Thread: Volunatry Termination of Car Finance

Hi all,

First time posting i hope im in the right place.

Im hoping if someone could help me with a little problem. I am giving my car back to the company that i got finance with which is Park motor finance. I have paid half my term including interest and i can just give the car back. The problem is, is that i live in wigan and the only place i can hand the car back is newport in south wales or Newcastle upon tyne in the North. They are both approx 200miles away from me. I asked if someone could pick up the car but they said it will be about £200 for someone to collect it. Is this fair. The only other option i have is to take out 1 days car insurance as i am driving something else now then drive to newport and somehow get back which could also run upto approx £200. I am in a catch 20-2 here and don't know what to do.

Any help would be most appreciated. Cheers

Dave.

P.s in contract it doesnt state where i have to go to give the car back.

Hi

It is very important that you tell your creditor in writing that you are terminating and ending your agreement. If you do not terminate in writing the creditor will not treat it as a voluntary termination and you will not be able to benefit from the 50% limit on your liability. Keep a copy of the letter of your termination in case you need proof of this later.

You may have a default notice sent to you by the creditor because you are behind with the payments on your agreement. Once the time has run out on the default notice, you may have lost the right to end the agreement voluntarily and to return the goods yourself. It depends upon your agreement. Your creditor may have called in or ‘terminated’ the agreement when the default notice runs out. Some agreements say another notice to terminate the agreement has to be sent to you after the default notice has run out. Really check the small print here on your agreement.

I will move your thread for more help.

Hi there

I was just looking for some information on Park Finance PPI and the lack of statements when I found this.

I voluntary surrendered my 4WD in 2007 and they tried the same with me. I contacted Trading Standards and Park were warned that this was unlawful and that they should send somebody to collect the car or arrange a drop off point near where the person lives. There were various meetings that took place with Park Finance and Trading Standards told me that they had been left in no doubt that this type of treatment would not be tolerated.

Park Motor Finance should be collecting the car from you and you should not have to pay anything for its return. If you bought it in your area then the furthest you should go is back to the garage whee you purchased it from.

I just thought this would be of importance and perhaps could be used as a sticky so that others know what to do if any of the finance companies try to use this tactic as a way of getting you to keep the car and keep paying.

They also sent somebody around and made up bogus damage to the car saying it was not in reasonable condition. It was a 51 plate and was in perfectly reasonable condition for a 4WD. One buys a 4WD because they need to be off road - well you mostly use it for that - and I lived in the country. they tried to get me to pay an extortionate amount of money to have these "repairs" carried out at their garage before it was put into the auctions. Trading Standards were all over them for that too.

I lived in the country, it was used as an off-road vehicle and it had little scratches to the paintwork but nothing more than that. I had it valeted before they came to collect it too - it looked like new.

Nobody has to take this nonsense from them. They have however put a default on my credit report whcih I have just noticed and will be fighting to get that taken off. It was a voluntary surrender in keeping with my agreement with them. I was moving to another location where I didnt need a 4WD, they were becoming very expensive to insure and keep on the road and the outstanding balance would not cover what I would get in a part exchange. I decided to use my right to surrender.

I see they are still at it.

Gemspan