Car Finance Settlement Help

BobidyBob21

I have requested a settlement figure from my car finance company and paid the amount required, How long does the finance company have to remove the finance marker from the vehicle and send me a completion letter, As finance company are saying 21 days which i think is totally unreasonable 

Ayr_Rage

21 days seems eminently reasonable for producing the paperwork.

Edit : Toyota took 14 calendar days to produce a final statement with a zero balance, this was in March 2024.

As for what happens with the CRAs, that may take a couple of months to show as settled depending on when they send the information and the CRAs normal updating frequency.

Edit : ClearScore updated their records 15 calendar days after the finance was settled.

 

DullGreyGuy

BobidyBob21 said:

I have requested a settlement figure from my car finance company and paid the amount required, How long does the finance company have to remove the finance marker from the vehicle and send me a completion letter, As finance company are saying 21 days which i think is totally unreasonable 

21 days is likely to be the maximum time it can take, doesnt mean its the average amount of time. 

If you register a complaint with us we'll tell you that we'll respond within 8 weeks, something like 95% of complaints are closed within a week. 

Dave_5150

Mazda Finance / Santander took around a week to remove their marker. They then sent a total of six identical letters over a further three week period to confirm my account was settled