HP or fixed sum loan?

footballmanager88

This is the closest thread I could find to my issue. I hoping someone can help.


I intended to end my HP agreement on my car, I'm over halfway through on my payments. I called today to enquire about VT and was told it was a Fixed Sum Loan. This isn't what I was told when I brought the car, I was told it was HP. I have brought several cars on finance before both through PCP & HP, so I'm familiar with the process. The company that sold me the car (Pilling Volvo Hemel Hempstead) is now out of business, so no fall back there.


Has anyone got any advice as to how I end the agreement now? Or have any experience in challenging the legality of the contract?

DCFC79

footballmanager88 wrote: »

This is the closest thread I could find to my issue. I hoping someone can help.


I intended to end my HP agreement on my car, I'm over halfway through on my payments. I called today to enquire about VT and was told it was a Fixed Sum Loan. This isn't what I was told when I brought the car, I was told it was HP. I have brought several cars on finance before both through PCP & HP, so I'm familiar with the process. The company that sold me the car (Pilling Volvo Hemel Hempstead) is now out of business, so no fall back there.


Has anyone got any advice as to how I end the agreement now? Or have any experience in challenging the legality of the contract?

Did you not get and sign a contract ?

somethingcorporate

What does the paperwork that you signed say?

Apples2

If it is a fixed sum loan agreement, just sell the car. It isn't secured on the car.

footballmanager88

At the top of the paperwork it states its a Fixed Sum Loan. Yes I did sign it. I realise now I should have double checked, but I didn't expect a approved dealership to try and de-fraud me.


I would sell the car privately but the amount owed is about £400 more then I would realistically get (negative equity).

DCFC79

footballmanager88 wrote: »

At the top of the paperwork it states its a Fixed Sum Loan. Yes I did sign it. I realise now I should have double checked, but I didn't expect a approved dealership to try and de-fraud me.


I would sell the car privately but the amount owed is about £400 more then I would realistically get (negative equity).

You should always read what your agreeing to, not that anyone is going to defraud you.

thebritishbloke

footballmanager88 wrote: »

At the top of the paperwork it states its a Fixed Sum Loan. Yes I did sign it. I realise now I should have double checked, but I didn't expect a approved dealership to try and de-fraud me.


I would sell the car privately but the amount owed is about £400 more then I would realistically get (negative equity).

Count yourself lucky that it's only going to cost you £400 then.

somethingcorporate

You haven't been defrauded, you failed to read the first line on a contract you were putting your name on.

You're certainly not blameless in this situation.