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Hi there,
My wife and I (We) bought a used car from a dealer 2 years ago by part echanging our previous car which still had outstanding finance. We took out new finance for the total amount 14.2K and have so far paid 25 of the 60 installements of £225pcm without any defaults.
Since then I have become eligible for a new motability car so we wish to dispose of our cuurent car. We spoke to Black Horse Finance who actually suggested Voluntary Termination despite us not actually reaching the 7.1K threshold. THey are asking for a settlement sum of around £750 before we can hand the car back. WE are waiting for the letter pack to arrive so we start the process.
However I am confused as to how the settlement sum was calculated as the sum stated along with payments made, are still short of the 7.1K threshold for Voluntary Termination.
I am also concerned that they may even charge for damages to the car on top of the settlement sum stated. Our car has a few stone chips and a slight scuff mark on one wheelarch. Apart from that the car is fully dealer serviced and clean tidy condition. How likely are they to deem our car excessively damaged. Is it worth having the stone chips/scuff repaired on insurance beforehand.
One last concern is that we were told this process will affect my wifes credit report. There are other threads on this website stating that the voluntary termination process is basically a repossession.
Could someone answer my concerns or advise an alternative way to hand our car back without penalty.
Regards,
Dave
My wife and I (We) bought a used car from a dealer 2 years ago by part echanging our previous car which still had outstanding finance. We took out new finance for the total amount 14.2K and have so far paid 25 of the 60 installements of £225pcm without any defaults.
Since then I have become eligible for a new motability car so we wish to dispose of our cuurent car. We spoke to Black Horse Finance who actually suggested Voluntary Termination despite us not actually reaching the 7.1K threshold. THey are asking for a settlement sum of around £750 before we can hand the car back. WE are waiting for the letter pack to arrive so we start the process.
However I am confused as to how the settlement sum was calculated as the sum stated along with payments made, are still short of the 7.1K threshold for Voluntary Termination.
I am also concerned that they may even charge for damages to the car on top of the settlement sum stated. Our car has a few stone chips and a slight scuff mark on one wheelarch. Apart from that the car is fully dealer serviced and clean tidy condition. How likely are they to deem our car excessively damaged. Is it worth having the stone chips/scuff repaired on insurance beforehand.
One last concern is that we were told this process will affect my wifes credit report. There are other threads on this website stating that the voluntary termination process is basically a repossession.
Could someone answer my concerns or advise an alternative way to hand our car back without penalty.
Regards,
Dave
