Voluntary termination of car finance with Santander

Rubydoos

Hi

I am looking to VT my car. I have checked the paperwork and I am almost at the half way point, or will be after the next monthly payment.
The car is three years old and has a few minor scratches, which I am sure I can probably sort myself with a little bit of polishing!
I just have a few questions about the process.
- I have been asked to write a letter to Santander outlining my wishes to VT. Is there a template letter around?
- How easy is the process?
- As the car is three years old there are a few minor wear and tear marks, I have a fear that by handing the car back they will try and get more money back from me by say the minor marks are more than wear and tear, should I be too concerned?
- How quick is the process?
- Has anyone ended up owing the finance company money?
- Will my credit rating be affected by doing this?

Thanks in advance

DCFC79

Re the letter, just state you want to VT the car simple as or give a google a shot.

chanz4

Ask them if they have a pic of it been in mint condition

whambar

Rubydoos

As said here before just send a recorded lettter stating your wish to VT the car (be clear its a VT though) they will contact you to either arrange for it to be collected or you can take it to an auction house, do expect that if they collect that you will need to meet teh collection charge. Ensure car is road legal, taxed and MOT'd and clean up and T cut out any marks etc, but the BVLA guide gives a very good indication of what is acceptable and what is not acceptable by way of wear and tear damage, I underdertand Satander and BH use this. Some say you get a flag on your record for VT some say its shows as satisfied or paid some say nothing at all. It is a legal right to do so so you have not breached your HP agreement and with used car prices being poor it can aviod negative equity in a car.

Rubydoos

whambar wrote: »

Rubydoos

As said here before just send a recorded lettter stating your wish to VT the car (be clear its a VT though) they will contact you to either arrange for it to be collected or you can take it to an auction house, do expect that if they collect that you will need to meet teh collection charge. Ensure car is road legal, taxed and MOT'd and clean up and T cut out any marks etc, but the BVLA guide gives a very good indication of what is acceptable and what is not acceptable by way of wear and tear damage, I underdertand Satander and BH use this. Some say you get a flag on your record for VT some say its shows as satisfied or paid some say nothing at all. It is a legal right to do so so you have not breached your HP agreement and with used car prices being poor it can aviod negative equity in a car.

Thanks for your reply. You mention that I would be liable for the collection charge. Do you know how much this is roughly?

chanz4

about £80 when I did it via BCA

barnesey23

Just vt'd with Santander.

Santander called asking for £50 to have Anglia collect.

I said no, I'll deliver.

They said £25.

I said the same thing.

They then said nothing, which of course I accepted.

Anglia came, said I had 4 scuffed alloys which was £180 but 50% off if I paid cash or card there and then, which I did as agent said it would avoid further inspection at Manheim Auctions in Bristol who would do a more detailed inspection and bill £180 and whatever else accordingly.

I said "Would this £90 be full and final, and I'll not hear anything else about this?" and he said yes.

Car was taken and if I hear anything else I'll repost.

Very easy and if you're considering it, very quick - have contingency plans in place!

Signed up today on PCP for a Yaris so no problems to report in VT-ing thus far.

Fingers crossed this is all done and dusted! :beer:

treasach

I've had an absolute nightmare with them, they sent out an assessor who agreed the 8 year old car was in great condition, then put down that three alloys were marked, I dissagreed with him then and there and refused to pay the 145 recon fee he wanted, he took the car anyway

Now I've got santander on my back demanding the money, I have photographic evidence proving that the wheels had no marks on them but they are having none of it, I've even stated I'm willing to go to court over the matter but they now have said they refuse to speak to me regarding the matter and that I need to pay the debt immediately. Trying to go to the ombudsman now to get it sorted

Interestingly though, did a credit check on myself and it states the HP agreement VT'd with no outstanding balances??

pixi_bubbles

Hi im just wondering how long it took them to get back to you after you applied for VT. Iv wrote to santander and waiting for a response.