Car finance agreement exit options

Reece_

I have an agreement with moneybarn, am now at roughly a half way point and wanted to consider voluntary termination. I’ve initially emailed moneybarn regarding this and have had a response saying that ‘they have noticed we have never sent you the options for exiting the agreement before’ and I should call them. 

I’ve yet to call but wanted to see if this sounded odd? I thought there was some sort of obligation for lenders to have outlined exit options before someone signs an agreement? 

I can’t seem to find any documents from them that I received or signed at the time of taking it out. 

Ayr_Rage

I hope you realise the 50% point is not just time related but 50% of the total amount payable, including the balloon on a PCP deal.

https://carplus.co.uk/magazine/voluntary-termination/

Reece_

Ayr_Rage said:

I hope you realise the 50% point is not just time related but 50% of the total amount payable, including the balloon on a PCP deal.

https://carplus.co.uk/magazine/voluntary-termination/

Yes I’m aware, I’m at a halfway point in terms of payable amount beyond halfway in terms of agreement length. I say roughly because I can’t find enough information from what I have document wise or on the online account hence emailing them to ask about it more. 

DrEskimo

Before going ahead with VT it’s worth getting a range of quotes from local and nationwide dealers and traders to determine the cars value, and compare that to the current settlement figure for the finance. 

If it’s same or more, then far easier just to sell it to a trade and settle the finance that way. 

Reece_

DrEskimo said:

Before going ahead with VT it’s worth getting a range of quotes from local and nationwide dealers and traders to determine the cars value, and compare that to the current settlement figure for the finance. 

If it’s same or more, then far easier just to sell it to a trade and settle the finance that way. 

Thanks, I have looked into this albeit not super extensively, the settlement figure is closer to what I could get if I could sell privately but therefore off of what traders are willing to offer. 

I’m more just curious as to moneybarns response of saying they’ve noticed they’ve never informed me of exit options, just seemed a bit off