Creation Finance VT

[Guest]

Hi,

I wonder if anyone can give me some advice. I’ve paid for more than 50% of the total amount due on my HP. I’ve sent the VT letter template to the finance company declaring I no longer want the car and they should collect.

Ive had a letter from the finance company, along the lines of “we have no interest in the car as we are a finance company therefore we will not be arranging to collect the car. However if you want to settle the finance either sell the car to settle or go to a car dealership.”

shall I leave/ignore the letter then send them the letter template regarding 7 days after my termination date or would I be best ringing the finance company to tell them the contract will be terminated?

any advice would be great, thanks.

[R0b]

Hello

I'd be interested in seeing the letter that they've sent you. Can you upload the letter with your personal info removed?

I assume you signed an agreement with Creation Finance and not the dealership's financial arm?

[Rhinoman06]

Hi,

I’ve attached the letter. Let me know what you think

[Rhinoman06]

Yes I signed the agreement with Creation not through the dealership

[R0b]

The only reason why I can think they have written to you like that, is because you don't have a hire purchase type agreement rather it's a fixed sum loan agreement, like a bank loan.

Do you have a copy of your agreement to hand and can you tell us what the front of the agreement says?

[Rhinoman06]

Having looked through the policy, it does say Fixed suk loan agreement so there’s my answer.

do you any other way of trying to get rid of this car, as my circumstances are drastically about to change?

[R0b]

If the agreement is a fixed sum loan then ownership of the car immediately passes to you.

You are free to do what you want with the car which is what Creation have advised you in a roundabout way; sell the car and pay off the loan.

[Rhinoman06]

Thank you for your help. I appreciate it