Voluntary termination of car HP finance

Wilrachson

I purchased a car on HP finance in November 2017.  I have paid over 50% of the finance off.

My question is the turbo has gone and my car is burning oil so not drivable.  I cannot afford to repair this and pay the finance and was hoping to voluntary terminate my contract with 18 months left.  Will this be classed as wear and tear or damage to my vehicle.  Can I still voluntary terminate with this issue.

k3lvc

It's 'damage' so you can't VT on this basis (well you can but you'll be liable for their costs of bring the car back up to working order)

This is why either warranty or a money pot for repairs are advisable for the length of the HP (or at least until the VT/breakeven point)

neilmcl

Wilrachson said:

I purchased a car on HP finance in November 2017.  I have paid over 50% of the finance off.

My question is the turbo has gone and my car is burning oil so not drivable.  I cannot afford to repair this and pay the finance and was hoping to voluntary terminate my contract with 18 months left.  Will this be classed as wear and tear or damage to my vehicle.  Can I still voluntary terminate with this issue.

Your sole legal obligation when you VT is to hand the car back in a reasonable condition. I'd argue handing a car back with a major fault isn't in line with keeping it in a reasonable condition.