Voluntary Termination of HP

aceman45uk

i can try lol , i know now i cant keep it

KettlebellMike

My partner's uncle ordered a new jag but was subsequently diagnosed with cancer and was unable to drive it, a friend took him out twice in it. They got him to sign the hp agreement while undergoing chemo, he got the car in October, he died this weekend and the finance company have not taken the first payment yet, where do they stand with canceling and returning the car

SeanG79

When you VT a car, it shows on your credit profile as a VT, this will not impact negatively on any future personal loans or mortgages.

However the lender that you VT'd with may be reluctant to offer you a long term on future finance and may only offer for example 3 years when you are looking for 5 years. You must remember they will obviously lose money on the deal and as such will be reluctant to put themselves in a similar position in future...

poppasmurf_bewdley

KettlebellMike wrote: »

My partner's uncle ordered a new jag but was subsequently diagnosed with cancer and was unable to drive it, a friend took him out twice in it. They got him to sign the hp agreement while undergoing chemo, he got the car in October, he died this weekend and the finance company have not taken the first payment yet, where do they stand with canceling and returning the car

You need to speak to a solicitor to sort it out. This forum is not really for giving this sort of advice. You are probably talking about a £30k problem here.

shocky_2

KettlebellMike wrote: »

My partner's uncle ordered a new jag but was subsequently diagnosed with cancer and was unable to drive it, a friend took him out twice in it. They got him to sign the hp agreement while undergoing chemo, he got the car in October, he died this weekend and the finance company have not taken the first payment yet, where do they stand with canceling and returning the car

The finance company will be a creditor of the poor man's estate, so would be entitled to get their money from his assets (or to retake the car if payments are not made - but even if they retake the car they may still have a claim for any outstanding debt against the estate).

It is sometimes possible to challenge these things in court or through the FOS if there was inappropriate pressure used, but its a complicated area of law and is something the executors would want to get professional advice on if they want to challenge.

barnys11

Im seeking info regarding a car purchase.
We have signed a credit agreement with the trader, just yesterday, and the car is expected pickup on thursday, yet there is just a few things that make me have 2nd thoughts about the whole situation.
Primarily i received a call later in the day when i was home, from the sales person, who said the credit was given, but if failed on payments, the car would not be taken back, and it would be ME who is chased up in relation to any problems. this was not made aware to us by the sales person.
Is there any way the agreement can be cancelled??

SeanG79

Its always YOU who will be chased for the outstanding balance irrespective of whether or not the car is repossessed.

Have you read the T&C's of the agreement you signed, they will advise you of your cancellation rights...

chalkie99

barnys11 wrote: »

Im seeking info regarding a car purchase.
We have signed a credit agreement with the trader, just yesterday, and the car is expected pickup on thursday, yet there is just a few things that make me have 2nd thoughts about the whole situation.
Primarily i received a call later in the day when i was home, from the sales person, who said the credit was given, but if failed on payments, the car would not be taken back, and it would be ME who is chased up in relation to any problems. this was not made aware to us by the sales person.
Is there any way the agreement can be cancelled??

Wait -- what?

You imagined that if you didn't make the payments the finance company would make the dealer pay instead?

It's a novel idea and one I am sure could catch on very quickly in this forum.

If you sign to borrow money then it is your responsibility to pay it back.

barnys11

er. no.. i know credit basis, however, generally the object is taken back in terms of loss of payment no?

and in terms of signing & returnting the money, thats not an issue, its the case if NOT BEING FULLY INFORMED< or even able to read the T&c to which we never had the chance to see let alone read as it was all on the guys pc.

lynz68

You signed an agreement without reading the terms and conditions that was your first mistake I'm afraid it is up to you to insist on seeing them first.


The finance is not always secured on the car that is up to you to find out before signing anything.

Even if finance was secured on the car you would be liable for any shortfall between the price the car is sold for and the outstanding finance.

The fact your worrying about this now is ringing alarm bells that you may not be able to keep up your financial commitments.