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Terminating HP agreement on my car
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pennypitstop_2
Posts: 265 Forumite
in Motoring
Hi all
I did a few searches and nothing seems to come up on this. I'd like to ask if anyone has 'Voluntarily Terminated' their car finance/HP agreement? I.e. handed the car back at halfway through paying for it to avoid private selling/losing money on the settlement.
I'm with Ford and it's an allowed option with them... I have a couple of thousand to repay (and another 2 and a half years to run) but am getting a company car through work in January. Quotes from a couple of dealers are less than the amount I owe/the settlement figure (it's in great condition and low mileage, but ultimately it is a 7 year old car) .
The 'VT' process seems straightforward, but Ford have advised that they put a Voluntary Termination Flag on my credit report. They can't comment on how other lenders will view it... Is this the drawback?
I have struggled with credit in the past (fraud issues on my history, but not fraud committed by me, thank heavens!) and wondered if some of you guys have done this with a HP agreement in the past and what your experience was?
I'd appreciate any responses.
Thanks!
Penny
I did a few searches and nothing seems to come up on this. I'd like to ask if anyone has 'Voluntarily Terminated' their car finance/HP agreement? I.e. handed the car back at halfway through paying for it to avoid private selling/losing money on the settlement.
I'm with Ford and it's an allowed option with them... I have a couple of thousand to repay (and another 2 and a half years to run) but am getting a company car through work in January. Quotes from a couple of dealers are less than the amount I owe/the settlement figure (it's in great condition and low mileage, but ultimately it is a 7 year old car) .
The 'VT' process seems straightforward, but Ford have advised that they put a Voluntary Termination Flag on my credit report. They can't comment on how other lenders will view it... Is this the drawback?
I have struggled with credit in the past (fraud issues on my history, but not fraud committed by me, thank heavens!) and wondered if some of you guys have done this with a HP agreement in the past and what your experience was?
I'd appreciate any responses.
Thanks!
Penny
Homer: I want to share something with you, Bart: The three little sentences that will get you through life. Number 1: Cover for me. Number 2: Oh, good idea, Boss! Number 3: It was like that when I got here. 
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Comments
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After much searching, I found a discussion relating to these issues on the 'Loans' board. Apologies for the duplication.
Moderators, please feel free to delete this thread here. Thanks!
Penny.Homer: I want to share something with you, Bart: The three little sentences that will get you through life. Number 1: Cover for me. Number 2: Oh, good idea, Boss! Number 3: It was like that when I got here.0
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