So I just found out that my BMW is on a frekin contract hire But the agent I got it from had told me I could buy out the car in the end. I know I messed up reading all the fine print and can only blame myself.

So now I have a problem. I either keep paying for a car that I cant keep for another 1 year and 3 months. Or I cancel the agreement and they make me pay all the remaining months (same shit different color).

Now how the hell can I get out of this? There has to be a loop hole or something I can spend a few K to save myself wasting even more later. But I really don't want to give these bastards anymore of my hard earned money and the agent who got me the car left his job.

Some cleaver lawyer out there must know a way out. I don't mind loosing some money for my screw up but I don't want to loose more than I have to.

 

Alright,

How much have you left to pay & what can you buy it off them for then?

How much now.

What will its resale value realistically be then & now?

Depending which is bigger, that's the way to go.

 

Nick has summed up the options there.

 

What if it was stolen/burnt/crashed and written off etc.. - would the insurance pay off the finance/contract hire and end the deal?

(not suggesting you do this, just interested to know?)

 

I'd have to say yes to that one. If I lost the car insurance would pay it off and I'd have to pay them off and end the contract. But thats not something I'd do lol.

I just want to end it peacefully and tell them to piss off.

 

Sell it, blow the money on hoors and worry about it all later.

 

If you lost the car the insurance would pay out what the insurer considered to be the market value, not what you still owe on the finance. Hence GAP insurance.

 

I took out GAP insurance on my car. Even if it's the day before I trade it in (3 years time) and it's worth 17k, if it's written off I get 28k!

 

Check the small print in your GAP, there is usually a top limit.
Mine has a max payout of

 

Keep it as a beater?