Black Horse Finance , Termination Rights

North_Star_2

Hi MSE readers ,

I currently have a HIRE PURCHASE AGREEMENT on my car with Black Horse Finance , I am basically trying to obtain some information on my Termination Rights regarding giving my vehicle back to Black Horse without getting myself into any bother from a Credit point of view and also if there are any hidden treats awaiting me when I activate the Voluntary Termination,

My Termination Rights on the Agreement state once I have repaid 50% of the outstanding finance from 1st purchase , for arguments sake lets say all in it was £16,000 then when I reach £8000 repaid I can give back the car in reasonable condition and no more will be asked , albeit my 50% fee comes in or around my 34th out of 60 repayments not halfway that most people presume.

What I would like to know is.... Is it true , by this I mean once I have repaid half of the money can I give the car back and be left to live my life in bliss without any of these scare tactics flopping on my doorstep that I have read in similar posts like vehicle damage repair fee's, outstanding balance fee's, car did not sell very highly at auction fee so we will try rip you off fee's....sorry for the sarcasm I just do not want any long drawn out nightmares beginning , the car is in as good as condition as when I first purchased it and it has only done 9000 miles in 31 months so the mileage is lower than would be expected.

Also once a Voluntary Termination is done and the car returned and agreement ended , even if you made every payment on time and never caused any problems will my Credit Score still get tagged infavourably for ending a Finance Agreement early (ie..Black Horse sulking because they did not make as much interest out of me as hoped) and is it even actually legal to do this when you have done nothing wrong and only adhered to your rights as a customer as clearly stated in the agreement itself ?

Just some advice would be great thankyou

System

VT doesnt really affect your credit rating [it didnt for us] did you pay a deposit ? because that doesnt count towards the 50% payment ,just make sure its in very good condition because they can hit you with vallet /bodywork fees months later .thats carcraps favourite scam.

North_Star_2

Hi , yes I paid a deposit of around £2100 , does this work in my favour , or theirs ?

fatbelly

National Debtline have a useful factsheet with template letter:

Factsheet | Hire Purchase debt

forgotmyname

Deposit works in their favour.