Anyone Done A Voluntary Term with Black Horse

clint1974

Hello


I am about to Voluntary Terminate my Car finance with Black Horse. Has anyone done this with them or other finance companies? Would be interested to hear various experiences.

clint1974

Yay or Nay?!

marksward

I have done so in the past. company tried to pursuade me to sell privately (they don't get so much at auction for them). But read the T&C's of your agreement, usually if you have paid over half the loan amount you are OK. Sometimes its the sensible way out of a car not worth enough to cover what you owe etc.

kay74

did so with mine a few years ago. can't remember if black horse though. As long as 2 years through 4 year deal think it's fine. Had to take car to auction, give them keys and then just walked away. Like earlier poster said is sometimes best option just to cut your losses.

pageee2004_2

my understanding is that any car finance agreement can be voluntery terminated, as stated on the credit agreement, but first check that it is not a personal car loan which car supermarkets tend to use these days.

fatboyonadiet

Yep, gave the car in part-ex (struggled to sell it privately) they sorted everything but there was £100 left to pay at the end despite having had a redemption figure.

clint1974

Cool, completed mine now so no more payments yay! Will wait for the letters trying to squeeze more out of me !

Eagle_1

Just a word of warning to people if they are thinking about voluntary termination. We did this with our car about 4 months ago with absolutely no charges. The guys that came to pick the car up did a full vehicle check and also needed to check vehicle history, apparently if we had not kept the servicing of the car up to date then we would have had money to pay back. Our car was fine because it was in good condition and the service history was all up to date.

also dont forget to keep your tax disc and claim it back (form from the post office). They will only refund full months though.

I cant remember the company and other half is not here at the moment but if I find out I will let you know.

clint1974

Black horse have sent me back the letter i was supposed to sign but purposefully did not as the sentence preceding it says that i am liable for subsequent costs if they dont get a good price for it. Now although the servicing wasnt kept up to date the car was in good nick when returned. Should i sign it and return or cross out the sentence and sign it?