how can i get out of my car finance deal?

i got a loan from welcome finance for a car just over a year ago. im paying back £300 per month, and its crippling me! what happens if i tell them to come and get the car back? will i be chased and hassled for the debt anyway?

Public Comments

1. Yes, if they repossess it you will likely have to pay the remainder of your loan after they auction off the car. You can try to sell the car now and apply that money to the loan, but you're probably "upside down" in your loan. That is, you owe more than the car is worth.
2. You can't get out of it, even if they come and repossess it, you will still be responsible for paying for it. Cut back on your other expenses and maybe get a PT job to help out with costs
3. Yes you will be hassled for the remaining balance after the car is sold. Call Welcome Finance and if you have paid good they may refinance your loan for you and extend the term a bit to lower your monthly payment. If you let the car go back it will be a repo and reflect negatively on your credit and really cost you a lot more in the long run. Try and refinance the loan and see if you can get a lower payment. You could also check the balance and see if the car is worth what you owe. If so you could sell the car and pay off the loan.
4. yes you will still owe the finance company the interest and debt, speak to a debt management councellor, even if you sell the car back you will still owe the remaining interest and finance. See if it would be better to take out a credit card on 0% pay off the loan and then pay off the credit card.
5. If you have paid half of the loan the car can be returned., you owe nothing.Sell car then pay off the lone. Not supposed to but car would be paid off. If you return the car it will be sold then you will have to pay outstanding debt after deduction of sale price plus expenses incurred.
6. You will have a repossession on your credit. Once they get the car, they will offer it for sale in auction. If they get less than you owe (typical) you will still owe them the difference between what they got and what you still owe, and you will be expected to continue making payments until the balance reaches zero.
7. what you want to do is maybe try refinancing your car loan and see if you can get a lower payment and u want to see if your blue-book value is over what you owe or less because u may be in the negative if so. Good to buy cars with a high resale value like Toyota for example...
8. i have also got a car from welcome. if things are that bad. if you got all the extra insurance get someone to nick it