Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

[R0b]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

£400 seems to be an unreasonable amount to charge for replacement of a service book and doubt they could charge that much - as you only have to pay 50% of the total amount payable and if you have paid more than this, then you could argue that as you've paid more than 50% the additional sums received will cover any costs of replacing the service book and other any other damage to car etc.

[Buddy8912]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

Thanks very much Rob, much appreciated mate

[WAL]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

I am trying to find out what my liabilities are for excess mileage if my car was returned prior to end of agreement.

[taylorm840]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

hi

is it possible to put forward a VT to a lander for the purpose of getting a sum lawfully due for consideration

[judgemental24]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

You can request at any time for a settlement figure from the creditor under section 99 CCA 1974

[gavnav]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

Hi guys,

I have been reading through this thread and it is really helpful as i am looking to hand back a car that i don't now need. I need to pay £21685.12 before i can hand the car back in. I have paid £15000 something already to audi finance, but that is not including the advance payment of £5547.87 (part deposit from myself and part centre contribution). My question is, can i add that onto the total amount paid? If so, i've already (or very nearly) hit the required amount.
On the total amount payable which is £43370.23 they have included the advanced payment, so the £21685.12 is half of that. Can i hand it back now? I'm thinking yes, but i don't want to call up until i'm sure, as i doubt they will be very helpful

Thanks in advance

[R0b]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

Your deposit would normally be deducted from the total amount payable i believe so it would be worked something like this:

Cash Price of Car = £25,000
Less deposit = £5,000
Admin = £500
Interest = £3,500
Total amount payable = £24,000
half of total amount = £12,000

to be absolutely certain, check your agreement. You will usually see a box on the front which stipulates half the amount (your pre-contract information sheet) payable to terminate. Or you might find it in the terms and conditions under termination section.

[gavnav]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

Yes the amount is there in black or white, it is £21685.12. If i can add in the advanced payment of £5547.87 then i am pretty much there as i have paid another 15000 something in payments The only thing is that deposit was partly a contribution by audi themselves, and £1000from me, does that matter? The deposit is the deposit surely?

[judgemental24]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

The amout to terminate will normally be written on the agreement under termination rights

That is 50% on the total liability of the agreement

[gavnav]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

The amout to terminate will normally be written on the agreement under termination rights

That is 50% on the total liability of the agreement

Well i believe i have paid 50% then. But when i called up and asked for a settlement figure today i asked how much i had paid so far and was told £15000 something (can't remember the exact figure). I then asked does that include the deposit and was told no. The girl on the phone seemed a bit vague when i was asking her for a total amount i had paid, would they be trained to answer in this way? I didn't mention anything about a VT?

[R0b]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

The deposit would have been taken from the total price as I described in my previous post and the £23,000 or however much it was is stated on your agreement then thats what you must have paid.

If you paid a deposit they may have deducted the deposit from the price of the car before providing the finance. Again you should be given information as to how the total amount has been calculated on your agreement which will usually show the total amount of credit, interest etc.

To find out how much you've paid just work out when your first payment was and x that by the number of months you have paid since then, that will give you a close enough estimate of whether or not you have hit the 50% mark.

[gavnav]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

It includes the deposit, on the total amount payable section on the agreement (total payable including deposit £43370.23). The 50% total before i can terminate states £21685.12.... I have worked out i am £160 short of this. So i guess i just send one of the template letters?

Thanks for your help

[R0b]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

Sure you can end a template letter, if your calculations are correct then you will be asked to pay £160 which will make up that amount. Before you do it might be worth giving them another call and asking again how much you have paid in total, or specifically how many months you have paid., if it doesn't add up then maybe query it and see what their response is. The amount of credit is obviously a large amount so you might want to be sure that you are correct before firing off a letter to terminate.

[gavnav]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

Sure you can end a template letter, if your calculations are correct then you will be asked to pay £160 which will make up that amount. Before you do it might be worth giving them another call and asking again how much you have paid in total, or specifically how many months you have paid., if it doesn't add up then maybe query it and see what their response is. The amount of credit is obviously a large amount so you might want to be sure that you are correct before firing off a letter to terminate.

I have just come off of the phone to audi finance, and the total i have paid is £20988.35 (including deposit) so i have £696.77 to hit the 50% mark. How long does the VT process normally take from when i send the letter to them? I know i would be giving them 14 days notice?

Also, anyone who has done this, have you had trouble then getting another car? I'm leasing my next one.

Thanks again for all of your help guys

[R0b]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

You would normally give reasonable notice to VT your agreement which is usually 14 days. Send your VT letter to the correct address as required in your agreement and I would always send it at least recorded delivery to confirm it has been received - I received my VT letter within 2 weeks of sending mine, getting your credit report updated to show settled may be a different story as I am having issues with my finance co.

As for another car, no troubles I have done this before but you may have issues getting finance with the same co you VT'd with, or they may just increase interest rates.