Voluntary termination of HP

eaellis92

New member here looking for some advice RE a HP agreement I have with Black Horse. I’m looking to voluntarily terminate the agreement when I’ve reached the 50% mark in March 2020. My car is due a service in February but my question is does it need to be serviced in order to voluntarily terminate the agreement? Any advice anyone can give me will be much appreciated!

AdrianC

The service history must be complete at the point of return, whether via VT or settlement or expiry of contract. If it's due a service while you have it, you have to do it - or pay the penalty charge for missing a service.

You say "HP", but is it actually PCP? If so, are you including the balloon in your 50% calculation?

eaellis92

Thanks Adrian, I thought that might be the case but wanted to check.
It’s definitelu a HP, not PCP.

DrEskimo

Have you checked what your car is valued at compared to the settlement figure? You could trade the car in tomorrow if the settlement is equal to or greater than the settlement amount.

Since you have a straight HP, it's likely you were paying more than it was depreciating, unless you paid over the odds for the car, or got a very unpopular car....?