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Santander Hire Purchase VT

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  • Santander Hire Purchase VT

    Hi,

    Just looking for a little advice, I currently have a vehicle on 5 year HP with Santander. I have had the car for 3 years and now paid over 50% and have never missed any payments.

    The car is on a 0% finance deal and is in good condition just usual wear and tear I want to VT but just worried if it will affect my credit in anyway?

    Thanks
    Tags: None

  • #2
    Re: Santander Hire Purchase VT

    Hello,

    It will not affect your credit rating but they are entitled to put a reason why the HP terminated. This could affect getting credit for a car again but usually you won't get credit again from the same lender for a while or the interest rate will be higher than normal. If you want more information on VT, click on the link in my signature below.
    If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Please do not hijack another person's thread as I will not respond to you
    - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
    LEGAL DISCLAIMER
    Please be aware that this is a public forum and is therefore accessible to anyone. The content I post on this forum is not intended to be legal advice nor does it establish any client-lawyer type relationship between you and me. Therefore any use of my content is at your own risk and I cannot be held responsible in any way. It is always recommended that you seek independent legal advice.

    Comment


    • #3
      Re: Santander Hire Purchase VT

      Hi,

      Thanks for getting back to me. So there is a chance it can affect me getting vehicle finance again even with another company?

      Comment


      • #4
        Re: Santander Hire Purchase VT

        Potentially yes but realistically no. I have been with Santander twice for HP/conditional sale agreements so there has been no problem. Some companies may however add extra interest if they discover you have VT'd because you create the risk that you are unlikely to fulfil the agreement and they will ultimately make a loss. So they could increase the interest by a few % as a precaution.
        If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Please do not hijack another person's thread as I will not respond to you
        - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
        LEGAL DISCLAIMER
        Please be aware that this is a public forum and is therefore accessible to anyone. The content I post on this forum is not intended to be legal advice nor does it establish any client-lawyer type relationship between you and me. Therefore any use of my content is at your own risk and I cannot be held responsible in any way. It is always recommended that you seek independent legal advice.

        Comment


        • #5
          Re: Santander Hire Purchase VT

          I understand it looks like a risk to other finance companies. I'm looking at leasing so not sure if that will still be the same issue of a higher percentage. Think I may apply for a lease vehicle before I VT.

          Comment


          • #6
            Re: Santander Hire Purchase VT

            I wouldn't overstress, if you have good credit history then there should be no issue in getting credit again on a vehicle. Just beware on a lease (except a PCP you can VT but not a PCH) you cannot VT and if you terminate the agreement early your likely to have to pay substantial amount close to or if not, the remainder of the agreement.
            If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Please do not hijack another person's thread as I will not respond to you
            - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
            LEGAL DISCLAIMER
            Please be aware that this is a public forum and is therefore accessible to anyone. The content I post on this forum is not intended to be legal advice nor does it establish any client-lawyer type relationship between you and me. Therefore any use of my content is at your own risk and I cannot be held responsible in any way. It is always recommended that you seek independent legal advice.

            Comment


            • #7
              Re: Santander Hire Purchase VT

              Thanks you have been very helpful. I'm looking at PCP so should be safe in regards to VT

              Comment


              • #8
                Re: Santander Hire Purchase VT

                Hi again,

                I'm send my letter this week but my car has a private registration do I need to put it on retention and notify them before I send VT letter?

                Thanks

                Comment


                • #9
                  Re: Santander Hire Purchase VT

                  Well, you will need to inform the DVLA and wait for the V5C to change wont you. Ideally you should have done this before you VT'd as you ought to have been aware that is what you are supposed to do. They will need to collect the vehicle from you so you will need to arrange that as soon as possible once everything has been changed.
                  If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Please do not hijack another person's thread as I will not respond to you
                  - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                  LEGAL DISCLAIMER
                  Please be aware that this is a public forum and is therefore accessible to anyone. The content I post on this forum is not intended to be legal advice nor does it establish any client-lawyer type relationship between you and me. Therefore any use of my content is at your own risk and I cannot be held responsible in any way. It is always recommended that you seek independent legal advice.

                  Comment


                  • #10
                    Re: Santander Hire Purchase VT

                    I have not sent VT letter yet so will put my plate on retention and inform finance company of plate change. Then VT.

                    Do I cancel my DD or not?

                    Comment


                    • #11
                      Re: Santander Hire Purchase VT

                      I dont think you need to inform them of the plate change if you changed it after you got the vehicle.

                      I would cancel your DD after the letter has been sent in accordance with the usual post times of royal mail +1 day just to be safe.
                      If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Please do not hijack another person's thread as I will not respond to you
                      - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                      LEGAL DISCLAIMER
                      Please be aware that this is a public forum and is therefore accessible to anyone. The content I post on this forum is not intended to be legal advice nor does it establish any client-lawyer type relationship between you and me. Therefore any use of my content is at your own risk and I cannot be held responsible in any way. It is always recommended that you seek independent legal advice.

                      Comment


                      • #12
                        Re: Santander Hire Purchase VT

                        Thanks for your help.

                        Comment


                        • #13
                          Re: Santander Hire Purchase VT

                          Sorry to bring up an old thread. I VT'D on the 20/09/16 and still waiting for the vehicle to be collected. I Received a letter from the collection company on 26/10/2016 saying they would contact me in 3 days to arrange a suitable time to collect the vehicle yet still waiting and the finace company want me to pay a £70.00 collection fee.

                          What should I do?

                          Comment


                          • #14
                            Re: Santander Hire Purchase VT

                            Contact the collection company and tell them they need to come and collect the car immediately as they have failed to contatc you within 3 days of the letter to arrange a collection date. If they don't arrange something then you will notify Santander of this and if the car is not collected within a reasonable period of time then you will exercise your legal right to sell the car or cancel the tax and insurance on it and responsibility will rest with the collection company/santander for any losses incurred.
                            If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Please do not hijack another person's thread as I will not respond to you
                            - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
                            LEGAL DISCLAIMER
                            Please be aware that this is a public forum and is therefore accessible to anyone. The content I post on this forum is not intended to be legal advice nor does it establish any client-lawyer type relationship between you and me. Therefore any use of my content is at your own risk and I cannot be held responsible in any way. It is always recommended that you seek independent legal advice.

                            Comment


                            • #15
                              Re: Santander Hire Purchase VT

                              The car has finally gone back. After VT'ing in october I now find that on my credit report they have not closed the account but marked as 2 late payments which obviously will cause me issues. What should I do?

                              Comment

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