Voluntary Termination?

[clint1974]

Hello

I have read some of the previous threads and thought i would start my own regarding my HP. I have a car on finance thru Black Horse which was taken out in February this year. I owe around £2800. I no longer want it. What legally can i do?

Can i voluntarily terminate the agreement and what are the conditions for this? 50% has to paid? If not then is there anything that can be done to get out of this agreement?

Thanks

[clint1974]

anyone? If i pay off half would i be able to VT the agreement?

[Enough's Enough]

Hi There

If its a true HP agreement there WILL be an amount printed (usually on the schedule sheet) of how much needs to be paid before you can V.T. ...I've already done this twice without any problems...

The car can then be returned to the finance company but needs to be in a condition which is expected for age & normal wear'n'tear when it was originally sold to you,
ie. theres no major dents or scratches etc...if there is its best to get these sorted or patched up yourself as they'll charge you a small fortune if they do it themselves.

You need to watch though as some agreements which look like HP are actually personal loans then the V.T. rules do not apply only a 14 cooling off period...

Hope this helps??

[clint1974]

yes thanks. Just ordered a pack from Black Horse.

[Enough's Enough]

No probs...They'll just send the forms etc when all the paper works completed they'll either get a man in a van to pick it up or you'll have to return it back to where they say & find your own way home (As I had to do with my last car).

[clint1974]

Well if anyone has done this with Black Horse i would appreciate any comments?

[Csimmons]

Hi Clint1974,

I am currently trying to end my HP agreement with Blackhorse Finance also, I have paid over the amount required to end the agreement. I wrote to Blackhorse requesting the end of my agreement, they sent me a form to complete and stated that I need to pay a further £428.30 in oder to return the car.

I called them to find out why I had to pay this balance and they said it was the 'insurance premium'. Not happy with this answer I was advised to request a copy of the agreement, to see if an insurance premuim was included in the agreement ( I'm sure there isn't). I called again to dispute this balance and I was then advised that I was 'behind with my installments'.

If I have paid more than the amount specified in the agreement, and the car is in good condition, why am I liable to pay this balance?! The saga continues. Good luck, I hope things go smoothly for you! I'll keep you updated. If anyone has some advice i'll appreciate it.

[clint1974]

I recieved a copy of the credit agreement i sent for yesterday but still not had the "pack" through. Rang them up and the guy told me it has been sent but 2nd class, cheap skates. Do you know if the car has to be taxed? mines up and would rather give it back as is!

[still-learning]

Originally Posted by clint1974

Do you know if the car has to be taxed? mines up and would rather give it back as is!

Hi, last year I handed back 3 SEATS and the boy who picked them up advised us to keep the tax and cash it in, which we did and no negative feedback about any aspect of what we did.

It wasn't with your finance company but same rules should apply I imagine.

Cheers, hope this helps

[breadline]

Hi ya When i was having cars returned it was 3/4 of the agreement to be paid and the sum was usually written on the contract. The contract also states f the car has been maintained well and is in reasonable condition and some company's take liberties with this section, dont take "no we don't want it as a reply" say " sorry but your having it"

BL

[clint1974]

Thanx guys. Well the pack has finally arrived i will collect it from my parents tonight. Get all the paperwork together and of course the main crux of it the £1400 odd quid to pay it upto half off!

[clint1974]

I have the pack, there is a line that say's " I also understand that i may have additional liability if i have not taken reasonable care of the goods and the resale price is adversly affected" which i have to sign. Should i A: not sign or B: Sign crossing out the line? Then i have no liability?! The car IS in reasonable condition i just don't want them stating otherwise. ?

[clint1974]

Paid the 50% now, taking it to Measham Saturday so if anyone wants a cheep car goto BCA Measham next week

[blancomcr]

Hay there...i have a finance agreement with GE capital...does anyone know who i contact in regards to volutary termination (i.e the address?)..i am 26 months into a 5 year contract.