Page 1 of HP repayment on a car question, thanks

On behalf of a friend could anyone help with this query, thanks.

"`What options do I have with regard to not being able to afford the HP repayments on my 2 year old car? Purchased the car new from Fiat in March 2005 for 15,000 with monthly repayments of 300 over 5 years. Is it best to let the finance company come and take the car away - what are the implications of this? Or, is it best to attempt to trade in somehow at the Fiat dealership?"

No offence, but option A) makes it kind of obvious how your friend got into this sitaution in the first place. I.E its an incredibly stupid idea.

Think twice as letting the HP company take the car back may/will affect your friends credit rating.

Bill

Why do people still go down the HP route?
If it was a personal loan, he could sell the car privately and then pay the debt off.
I thought HP died a death years ago. :/

HP conmpany wouldnt be bothered if you sold the car to pay off the debt...But you MUST pay-off the debt

Quote:
HP conmpany wouldnt be bothered if you sold the car to pay off the debt...But you MUST pay-off the debt

Yes they bloody would.
It`s illegal to do so, as the car doesn`t actually belong to you.
It would be like me selling my company car.
Technically, you should pay off the debt BEFORE selling an HP item.

More info here

Thanks guy, my friend went back to Fiat and they are taking back the car and will be swapping for a smaller/cheaper one on which she can afford the repayment.
JC