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Patt

Premature sale/hand back under OPC finance ?

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Anyone pass any light on what to expect if I hand back a car whilst still in the OPC finance period, also do I need to pay off fully before I am able to sell the car ?

 

I've not got the details with me to contact the finance (VW finance) directly, and wondered if any had gone through the process, either trading up or selling ?

It's not something I obviously want to do, but I was made redundant last week and I may well need to cut expensive fun things until I finally find another job.  And I've been looking for sometime already ! :( 

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16 minutes ago, Patt said:

but I was made redundant last week and I may well need to cut expensive fun things until I finally find another job.  And I've been looking for sometime already ! :( 

Bugger!  Bad news Patt.  Good luck mate, I'm sure it will all work out in the end for you.

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How long have you had the car & over what finance period? You might be able to hand the car back without penalty if you have covered over 1/2 all payments & interest. Obviously if you have equity in the car then don't do this.

Hope things sort themselves out for you Patt.

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Sorry to hear this Patt, I was in a similar situation to you regarding redundancy in April and I wouldn't wish it upon anyone.

All I can say is it gets easier and something will come along and it will all fall into place, keep positive and keep a level head :)

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Sad to hear Patt, so I hope you get sorted quickly enough.

Regarding the finance on your car, if you sell to a trader then they are normally very happy to work with finance companies.  The way it works is you agree a price for the car, you get a settlement figure for the finance, the buyer pays the finance company.  The finance company confirm to you that they have received the settlement figure, then the dealer gives you the balance between the finance settlement and the agreed price for the car.

Private buyers can often be put off by finance.  In these instances it may be better to get a personal loan to cover the finance, sell the car without finance on it, then pay off the loan.  If you can sell within a 28 day period and pay the loan back, you shouldn't get charges at all from the bank for the loan.  Banks don't like telling people about this clause though. :)

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cr*p :(  very best wishes Patt. 

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1 hour ago, Simon. said:

How long have you had the car & over what finance period? You might be able to hand the car back without penalty if you have covered over 1/2 all payments & interest. Obviously if you have equity in the car then don't do this.

Hope things sort themselves out for you Patt.

My consultation period ends on the day I purchased her, thus 1 year of 3 completed.

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1 hour ago, Araf said:

Sad to hear Patt, so I hope you get sorted quickly enough.

Regarding the finance on your car, if you sell to a trader then they are normally very happy to work with finance companies.  The way it works is you agree a price for the car, you get a settlement figure for the finance, the buyer pays the finance company.  The finance company confirm to you that they have received the settlement figure, then the dealer gives you the balance between the finance settlement and the agreed price for the car.

Private buyers can often be put off by finance.  In these instances it may be better to get a personal loan to cover the finance, sell the car without finance on it, then pay off the loan.  If you can sell within a 28 day period and pay the loan back, you shouldn't get charges at all from the bank for the loan.  Banks don't like telling people about this clause though. :)

Thanks chap, It's not high on my list of "cost cuttings" as I realise I'll lose a lot of cash, especially having bought from OPC.

  • Sad 1

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Appreciate the kind words guys.  I'm just about got over the shock and anger, but still feeing very hollow and stressed about the uncertainty ahead.

They are now discovering just how good I am at my job.  For those that remember the deal I negotiated purchasing Alice .....this is on a way higher level.

Only 10 full years as a permanent staff (it would be 11 yrs on 1st Dec ) so I've got to get the most out of them.

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Patt, 

thats awful, drop me your cv so I can take a look, as you know we are in similar fields and I can spread the word. No promises of anything but happy to connect with people who may be looking 

thanks 

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22 minutes ago, Simon. said:

Never heard of them - so thank you muchly...If it comes to the crunch, I'll certainly see what they offer.

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Best wishes Patt, hope you get sorted soon.

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Sorry to hear it Bud, been through it 3 times in total, keep the faith and hopefully everything will work out, plus you can keep Alice. Good luck

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As people have said, check your settlement figure and then find out what your cars worth, if you didn’t put in a large deposit then in all likelihood you’ll probably be in negative equity. At which point you need to look at your voluntary termination rights under the consumer credit act. Which you’re most likely going to have had to pay back 50% of the original loan (this may still be your best option if in negative equity) as you either pay an extra chunk now and give the car back, or keep it for the next (approx) 6 months and make the monthly payments and then give it back.

best of luck though and hope it all works out, sounds like an absolute sh*tter particularly if they rate you.

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Patt, sorry to read your news and hope you get sorted soon.

Edited by Davidbf1.com

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7 hours ago, Patt said:

Appreciate the kind words guys.  I'm just about got over the shock and anger, but still feeing very hollow and stressed about the uncertainty ahead.

They are now discovering just how good I am at my job.  For those that remember the deal I negotiated purchasing Alice .....this is on a way higher level.

Only 10 full years as a permanent staff (it would be 11 yrs on 1st Dec ) so I've got to get the most out of them.

Sorry to hear your news Patt, but everything happens for reason. Try to remain positive and something better will come along.

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Sorry to hear this Patt, best of luck in the job search

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Went through this a couple of times and can't say I enjoyed the experience at all.

Sounds like you shouldn't have too much trouble convincing someone else how useful you are :)

chin up and don't let the barstewards wear you down.

let me know if there is anything I can help with round my neck of the woods.

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I’m feeling the wonderful BoXa community ‘family’ spirit here - after just three years I feel that I know many of you even though we haven’t met.  I too can feel your stress Patt and I sincerely hope you are soon appreciated for the skill and personal qualities you obviously have.  Good luck.

I would think anywhere that (including an OPC) you would sell a car to rather than trade it in against another would settle the finance - I hope it doesn’t come to that as it sounds like you might be in a position of negative equity - so better to keep the payments going if you possibly can rather than be in that position.

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Hi Patt

I was with Bob ( Topbox) today and he mentioned your bad news.

So sorry I've not picked this up before, I've not been on the forum much over the past couple of weeks.

Take care eh, I'm sure something will come along for you. Like a lot of your friends on this forum, thinking of you.

Best

John

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Thanks John, and indeed all of you for the positive support, it really is appreciated.

My negotiations are going very well, although they won't confirm anything until the consultation period has finished. 

I can't get them to carry over my (already agreed ) holiday in January, so looks like the latest I'll be leaving is the end of December.  No biggy as I'd only lose £230 worse off versus 24 days paid holiday !

What is more important is that, subject to finding a new role quickly, I could in fact now pay off Alice completely with the payoff.

I'm still worried for the impending doom of no income, but at least I have the potential of a reasonable cushion

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