Evening all,
I'll start by tagging [MENTION=71570]R0b[/MENTION] and thank anybody that can give some advice in advance.
Good old finance companies!
In the search to replace my inappropriate old car, I have been through a finance broker. They advised that the approval for a new hire purchase deal was conditional on me settling my current HP; advised me then to VT (rather large negative equity to carry otherwise), as they could then move on.
So I've today sent a voluntary termination letter to my current lender, informed the broker, only for them to respond and pretty much say, "great, now let's sit back and hope they confirm that there is no financial interest in the car any longer soon, and then we can release the finance so you can have a new car".
...
I have tried my damnedest to get clarification of what the broker means by my lender confirming that there is no financial interest but they can't seem to do so.
My question being: What can I do to confirm this with both current lender and new lender? Surely the only financial interest the lender has in the car, is the value of the car itself. My financial interest in the car is the 50% liability that I have more than paid up to the point that I terminate the agreement.
Once I have terminated the agreement - provided I meet the conditions to do so (which I do - 50% point met etc.) - then I am no longer liable to them. Any further charges levied, I understand, are unenforceable and actually, were they to pursue for damages or mileage; is that not a financial interest they hold against me as the borrower, which I can then defend personally?
It's a confusing stipulation that the broker has waited until I've taken the dip to inform me of and I'm now in panic mode for fear of having no car to get to work with.
Could I call my lender and ask for them to confirm my VT via an email that states I have no further financial obligation against the agreement and use that as confirmation?
Any advice appreciated to hopefully settle some nerves!
Bert.
I'll start by tagging [MENTION=71570]R0b[/MENTION] and thank anybody that can give some advice in advance.
Good old finance companies!
In the search to replace my inappropriate old car, I have been through a finance broker. They advised that the approval for a new hire purchase deal was conditional on me settling my current HP; advised me then to VT (rather large negative equity to carry otherwise), as they could then move on.
So I've today sent a voluntary termination letter to my current lender, informed the broker, only for them to respond and pretty much say, "great, now let's sit back and hope they confirm that there is no financial interest in the car any longer soon, and then we can release the finance so you can have a new car".
...
I have tried my damnedest to get clarification of what the broker means by my lender confirming that there is no financial interest but they can't seem to do so.
My question being: What can I do to confirm this with both current lender and new lender? Surely the only financial interest the lender has in the car, is the value of the car itself. My financial interest in the car is the 50% liability that I have more than paid up to the point that I terminate the agreement.
Once I have terminated the agreement - provided I meet the conditions to do so (which I do - 50% point met etc.) - then I am no longer liable to them. Any further charges levied, I understand, are unenforceable and actually, were they to pursue for damages or mileage; is that not a financial interest they hold against me as the borrower, which I can then defend personally?
It's a confusing stipulation that the broker has waited until I've taken the dip to inform me of and I'm now in panic mode for fear of having no car to get to work with.
Could I call my lender and ask for them to confirm my VT via an email that states I have no further financial obligation against the agreement and use that as confirmation?
Any advice appreciated to hopefully settle some nerves!
Bert.
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