Car Finance + Consumer Credit Act

neoroony

Hi all,

can anyone help clarifiy my situation for me pls.

I took out a HP agreement over 4 years on my car (24k in total) 350pm for 48 months and 1 payment of 7573.

The Consumer Credit Act states I can return the goods without fault when 50% of the total amount due under a hire purchase or conditional sale agreement has been paid.

Does this mean 2 years into my agreement or 50% of the total vaule of the HP agreement or 50% of the value of the car?

Cheers

Cumbrian_Male

I don't think "Voluntary Termination" will apply in this case.

It's not a HP agreement.

It's is a personal contract purchase. My understanding of these is as follows;

You agree your annual mileage at the outset then lease the car for 4 years in your case. At the end of the contract you can hand the car back OR pay the final purchase option price, £7573 in your case.

You need to decide if your 4 year old car is worth that at the end of the contract.