How to get out of a car financing contract?
Hello everybody,
In October 2018 we purchased a car by entering a 3-year financing contract. Unexpectedly we now have to return to Ireland and we have been trying to get out of this financing contract, but the financing company, VW Financing, are being very unhelpful. It appears that our only option to "cancel" the financing is by paying off the remainder including all the benefits we got when we initially got the deal, which would be about € 20'500 (it's an Audi Q2) in total - we don't have this kind of money! We also tried to transfer the financing to someone else, as we do have a colleague who wants to take the car over, but that wasn't approved either.
At the moment it looks like our colleague will take over anyway and pay us, while we continue to pay off the car. My worry is just that it might get complicated with bank, insurance etc. when we're not living here and don't have a postal address anymore.
My question is, has anyone else been in a similar situation and was able to resolve this in any other way, without having to pay off the whole car? I guess we could always try selling it, but my experience with selling things in Spain isn't the best, unfortunately. I would dread a car sale...
Any advice is appreciated!
Many thanks and happy Sunday,
Anja