Voluntary Termination

[Bfellowes]

#r0b I’ve seen your name pop up several times on these threads and hoping you can help.

I have contacted my finance company to express my right to voluntary terminate my car finance agreement. They have come back to me and said that they cannot process the voluntary termination due to the agreement not being secured against the loan? Could someone please explain to me what this means? (I’ve paid more than 50%)

I bought the car through one of the UKs biggest car dealerships and went with the finance company they use...the loan wasn’t done separately if that makes sense. So I’m not understanding how the agreement isn’t secured against the loan?

I’ve read on several websites that all finance companies are awkward when it comes to voluntary termination and will do what they can to prevent it happening.

can someone please give me some advice as to what I should say in response to their previous letter? I just want this finalised.

thanks

[pt2537]

#r0b I’ve seen your name pop up several times on these threads and hoping you can help.

I have contacted my finance company to express my right to voluntary terminate my car finance agreement. They have come back to me and said that they cannot process the voluntary termination due to the agreement not being secured against the loan? Could someone please explain to me what this means? (I’ve paid more than 50%)

I bought the car through one of the UKs biggest car dealerships and went with the finance company they use...the loan wasn’t done separately if that makes sense. So I’m not understanding how the agreement isn’t secured against the loan?

I’ve read on several websites that all finance companies are awkward when it comes to voluntary termination and will do what they can to prevent it happening.

can someone please give me some advice as to what I should say in response to their previous letter? I just want this finalised.

thanks

Huh, the agreement not being secured against the loan? Never in my 13 years in litigation have a i seen a finance house make such a mad statement, until now.

The agreement and loan are one in the same, so i wonder what on earth they are saying. do you have a copy of the agreement?

[Amethyst]

If you have the agreement see if it's hire purchase or a fixed sum loan - a pic ( personal details redacted ) would be good. If you don't have it then a picture of the last letter they sent you would be helpful. Thank you