Voluntary Termination HP - Hitachi

[Vangeliq]

Hi there
I read few posts but couldn't find the answer to what I want to ask.
We have a car with Hitachi and it is Hire Purchase, however when I went through the paperwork, could not see anywhere anything written about Voluntary Termination (they might have fitted it somewhere small not sure). The finance was for 5 years and so far we have paid for 2 years and 9 months. As expecting a baby we can no longer afford this car, we have another one anyway. Can I still send them in writing that I wish to voluntary terminate my agreement?

Thank you

[Amethyst]

Any chance you can do a picture of front and back of the agreement you have, black out personal details xxx The VT 50% is based on the amount paid, not the length of time, so it depends how much the final total of the agreement is, how much desposit/advance payment paid, how much you pay monthly and any balloon/back end payment built in.

[Vangeliq]

I will upload a photo of the agreement later on when I get home. We are happy to pay whatever is left to cover the 50% of the amount, which I think is not that much and it's much better than paying of the rest of the money

[Vangeliq]

Here is the documents we have

[Amethyst]

Do you have a copy of the finance agreement with Hitachi ? The Order sheet states finance by Personal Loan - top right under section D, and bottom left, of http://legalbeagles.info/forums/file...tch?id=1393165

[Vangeliq]

I will have a look for finance agreement. So where Personal Loan is, there should be Higher Purchase?

[Amethyst]

If it is Hire Purchase - you mentioned Hitachi in the post title, so presumably your finance is with Hitachi - you should have a formal agreement ( Regulated under the Consumer Credit Act should be at the top of the page ) with Hitachi. It might be worth ringing and asking Hitachi for a copy , or popping a CCA request in the post , if you can't find it. Hitachi do Personal Loans and Hire Purchase finance so you really need to check what kind of finance agreement you have. CCA Request Letter

[Amethyst]

Hmmm Hitachi calls its car loans, Hitachi Personal Finance Loan .... HP Finance Loan... bit misleading if you ask me. It seems like it could well be a fixed sum loan agreement - so options are a bit different - but you really need to confirm by either finding the paperwork or asking Hitachi for copies.

http://legalbeagles.info/forums/foru...clause-missing

[Vangeliq]

Here is what I found. I also noticed it says Personal Loan on the vehicle order summary... wondering now what my options are?

[Vangeliq]

And just had a read of the link you posted ... more clear now. So basically I either have to pay the rest off the loan as ... settle the agreement or just sell the car privately and use the money to cover most of whatever is left. Does that mean I can do whatever I want with the car and still continue to pay off the loan?