Car Finance Voluntary Termination

Adam_Snowden

Hi guys, first post so please be gentle!!

I've read quite a lot on here about car finance voluntary termination and following the advice I have gained I'm going to go ahead with the process myself. I have one quick question though. Once I have sent the letter to notify the finance company I wish to terminate can I cancel the monthly payment, or do I have to wait to hear back from them?

Thanks
Adam

paulmcerlean

You have to wait until they respond, and tell you where to bring the car for a handover. Once this has been done you need make no more payments.

You also need to confirm with them you are eligible for a VT.

Do not stop paying before the process has been completed or you will end up with missed payment markers on your credit file.

Adam_Snowden

Thanks for clearing that up.

I'm really not bothered about my credit file at the moment though, there's more black marks against my name than you could shake a stick at! One more wouldn't hurt. Just trying to get my life sorted now and back on track. A fresh start and all that.

Thanks again
Adam

PNPSUKNET

if in arrears they can override and refuse the vt

marmitedog

Remember its 50% of the total finance. eg 36 months x £xxx per month plus the GFV (balloon) less any deposit you may have paid.