Voluntary termination car finance advice please

[Sparkles]

Hi, really appreciate the advice on here in regards to VT. Having paid the the sum owed to Peugeot Finance to take the figure up to 50% already paid, I emailed PF asking to VT the car a week ago given them up to 14 days from the date I emailed them to arrange a suitable time and address for collection. The car is in good condition and well under annual mileage, with recent mot and just serviced. I phoned them a couple of days later and asked them if they had received my email and would they now respond by return email and acknowledge VT. They tried, as they seem to have done with so many others posting on here, to get me to sign a liability type letter, which they said they would send out, but I stuck to my guns on the phone and stated that I did not need to do this and notification was all that I needed to do within the law, after having paid half of the loan owed. I had to insist on speaking to a manager in the end, who then confirmed this. An email was sent to me immediately acknowledging my wish to terminate, and also stating that they would pass this on to their collection agents who would arrange suitable time/place for collection. What worries me now is that I have given them 14 days from the date I wrote to them to arrange collection, but the manager on the phone said it could, but she said it probably won't, take up to 6 weeks. I want to know my rights as regards to this, because I need to sort out buying a replacement vehicle, and the insurance is ending in about 3 weeks and I want the car collected ASAP with no responsibility to myself. Also, the direct debit is due the end of the month, can I cancel this now as 50% of the sum has been paid in advance of the direct debits. Has anyone please got some advice on this. Thanks in advance.

[Kati]

Re: Voluntary termination car finance advice please

:bump: for [MENTION=71570]R0b[/MENTION] xx

[ostell]

Re: Voluntary termination car finance advice please

The car is now theirs so write to them, email and by mail with free proof of posting, telling them that the tax and insurance will lapse at the end of those 14 days you gave them and they will be responsible for any charges from the DVLA for the untaxed and uninsured car. So you as the car no longer belongs to you don't pay the next instalment as you have already paid the 50%

[Sparkles]

Re: Voluntary termination car finance advice please

Thanks very much Ostell for confirming what I already assumed was correct procedure by picking up some much appreciated information on the subject from this site. I actually received another liability type form again through the post this morning. I had one from them about a month back when I asked to VT over the phone, and said to them that I would pay the remaining balance due (always paid monthly direct debits on time) to take it to the 50% mark, I didn't sign it, I just transferred over the remaining balance through my bank account into theirs to take it to 50% and sent them the notification email. As they have replied to the email acknowledging my wish to terminate and saying they will pass it on to their collection agents can't believe they are trying it on sending this again. I cancelled any further direct debits to them with my bank yesterday, and will be writing to them to point out what you have so kindly advised. Fingers crossed things will go ok, will update post on here what happens for anyone else who has to deal with this.