Lease agreements and getting out of...

Bargain.hunter_4

Hi There,

2 questions really.

Vehicle Lease
I have a vehicle on a lease hire. I have heard on the grapevine that once I am half way through the lease, I am able to terminate without any problems and without being blacklisted. Is this true? How is this possible as I have signed a contract for the full term? Is there legislation for this?

Printer Lease
I volunteer for a charity who have a printer/copier on lease. This is no longer used and at the rental rate in todays climate, it is not worth using. Just as above, can this be terminated as we are over the half way mark of the lease. As this is a charity leasing the equipment and not an individual, does this differ from question 1?

I appreciate your feedback and help:-)

Bargain.hunter_4

Does this have everyone beaten or is it in the wrong forum? Any help is appreciated.

Optimist

I think the "grapevine" is confusing a lease and a regulated hire purchase agreement where there may be certain rights to terminate early

Look on the contract you signed for early cancellation there are more than liable to be penalty's for early termination

dmg24

Optimist wrote: »

I think the "grapevine" is confusing a lease and a regulated hire purchase agreement where there may be certain rights to terminate early

Look on the contract you signed for early cancellation there are more than liable to be penalty's for early termination

Agreed, the cancellation rights you (OP) are referring to relate to HP agreements.

The second scenario relates to a business to business contract. You would need to check the terms of the agreement.

durham_girl

Agreed, check your contract.

We had a car on HP, after we had paid so much (can't remember exactly how much) we were able to hand the car back with no penalties. I also had an employer who did a similar thing with a (£20,000!) printer. Go through the contract with a fine tooth comb.

Bargain.hunter_4

I believe it is a rule in the consumer credit act for when people have financial difficulties, but not sure where to find information on this as it is not easy to locate.

Would this apply to all other types of lease.

fwor

This seems to give comprehensive information on how lease and hire is affected by the Consumer Credit act:

http://www.businesslink.gov.uk/bdotg/action/detail?type=RESOURCES&itemId=1073792332

It's written on an "advice to business" basis, but should still give you the info you need.