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Just looking for a bit of info if possible. Me and the missus got a car about 18 months ago on HP. 36 payments at x a month with an option to either buy the car at a pre arranged price or give it back with no charge.
The missus is going back to college and the money is becoming a bit tight so we have looked into this VT thing. However when I've looked on the finance documentation it gives a figure at which point we can give it back but when I've worked it out it equals to about a month before the payments finish. Is this right?
The figures are as follows:
1 x pymnt of 292.44
35 x pymnt at 142.44
followed by an optional 3645.60 to buy
My termination figure is given at 4948.72. Bearing in mind I don't have any intention of paying the figure at the end to buy the car is that figure to terminate correct?? I have been told that once we were a certain way through the deal we could hand it back.
I'm a bit confused with this to say the least so I would be ever so grateful if someone on here could shed a little light on the subject. This is going to be my first and last HP deal!!!!
When you have paid 50% of the total you can terminate that would make it now 18 months into a 3 yr agreement!
I QUESTION THEREFORE I AM!!
Unfortunately i'm not an expert in any given field legally and my advice and that of the Consumer Action Group and the Bank Action Group is given without prejudice and without liability so please if in any doubt whatsoever seek help from an insured qualified professional. Contents of my posts are purely my own personal opinions and not condoned or endorsed in any way, shape or form by CAG. Thank you!
Voluntary Termination
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