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Secured Loan - Car Voluntary Termination
I have a car that i financed through Creation Consumer Finance. I believe that it is not a Hire Purchase but a Personal Loan.
I started the agreement in Oct 2011 over 5 year at £154 p/m. I want to know what my options are for getting rid of the car. The settlement is currently £4767 which is more than i can afford to pay off so not really an option.
Any help on this would be great
Thanks
Comments
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Because its a personal loan you cannot VT the car.
You can sell the vehicle at any time if its a personal loan as you already hold clear title, but you will still be liable for any shortfall between how much you sell the car for and the current settlement figure.
You can overpay at any time but this usually only shortens the term and doesn't reduce the monthly payments.0 -
Hi,
Its not a loan that I got the money and spent. It was done through carloans4u. The car does show outstanding finance on a HPI check. Does this mean that the loan is fixed to the car?0 -
ask them, or refer to your agreementDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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The top of your paperwork will tell all, either :
Hire Purchase Agreement regulated by the Consumer Credit Act 1974
or
Fixed Sum Loan Agreement regulated by the Consumer Credit Act 1974Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
0 -
Hi,
Its a fixed sum loan0 -
Then there is no security with the car.
As it is carloans4u maybe we should consider it has finance on it from the last time they sold it to someone who couldn't afford it0 -
It is not unusual for these car loan companies to put HPI markers on vehicles even though they have no legal right to do so.
Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
0 -
Hi,
I did my own HPI on the car not long ago and the outstanding finance is showing creation consumer finance so it must be the agreement I have. If the agreement is not secured on the car how can I get the HPI changed?
Do they have a legal right to do this if the loan is not fixed on the car?
Thanks0 -
Does it show as in the example https://www.hpicheck.com/vehiclecheck/report/sample/
This must pose a data protection question.Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
0 -
Hi,
See pic
Thanks for helping me with this!
0
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