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I know this topic has been covered many times on this forum, as I have read through a good many of them! I did not feel it appropriate to hijack an existing thread.
Based on the information that I have gained, I have written the following letter which I intend to send to my finance company in the next few days. (Please see attached)
I would be very interested in constructive comments about the content of my letter. Is this suitable for an initial contact with the finance company and is it legally sound?
I have obviously redacted information that could identify me from the letter, to help with that: The amount I will have paid as of the next payment is greater than the 50% figure which was specified in the agreement. The proposed postage date will be 21 days before the date that I intend to return the vehicle which will be 18 days after the final payment will be made. The total mileage is under the maximum figure specified in the contract, it is also under the 12,000/ Annum UK average even after taking into account a pro rata for early return. However, the total mileage is about 2000 miles over the pro rata figure based on the contract maximum of 10,000 PA. The Dealership that I propose to return the car to is the one that I got the car from originally.
The reason I wish to terminate early is that the current market value of the vehicle is somewhat below the final payment amount due at full term. I do not wish to part exchange this vehicle so keeping it will either mean not driving it for 3.5 months (while still paying the finance) in order to avoid excess mileage charges (not an option) or to pay around £1000 in order to surrender the vehicle at the end of term with excess mileage and nothing to show for it. It obviously makes much more sense for me to hand the car back now under section 99 and make alternative arrangements to replace the vehicle with one more suited to my current circumstances. I have a new job that requires a higher average mileage, which is why I have exceeded the original quota (pro rata). I would also like something more comfortable now I am driving much longer distances.
Your views on this are welcome.
TeeJay
Based on the information that I have gained, I have written the following letter which I intend to send to my finance company in the next few days. (Please see attached)
I would be very interested in constructive comments about the content of my letter. Is this suitable for an initial contact with the finance company and is it legally sound?
I have obviously redacted information that could identify me from the letter, to help with that: The amount I will have paid as of the next payment is greater than the 50% figure which was specified in the agreement. The proposed postage date will be 21 days before the date that I intend to return the vehicle which will be 18 days after the final payment will be made. The total mileage is under the maximum figure specified in the contract, it is also under the 12,000/ Annum UK average even after taking into account a pro rata for early return. However, the total mileage is about 2000 miles over the pro rata figure based on the contract maximum of 10,000 PA. The Dealership that I propose to return the car to is the one that I got the car from originally.
The reason I wish to terminate early is that the current market value of the vehicle is somewhat below the final payment amount due at full term. I do not wish to part exchange this vehicle so keeping it will either mean not driving it for 3.5 months (while still paying the finance) in order to avoid excess mileage charges (not an option) or to pay around £1000 in order to surrender the vehicle at the end of term with excess mileage and nothing to show for it. It obviously makes much more sense for me to hand the car back now under section 99 and make alternative arrangements to replace the vehicle with one more suited to my current circumstances. I have a new job that requires a higher average mileage, which is why I have exceeded the original quota (pro rata). I would also like something more comfortable now I am driving much longer distances.
Your views on this are welcome.
TeeJay
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