help from the know....

[Mikie]

im now at the point where i can legally terminate my hire purchase finance, now as regards to handing it back, can it be moddified 'slightly'??

its says nothing about modified parts but says that it has to be to good repair or condition, which it is!

can somebody help me here??

[moeman]

but probably not classed as that to some lease company that is wanting to sell it on, I think you may not get the response you are hoping for.

[Mikie]

its not on any foam of lease, its typical finance to buy the car, and it wont be re sold via dealer, but throu am auction house.

[moeman]

sorry thought it was lease with you saying handing back, should have read it better, iirc it is after 50% has been paid, but I still suspect you will have a similar problem.

[southbynorth]

This is only my opinion, not confirmed fact:

Until you own the car outright you should not mod it, while on finance they have the right to charge you to return it to standard/repair any defect they feel you have caused

To be honest, depending on the mod, you may or may not get away with it, it depends on the person who reviews the car when they collect it, how sharp they are, and how obvious the mod is, if they spot it at a later stage, its tough on them

[miniman]

If your car is on finance, you do not own the car, until the agreed percentage has been paid back to the finance company.

[VXRCORSA888]

If your car is on finance, you do not own the car, until the agreed percentage has been paid back to the finance company.

^^^ true!! You should take most mods off and sell them on, things like Vxr grill badge etc....then you should be ok with that

[vr55vxr]

its not on any foam of lease, its typical finance to buy the car, and it wont be re sold via dealer, but throu am auction house.

If the finance is on the car and you still have outstanding finance, you legally have to repay all the outstanding amount before you can sell it.

I doubt the auction house will touch it, with outstanding finance.

[smithy]

The car needs to go back to the leasing company in good condition and standard form. Remove your mods and get some money back but they will charge you to return the car to standard.

It sounds like you've reach the point in your half's and quarters but even then the car is being returned to the finance company and not being brought out completely by yourself.

[DMVXR]

to take advantage of the finance opt out you need to present the car to the finance company in as close to it original and unmodified condition (not always the dealer) they then make an assesment and anything that they deem to detract from normal wear and tear they will try to charge you to put it right (at main dealer prices)

depending on your contract you may need to inform them in advance that you intend to do this, as they will have strict criteria for doing this.

I might be mistaken but doing this can have negative impacts on your ability to obtain similar levels of credit even from other lenders. as they dont like people doing this as it costs them a chunk of interest. Handing back using this option is very different in the Finance companies mind to you or a dealer settling the finance.

amazingly you could probably be better off trying to borrow the money to pay off the outstanding and then sell the car then pay back the loan or get it traded in and get the dealer to settle it, this will look better on your credit file and to other lenders in the future, although this depends of course on if you can borrow the 50% in the current lending climate as its a lot harder for almost anyone these days to qualify for loans and depends if you are that bothered about getting other types of finance in the near future

hope that helps
.