Good morning, Paul. You have to pay your current rental sale and start over. It is actually the same process as the early termination of a CPP. Be aware that since you are very early in a 60 month contract, it is very likely that your financial settlement will be much higher than the value of your car, so you may have to pay a lot of money to pay your current car before taking care of another. Check out our instructions on what to keep in mind before you are self-funded to make sure you don`t run into the same problem again. Hello, I have a funding agreement for 5 years and this is just my first year. Another problem is that there is damage in the car bumper due to an accident (I met an animal on the road). I want to downgrade my car because my circle It is important to remember that the voluntary termination of your car financing contract will not be refunded. So if you paid 65% of the total amount of financing, you will not have repaid the 15% more you paid. Good morning, Tindo. First of all, if you have the car for almost 4 years, you should be able to VT now.
Unfortunately, if you do not use very clear and specific terminology, if you are talking to a financial company, then they will tend to give you the answer that suits them best. Instead of “yes, you can give your car back,” you were told, “Yes, you can settle your contract and it will cost you $14,000.” Check your contract for the VT amount and add the amount you`ve paid so far – if you`ve paid at least as much, then you can use the VT car. If not, you can pay the difference to get you up to the VT amount and then VT the car. The valuation of the car at the end of the agreement is simply what the buyer is willing to pay – whether it is a dealer who exchanges it, a private buyer or an auction value. Dealers will be guided by market values according to industry leaders such as CAP and Glass`s Guide, but you are welcome to negotiate as much as possible for the car. If the valuation/sale price is higher than the GMFV/Settlement/Balloon, you will receive the equity (balance after deducting the count). If it is smaller than the GMFV, simply return the car to the financial company and pay the billing value (provided you have met the mileage/service/conditional requirements). In cases where the value of the car is greater than the final payment, you can also ask for a number of offers and sell your car at the best price – with the lender`s agreement.