back to the company or have I to sell it and pay off the company as if I sell it it wont make the amount owed and with my redundancy pay will cover flights ant advice would be great thanks Quote Link to comment Share on other sites More sharing options...
tina0101 Posted March 18, 2015 Share Posted March 18, 2015 Ring the loan company. Everyone has slightly different terms. It can depend on the type of loan, how long into the loan you are etc. Without knowing the full terms and conditions, it'll be hard to advise. Quote Link to comment Share on other sites More sharing options...
Shellybingobingo Posted March 18, 2015 Share Posted March 18, 2015 hi people after some info things looking bad there is a big chance I could be made redundant and looking round there is no work out there for my skill set so it looks like we could be moving back to the uk my question is I have a car on finance/personal load can I hand the car back to the company or have I to sell it and pay off the company as if I sell it it wont make the amount owed and with my redundancy pay will cover flights ant advice would be great thanks Sorry to hear of ya possibility of losing ya job it's crap ! ....read ya agreement ...it's 50 percent and u can hand it back that's what u have to of paid ....if u haven't paid 50 percent u can still hand it back but will av to meet the short fall ...you can not sell normally under finance it's not yrs to sell ...but of course ring the finance company and ask ! ...and read ya agreement good luck back in uk if it comes to that too Quote Link to comment Share on other sites More sharing options...
Shellybingobingo Posted March 18, 2015 Share Posted March 18, 2015 If there is any damage to the car like a dent u will av a charge for that too when handing back Quote Link to comment Share on other sites More sharing options...
Guest Posted March 18, 2015 Share Posted March 18, 2015 It depends on whether it is a loan secured against the car, hire purchase or a PCP. The agreements are all different - do speak to the company, tell them you have been made redundant and are leaving the country and would like to give the car back as you won't be able to make any more payments. If they have any sense they will accept it, very many cars get abandoned at the airport and it is almost impossible for the finance company to pursue you. Not that I suggest you do that, you may even wish to return one day. If it is a loan secured against the car or even HP, if it is worth more than the amount outstanding you may be given permission to sell - we were. Quote Link to comment Share on other sites More sharing options...
walshy5050 Posted March 18, 2015 Author Share Posted March 18, 2015 thanks for the reply's everyone the contract is not helpful nothing in it about handing back and it was a personal loan and the car is in mint condition but only had it 8 months I will call them and see what they say many thanks Quote Link to comment Share on other sites More sharing options...
Guest Posted March 18, 2015 Share Posted March 18, 2015 thanks for the reply's everyone the contract is not helpful nothing in it about handing back and it was a personal loan and the car is in mint condition but only had it 8 monthsI will call them and see what they say many thanks Was it a new car? If so you will almost certainly owe more than it's worth What visa are you on? Not relevant to the car but you mentioned paying for flights and if you are on a 457 visa the company has to pay. If you are on a permanent visa is returning to the UK really your best option? You will be entitled to benefits in Australia whereas in the UK you'd be entitled to nothing until you were considered habitually resident which can take up to 6 months. Quote Link to comment Share on other sites More sharing options...
Shellybingobingo Posted March 18, 2015 Share Posted March 18, 2015 If it was a personal loan u shud be able sell it ...mines with BOQ but through a garage I bought from new and I can hand it back now if I wanted cus I've paid more than 50 percent if push come to shove I could hand it back ..but if uve had a personal loan u can sell it Quote Link to comment Share on other sites More sharing options...
wakeboard1980 Posted March 18, 2015 Share Posted March 18, 2015 thanks for the reply's everyone the contract is not helpful nothing in it about handing back and it was a personal loan and the car is in mint condition but only had it 8 monthsI will call them and see what they say many thanks is it a secured loan? Quote Link to comment Share on other sites More sharing options...
newjez Posted March 18, 2015 Share Posted March 18, 2015 hi people after some info things looking bad there is a big chance I could be made redundant and looking round there is no work out there for my skill set so it looks like we could be moving back to the uk my question is I have a car on finance/personal load can I hand the car back to the company or have I to sell it and pay off the company as if I sell it it wont make the amount owed and with my redundancy pay will cover flights ant advice would be great thanks Is there really no chance of another job? Even something to tide you over? The more time you have to play with the better price you can get. Quote Link to comment Share on other sites More sharing options...
Bronyaur Posted March 19, 2015 Share Posted March 19, 2015 thanks for the reply's everyone the contract is not helpful nothing in it about handing back and it was a personal loan and the car is in mint condition but only had it 8 monthsI will call them and see what they say many thanks Hi, if you have a contract it sounds like it might be HP, a personal loan would be independant of what you spend the money on. It could be personal contract hire which is different from HP, Youn need the full t &c's. I know with HP you can return the vehicle under the (half rule). Where youve paid more than the total amount. And aslong as theres no arrears and the car is sound you wont need to pay anymore. If however you return the vehicle and sign a voluntary surrender document then you still owe the rest of the payments. So you need to find out all the terms first. Quote Link to comment Share on other sites More sharing options...
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