Handing back

[pompei]

Looking for some advice please from those in the know ...In Dec 2007 I bought a used Lexus on finance. The time is approaching where I have paid 50% and, according to the small print, can hand it back to the finance company and walk away. Resumption of shite motoring beckons!The ex Mrs P did this with a Punto some years ago without any problem, although (amazingly given her driving skilz) it was mint. My Lexarse has a few minor scrapes on the bumpers, a few stone chips and the rims have been kerbed a little I'm wondering whether I should get the dent/chip/rims man to go over it, but would rather not spend the money. If I give it back as it is, am I likely to get a bill from them for sorting out these quite minor defects? If so, I imagine that would be hard to contest. Alternatively, are they likely just to take it back and bung it in the auctions without a second glance? The finance agreement just says that it has to be in reasonable condition and I reckon these defects are normal wear and tear. Has anyone had any similar experiences?

[Mr Lobster]

I'd get the repairs done tbh. They should consider stone chips as wear and tear but I wouldn't expect them to consider bumper scrapes and curbed wheels as wear and tear.At the moment reselling a used Lexus can't be easy so I would expect them to want it back in as close to retailable condition as possible.

[r.welfare]

You're quite correct in that you can hand it back and walk away after paying >50%, I would get clarification on the small print about defect rectification though.

[FredTransit]

I just noticed this was a used car in the first place, so may not have been in showroom condition. As you are the second or third owner, surely the dealer and next owner in turn has to accept it won't be prefect?

[Guest]

There's probably a "fair wear and tear" on the agreement somewhere, but it will near-definitely be vaguely-worded.

[CrownJewels]

I take it the Lexus was under £25000 incl interest and is on higher purchase rather than a personal loan agreement as you wouldnt be able to hand it back otherwise.You are right with the 50% voluntary termination as it is on every agreement apart from the above. Is the Lexus in negative equity and not worth the other 50% in the trade?I personally would have as much repairs done as possible as you will receive a bill from the Finance Company if they feel the car is under fair wear and tear condition as this is a way of them recovering some of the money back! Also make sure it is clean tidy and hoovered prior to handback.I work for a main dealer and have heard of Bills of upto £1800 being invoiced back days later to the customer once the car has been checked over so beware.It also does NOT affect your rights to do this although the finance company will do their upmost to put you off saying it will go on your credit file and be difficult for you to get credit in the future. The few times some of my customers have done this I have still refinanced them on another car even sometimes through the same finance company days later.

[Pillock]

I've known the guys inspecting cars want them back in showroom condition.... my ma had a series of lease cars, the first couple she got stung for scratches, parking dents, stone chips etc - all reasonable wear and tear in three years I reckon. We're talking bills of £4-500 on return.The last one she had, she got a paint rectification guy on the leading edge of the bonnet, and a parking dent on the door. £75 per panel. Also had the front nearside wheel rim sorted by an alloy welding specialist, £65, and I fitted a secondhand foglight to replace a broken one. I know if that had gone back as is, they would have charged dealer rates for the wheel and foglamp and knocked a huge amount off to cover the paint.Annoyingly, one of the earlier cars we actually saw going to auction after she'd paid for the 'rectification of wear' and it still had all the chips etc.

[pompei]

Thanks for the advice - the car is 5 year old so can't really be expected to be pristine - whilst I don't want to spend the cash, I'd rather do that than face a bill from the finance company based on dealer rates I s'pose if it looks pristine, then they've got no grounds for complaint.

[Spottedlaurel]

Annoyingly, one of the earlier cars we actually saw going to auction after she'd paid for the 'rectification of wear' and it still had all the chips etc.

I suppose the point is they'll get less for the car than if it had come back to them without the wear.