Capital Bank - Returning car on HP agreement

[ZR120]

I currently have a HP agreement with Capital Bank. I have payed 32 of the 61 payments and want to send it back.

Can i do this without any effects on my credit rating?

i phoned them earlier and said i want to do this, but the guy on the phone said it was only a loan (even though the person i spoken to 2 months ago, told me it was HP, and even though i have read the agreement and are 90% sure its HP)

After some advice on the issue

Also, is there a rule on the condition of the car? i.e tyres etc?

Would it be a good idea to sub scribe to say experian to monitor my credit score and see if they try and mark it in any way?

[buzby]

You've read the paperwork and you're only 90% sure it's HP? Doesn't the contract state whenter it IS a Hire Purchase agreement? If it doesn't state this, then it won't be. The contract will also state what action you need to take to get out of arrangement.

As for the condition of the vehicle, again, read the contract. However since it will have to be sold to pay off the loan or HP, the condition will reflect the price it recieves. However it is always best to get permission to sell it yourself, rather than at a 'fire sale' auction.

Monitoring your credit file is always a good idea, but with 3 firms running their different databases, this can get expensive.

[ZR120]

it was a while ago when i read the agreement. Im sure i can remember it saying i cannot modify the vehicle any way etc, and i dont own the car until the last payment (meaning its a HP agreement)

[buzby]

Ah - I thought you had the agreement handy. If you remember it specifically saying it's not yours until the last payment, that's HP (unless of course they're just being onerous). In addition to your contract they'll also have you listed on the HPI register and them as a notifiable party at the DVLA should you change any details on the V5C.