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Good afternoon,
I have a car on HP finance, but I have paid around 7 months of a 36 months agreement. I am currently not in any arrears, but I suspect that this will happen, given that I am now on long term sick leave pending an operation. However, I have now been awarded PIP and have ordered a motability vehicle, therefore I no longer need the car on HP. So far the finance company have been extremely accommodating, but I am obviously trying to get one step ahead, just in case they have a change of heart. I will explain in the next paragraph....
After speaking and emailing the finance company they have accepted that I shall be surrendering my vehicle under voluntary termination. However, they have said that until they collect the car (I have asked for this to be around mid-January when my new car will be ready for collection), they are unable to provide me with details of any financial penalties. Of course, I can look at the contract and do the maths myself, but they also stated that due to the fact that I am terminating on medical grounds; not because I simply do not want the car, or have arrears, they will consider the penalty figure after the car has been collected. I am a property lawyer, therefore the lawyer in me, whilst grateful for their assistance, is a little hesitant that they may back-track once i have handed the car back and insist on a huge one-off payment, which I simply don't have. Looking on the forums here, I cannot see any other threads that may assist with this particular dilemma, and I should therefore be grateful to know if anyone else can assist please?
Many thanks and merry Christmas
masroll:
I have a car on HP finance, but I have paid around 7 months of a 36 months agreement. I am currently not in any arrears, but I suspect that this will happen, given that I am now on long term sick leave pending an operation. However, I have now been awarded PIP and have ordered a motability vehicle, therefore I no longer need the car on HP. So far the finance company have been extremely accommodating, but I am obviously trying to get one step ahead, just in case they have a change of heart. I will explain in the next paragraph....
After speaking and emailing the finance company they have accepted that I shall be surrendering my vehicle under voluntary termination. However, they have said that until they collect the car (I have asked for this to be around mid-January when my new car will be ready for collection), they are unable to provide me with details of any financial penalties. Of course, I can look at the contract and do the maths myself, but they also stated that due to the fact that I am terminating on medical grounds; not because I simply do not want the car, or have arrears, they will consider the penalty figure after the car has been collected. I am a property lawyer, therefore the lawyer in me, whilst grateful for their assistance, is a little hesitant that they may back-track once i have handed the car back and insist on a huge one-off payment, which I simply don't have. Looking on the forums here, I cannot see any other threads that may assist with this particular dilemma, and I should therefore be grateful to know if anyone else can assist please?
Many thanks and merry Christmas
masroll:
