Handing car back

continualdiamond

Don't know where to post this, so hope i am in the right place.

Been thinking about part exchanging our car which is currently on finance 2 years into the 4.

So rang our company for a settlement, then rang the broker we went through 2 years ago about another application for finance, who told us to check our agreement as it could mention about handing our car back and ending the agreement.

So i checked and we have to write to the pepople we pay the money too, stating we wish to end the agreement and as long as we've paid £££ sum (which we have, just) and kept the car in reasonable condition, then the company takes it back and we pay nothing else.

Is this something that exists for most or all hire purchase agreements?

As had the broker not told me to check, i would of just assumed that the settlement figure our company gave us, is what i needed to get to part exchange it, when in fact i don't.

PNPSUKNET

its in most regulated agreements, some companys do put vt markers on credit files so some say. However when I vt my car the finance company didnt

bigdave1973

Wow... can you really do that! I never knew that but it sounds like a good idea. I'm gonna check mine!

speedbird1973

PNPSUKNET wrote: »

its in most regulated agreements, some companys do put vt markers on credit files so some say. However when I vt my car the finance company didnt

They DID put a VT on mine- however I've had 3 credit cards, a loan and a mortgage since then, so it's not a problem - you are acting within the terms of the agreement if you do this

PNPSUKNET

yup but some lenders will see it as you didnt complete the full term etc, so not saying it will but may go against future car finance

continualdiamond

Well i did another application for car finance with the broker i did 2 years ago and got approved again.

So going to write to my current finance company about ending the current agreement.

I think its rather sneaky that they put this in the agreement but don't make any reference to it to make it stand out. I know that is the whole point so everyone completes say the 4 years, but its quite clear that you can do this and i bet loads of people like myself haven't read the agreement fully and therefore don't know about this info.

CashSaver_2

Can someone just clarify what the abbreviations VT and PCP stand for.

Thanks

CLAPTON

CashSaver wrote: »

Can someone just clarify what the abbreviations VT and PCP stand for.

Thanks

VT is voluntary termination... on an HP deal you can return the car after you have paid half the finance without owing anything.

PCP is personal contract purchase... you basically pay a monthly fee for the duration, then you have the option to pay a fixed sum and keep the car or simply give it back

speedbird1973

continualdiamond wrote: »

Well i did another application for car finance with the broker i did 2 years ago and got approved again.

So going to write to my current finance company about ending the current agreement.

I think its rather sneaky that they put this in the agreement but don't make any reference to it to make it stand out. I know that is the whole point so everyone completes say the 4 years, but its quite clear that you can do this and i bet loads of people like myself haven't read the agreement fully and therefore don't know about this info.

I have to disagree with this. It IS in the T&C and not hidden away IF you read them.

continualdiamond

speedbird1973 wrote: »

I have to disagree with this. It IS in the T&C and not hidden away IF you read them.

What are you disagreeing with? Me being honest and saying i like a lot of people don't read the agreement fully and that is the type of customers companies like?

I never suggested that it was hidden away, i said it was sneaky to put it in, meaning further into the agreement because i am guilty of only skim reading, especially the 1st page as tend to make the assumpation that the most impt info is 1st. Therefore being sneaky putting it in on later pages as they caught me out with it as i never read it fully.

Never said it wasn't in the agreement so don't know why the IS warrants capitals.

duggie1982

Well just like anything else. Always read your contract as most of the info is on there.

P.S. Still not sneaky. Any contract is the same, it just depends on what your looking for