Ending Hire Purchase agreement early

quinn17

Hi All,

I'm just looking into the possibility of ending my hire purchase agreement early but I'm not sure if the Voluntary termination is for all hire purchase agreements or does it have to say it in your small print? I can't find my paper work anywhere.

On my understanding it goes like this: I bought a car for £5000 paid £1000 deposit and have now paid £2000 and so have £2000 left. Can I apply for Voluntary Termination my agreement is with Black Horse?

Any information greatly received.

Thanks

lawrie28

How much is the car worth? Can you not sell the car to settle the agreement, much better for the credit file.

quinn17

lawrie28 wrote: »

How much is the car worth? Can you not sell the car to settle the agreement, much better for the credit file.

The cars worth about £2000 ish and I still have £3000 ish to pay on it.

I didn't think I could sell it when it was on hire purchase?

lawrie28

Only if you have the extra £1k to settle.

jonjamie1970

Dont forget you need to add the full cost of the loan, so interest etc.

Apples2

You could do what this guy has done and simply dump it outside the the dealership, tell them to take a run and jump, then stamp your feet and take them to court

https://forums.moneysavingexpert.com/discussion/3416361

quinn17

I've just rung them. I've got 22 months left which leaves me with £2989.03 left to pay. I have paid 4029.65. Total amount of agreement including interest was £7018.88.

Do you know if I can do voluntary Termination? As the car is not worth what I have to pay back.

Apples2

Why didn't you ask them while you were talking to them?

Sounds like you are over the 50% mark.

quinn17

I am over the 50% mark. I didn't want to ask them over the phone until they had resent me out the paper work that I have lost so that I could read it and them give them another call.

Not sure what to do for the best. Carry on paying for it and it be worth nothing in 2 years time or give it back and be £115 better off per month.

[Deleted User]

why will it be worthless in 2 years time?
what will you do for transport if you VT this one?