Voluntary termination on finance agreement

[Unregistered]

I took out a 5 year hp finance agreement for my car with black horse. I have paid 40 months by direct debit.

I am looking to get rid of my car and wondering if I can terminate without any costs incurring? I have contacted them today and they will send me a termination letter with my bill included. Am I liable for any costs?

[ostell]

Re: Voluntary termination on finance agreement

If you have paid more than 50% of the agreement then you can voluntary terminate the agreement without further cost. Search on here for "voluntary terminate" or "VT". There is a sample letter on the site to send to the lender to terminate. Recommended not to sign the document the lender sends to you as it may commit you to things you would not be liable for.

Basically VT is tell them you are VT'ing. They have to pick up the car at their cost. As long as there is no damage then that's the end of the matter.

[bblnr88]

Re: Voluntary termination on finance agreement

It seems that you have paid more than or just the 50% required to be in the position of returning your car to them. However a bit of advice here is to take pictures of your car with dates before calling them for collection to avoid unexpected bills sent to you.