Car Finance or Personal Loan

zandralapoi

Hey guys,

A little help needed.

Got a car on finance about 2 and a half years ago. At the time we bought it my Brother asked about the termination terms and was shown a box on the initial contract, i.e. pay more than half the amount borrowed and hand it back.

We are now checking the Capital Bank contract and can't find the termination details.

How would we know if this was a car finance agreement or a personal loan to buy a car which is now what my brother suspects it is, although we definately weren't told this at the time of purchase? IS it that they are trying to hide the termination details?

Many thanks,

Zandra LaPoI

scotsgirl_3

I don't know about capital bank, but on our HP agreements it says ( at the top but cld be elsewhere) " this is a hire purchase agreement regulated by the consumer credit act"
those which are loans etc state they are regulated but don't actually state hire pirchase. THe HP agreement also tend to have your "termination right" on the front page

zandralapoi

Thanks Scotsgirl, we thought we were getting a hire purchase agreement as that was how it was explained to us. My brother is a car salesman and specifically asked about the termination details and we were both shown a box detailing them. I then signed the agreement.

My signature is on the second page it looks like they have changed the first page of the paper work and the terms of the loan after I signed and not told us.

I take it they are not allowed to do that or are they?

Thanks again,

Zandra