Car Finance - Half Way Rule - Questions?

BoGoF

BOBS wrote: »

Just check that doing this wont totally destroy your credit rating. My DH has mentioned this but we were scared of not being able to get finance again.

Urban myth that is often used by finance companies.....

NickR85

Thanks for the replies so far folks, i will update when I recieve my pack from Blackhorse with the figures etc.

motorguy

LandyAndy wrote: »

Can you read?

I missed a word out. It should have read

"Just for clarification, i take it you are 10 months from having paid HALF the total transaction amount, as opposed to 10 months from being 2.5 years through the agreement?"

And there is a difference.

motorguy

NickR85 wrote: »

Sorry should off been clearer, my 2.5 year point will be in another 10 months approx.

I have contacted Black Horse and they are sending me out a Voluntary Termination pack.

I am just wandering if Black Horse may accept payment of the amount to take me up to 50%.

Thanks for the clarification.

The 50% point will be on your documentation, and as others have said, it will be (probably several months) AFTER the 2.5 year period, so you might have say, another 15-17 payments to make. Which is a lot.

motorguy

LandyAndy wrote: »

You were entirely clear:).

For the record, there WAS ambiguity in his original statement, i asked for clarification but missed out a word.

You simply 'assumed' - something i'm inclined not to do when giving an opinion on someones financial options.

LandyAndy

NickR85 wrote: »

Hi,

I currently have a 5 year hire purchase agreement with Black Horse on my car. I am approximately 10months away from the half way point where I can hand the car back.

Basically I want to know if anyone has any experience with these matters and Black Horse? Can I offer to pay the remaining payments to bring me up to the half way point to allow me to hand the car back now? If so is that the end of the matter?

Thanks in Advance

Nick

pgilc1 wrote: »

Just for clarification, i take it you are 10 months from having paid the total transaction amount, as opposed to 10 months from being 2.5 years through the agreement?

pgilc1 wrote: »

For the record, there WAS ambiguity in his original statement, i asked for clarification but missed out a word.

You simply 'assumed' - something i'm inclined not to do when giving an opinion on someones financial options.

No, I read the OP and replied using all the words I intended to at the first attempt with no inclination to dream up excuses later.:)

LandyAndy

BoGoF wrote: »

Urban myth that is often used by finance companies.....

Indeed. It has made no difference to us.

motorguy

LandyAndy wrote: »

No, I read the OP and replied using all the words I intended to at the first attempt with no inclination to dream up excuses later.:)

Are you saying I happened to be very lucky and be able to add just one word to my original statement to 'cover my tracks'? Brilliant.

As i said previously, i missed out a word, and have already clarified this

pgilc1 wrote:

"Just for clarification, i take it you are 10 months from having paid HALF the total transaction amount, as opposed to 10 months from being 2.5 years through the agreement?"

And you knew for absolute certainty he meant 50% of the duration of the contract, as opposed to 50% of the total transaction value, given the O/P was confused about under which he could return the car?

I felt here was ambiguity in the statement that i wanted clarity on. I also wanted the O/P to understand there is a difference. The O/P even realised this and clarified. It is my business to deal with situations like this - sometimes on a daily basis as i am a motor trader - therefore i like to know with certainty exactly what the person means. Maybe you consider that unnecessary, personally, i call it being cautious and making sure i have all the facts at hand before making a call on something.