handing a vehicle back thats on finance?

[fletcherGTO]

i heard that once 50% of a finace agreement has been paid off you can hand the vehicle back, and thats that, end of?

 

well i contacted the finance company today, they are insisting that it will go to auction, what ever is left over will have to be paid by us? i dont under stand, ive been told by a few people you can hand it back and thats the end of it? are they trying to fob us off here?

[dx100uk]

and the fleecers are?

 

dx

[fletcherGTO]

the finance company is called private and commercial finance group..

 

i take it they are incorrect about the auction and paying the remainder etc?

[postggj]

as long as you have paid 50% of the vehicle

 

that figure will be on the agreement under termination then

 

you walk away owing nothing as long as you have taken reasonable care of the vehicle

 

a few scratches etc due to age is acceptable

 

i take it we are talking of a hp agreement

[dx100uk]

eve post

 

thanks for dropping in

 

dx

[postggj]

my pleasure8)

[Lefty]

i heard that once 50% of a finace agreement has been paid off you can hand the vehicle back, and thats that, end of?

 

well i contacted the finance company today, they are insisting that it will go to auction, what ever is left over will have to be paid by us? i dont under stand, ive been told by a few people you can hand it back and thats the end of it? are they trying to fob us off here?

 

Providing that the finance was a HIRE PURCHASE agreement regulated by the Consumer Credit Act 1974, and not a FIX SUM LOAN AGREEMENT (secured by a Bill of Sale)...

Cheers

Lefty

[fletcherGTO]

just dug out the contract, it says under termination word for word

 

"you have a right to end this agreement, to do so you should wright to the person you make your payments to. They will then be entitled to return of the goods to half the total amount payable under this agreement. that is £4536.25. if you have paid at least this amount plus any overdue instalments and have taken reasonable care of the goods, you will not have to pay anymore."

[Lefty]

just dug out the contract, it says under termination word for word

 

"you have a right to end this agreement, to do so you should wright to the person you make your payments to. They will then be entitled to return of the goods to half the total amount payable under this agreement. that is £4536.25. if you have paid at least this amount plus any overdue instalments and have taken reasonable care of the goods, you will not have to pay anymore."

 

Excellent!

 

I would suggest you copy the relevant text from your agreement into your termination letter. Let them know that YOU fully understand YOUR rights and obligations.

 

Cheers

Lefty

[postggj]

i do like a happy ending:-)