Hire Purchase Agreement charges and ending a contract early

[Seashore]

Hi
i have a 4 year jeep financial services contract and need to cancel it early as I cannot afford it. On my agreement it states £2,964.04 total charge for credit and also £2,954.04 charge for HP/Interest. Is this not the same thing or are they allowed to charge you twice? Also I have had the car for just under 2 years can I hand the car back without having to pay anything else as the payments are crippling me?

[Kati]

Re: Hire Purchase Agreement charges and ending a contract early

tagging [MENTION=71570]R0b[/MENTION] ... any ideas??

[Amethyst]

Re: Hire Purchase Agreement charges and ending a contract early

2964.04 is the total charge for credit, of which 2954.04 is part - so there's a £10 admin fee or something.. should all be detailed on the agreement.

The 50% VT isn't of 50% time ( so not necessarily 2 years of a 4 year contract ) it's of ££.

The amounts should be detailed in the contract ?

[R0b]

Re: Hire Purchase Agreement charges and ending a contract early

The total charge for credit is usually the interest. Your looking for the total amount payable on the agreement which is usually in a box at the beginning of the agreement. You should also look for a section in the first few pages that says "Termination: Your Rights" which sets out how much you are liable for.

[Seashore]

Re: Hire Purchase Agreement charges and ending a contract early

2964.04 is the total charge for credit, of which 2954.04 is part - so there's a £10 admin fee or something.. should all be detailed on the agreement.

The 50% VT isn't of 50% time ( so not necessarily 2 years of a 4 year contract ) it's of ££.

The amounts should be detailed in the contract ?

£24,753.00 cash price
advance payment £1,996.66
amount of credit £22,756.34
total charge for credit £2,964.04
hp/charges/interest £2,954.04
total amount payable £27,717.04
So they have added interest and credit on for total amount is this wrong?