Breaking hire purchase

Dragonpie

Is there any way out of a hire purchase agreement without paying the capital? I don't want to keep the vehicle and need it gone ASAP. I'd appreciate any advice. 
Thanks

neilmcl

You can VT (voluntary terminate) the agreement.

Dragonpie

Thanks, do you know what type of costs I would be looking at if I go down this route? 

molerat

To VT you need to have paid half the total agreement price.  That amount will be clearly shown on the agreement.

lopsyfa

Dragonpie said:

Thanks, do you know what type of costs I would be looking at if I go down this route? 

Depends on how much of the total cost you have paid. If you are near the beginning of the agreement, you will be looking at some hefty amount. Close to the end of your agreement, you are likely to have paid more than half and require no cost apart from damage costs.

Car_54

There is a good guide elsewhere on this very site. https://www.moneyexpert.com/car-finance/voluntary-termination-agreement/