Please advise

I can no longer afford my repayments and want to return a brand new car to the finance company after only owning it for 4 months can I do this without declaring bankruptcy?

Thank you

Welcome to AMHD. Read your contract. Usually, the finance company will sell the vehicle for half of its value and expect you to pay the remainder. It will be to your advantage to sell the car, but you must be able to payoff the lien in order to give the buyer a clear title.

There is no such thing as a "brand-new" car once you drive it off the lot. A car generally depreciates by 15-30% as soon as you take possession. So, if you turn the car back to the dealer, they will sell it for a maybe 60-70% of what you paid and you will be liable for the difference.

Your best bet is to try and sell it yourself. See if the loan is assignable so maybe you can get someone to take the car off your hands by taking over the payments. But turning it over to the dealer or letting it be repo-ed are the LAST things you want to do.