Close motor finance - voluntary reposession, credit rating

[DBY]

Hi all.

 

Under the terms of my contract I can return my vehicle to close after x amount of payments. I've already reached this milestone so wondered what the effects of voluntary terminating my agreement would have on my credit report. See I want to change my vehicle for something much more fuel efficient but part ex amount is ridiculously low the only option I appear to have is to return the vehicle.

 

Any advise appreciated.

[theoldrouge]

Your referring to hp/cond sale

 

If done correctly using s99/100 it will have no effect

 

But you MUST vt under s99

 

They cannot charge for this

[SeanG79]

Hi all.

 

Under the terms of my contract I can return my vehicle to close after x amount of payments. I've already reached this milestone so wondered what the effects of voluntary terminating my agreement would have on my credit report. See I want to change my vehicle for something much more fuel efficient but part ex amount is ridiculously low the only option I appear to have is to return the vehicle.

 

Any advise appreciated.

 

Do not mention voluntary repossession, it is voluntary termination.

 

Your credit file will be marked with a "VT" marker, but this is not adverse. It will have no future bearing on personal loans. It shouldn't have any future bearing on vehicle finance either, however Close MF may offer a shorter term on future finance and/or a higher initial deposit to avoid future losses.

[theoldrouge]

finance companies hate vt, as they will usually, as in your case due to low value remaining in the car,lose money

 

that is why it is so important to correctly word your letter under s99, and to offer them no loopholes.

 

you must attend the condition inspection, do not sign any of their forms without prior advice