Car finance query

PJBDerby

Hi all,

I currently have a HP agreement on my car at £310 pcm, which I am 18 months into (42 month term). At the time of taking out the agreement the finance manager in the dealership told me that there would be a point at which I could just walk away from the agreement at no extra cost.

I am now in a position where that would be desriable. Does anyone know in general terms when such a credit agreement can be terminated and the goods just returned to the lender?

Thanks,
PJBDerby,

ILW

Roughly when you have paid half.

Cardinal-Red

You can hand them back when you've paid exactly half of the "Total Amount Payable" which is shown on the agreement.

milliemonster

Cardinal-Red wrote: »

You can hand them back when you've paid exactly half of the "Total Amount Payable" which is shown on the agreement.

Don't mistake this with being half way through your agreement, you have to pay back half of the total (which includes all the interest etc) as cardinal has said

~Brock~

Remember that any deposit shown on the agreement immediately counts towards the termination figure, which means that if you paid a big deposit, the actual time which you can terminate could be considerably earlier than half way through.