HP Voluntary Termination

ELBOWS81

I have had my car for 20 months, due to a change in my personal circumstances i no longer need the car, my HP conctract states that i can hand the car back providing i have paid at least half of the total agreement, i'm certain that i haven't paid half but does anybody know if the finance company will allow me to pay the shortfall to enable me to terminate the contract?

Any advice welcome

DCFC79

Why not ask them

ELBOWS81

Thanks for taking the time to reply....................very helpful!

rs65

pretty sure they will but would it not make sense to have use of the car if you have to pay for it?

keep paying monthly until you reach the VT point.

p00hsticks

rs65 wrote: »

pretty sure they will but would it not make sense to have use of the car if you have to pay for it?

Surely it will depend on whether the additional cost of taxing and insuring it is less that the playment required ?

fatbelly

You can VT at any time.

Factsheet explains. Thre some example calculations at the end showing the difference in the sum owed between you terminating the contract (before the halfway point) and the creditor doing it.

Factsheet | Hire Purchase debt

ELBOWS81

Thank you for the above info, really appreciate it.