Returning a financed Vehicle

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kevinswan007

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I need some advice.
Due to financial difficulties, my fiancé and I have decided that getting rid of my car would be best for now.

Its financed through Wesbank, had it for about 2 years now.

If I wanted to return the car to them, what are the implications?

Any other options and advice?

I still owe R120 000 on the car
Im not sure what Ill get for it if I sold it privately.
Its got 120 000km's, 2007 Ford Focus 1.6 (maintenance warranty till 160 000km's)
 
If you return it to the finance house, they will probably auction it. They will not look after your interests as they just need to recoup whats owing to them. Try and sell vehicle private, and pay the bank whats owed to them.You might just come out with a few grand.
 
SinghDude said:
If you return it to the finance house, they will probably auction it. They will not look after your interests as they just need to recoup whats owing to them. Try and sell vehicle private, and pay the bank whats owed to them.You might just come out with a few grand.
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^ what he said. finance houses will only recover what their money. try selling privately.
 
In addition to auctioning, the finance house will still hold you accountable for the shortfall. So sell it yourself and save yourself further financial difficulty paying for a vehicle you no longer have.
 
thanks guys

any ideas of the best place to sell a car privately? gumtree? newspaper? autotrader (which is pricey, R22 per day??)
 
kevinswan007 said:
thanks guys

any ideas of the best place to sell a car privately? gumtree? newspaper? autotrader (which is pricey, R22 per day??)
Click to expand...

Rather try all the avenues: Gumtree; newspaper; autotrader

It might cost you a couple of hundred now to sell it but rather pay the price before your next installement. All the best as I know what its like to have to give up your posessions. I'm also currently looking at my debt and getting rid of what I can.
 
Trade in value of the car is around 104,000 to 115,000

assumign that its in perfect condition and its a FORD FIESTA 1.6 TiCVT TREND 5-DOOR

Private sale I do guess you can get around 120,000 to 130,000 for it.

There are a few articles on selling a car privatly, google it and read up - could save you alot of headaches and tears.
 
I sold my car on autotrader pretty quickly. Approx 1 week and it was gone. Try the website for 2 weeks route its R250.
 
Auction houses sell cars far below retail value the majority of times from my experience, so I agree that privately is the best way to go.

I have had great success selling several vehicles through Autotrader, but car-find is pretty good from what I've heard.

And you are doing the right thing by voluntarily returning the vehicle if you can no longer afford it.

All the best!
 
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