Been a while since I was involved in this kind of financing but IIRC it is only under a regulated agreement that you have the option of returning car without incurring further action from the HP Company- and that is dependent on how much of the total amount payable (i.e.cost of car + interest)you have actually paid
It sounds as though the shortfall is due to the difference between the value of your car and the ‘balloon’ payment due to the HP Company? Correct me if I’m wrong
You should check your copy of the agreement you signed to see what rights if any you have, but from what you say it seems doubtful. You could try returning the car and hope that the shortfall is simply written off by the financing company and this will depend of course on how much we are talking.
I would suggest that pursuing the whole deficit with the dealer will prove fruitless – as you say it was all verbal and you have signed a HP agreement.
One other thought-is it unregulated due to the amount or because you bought through a Ltd Company. If the latter, and you have not provided a personal guarantee, you may be able to avoid any personal repercussions.
Also, if you decide to pursue the dealer, be aware that there are two types of leasing agreement. One where you bear the risk of reward and ownership and the other where the finance company does, i.e. Contract Hire.
Happy to discuss this off forum with you if you prefer and you think it might be useful. Email address is in profile