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golden_uk

Help on Hire Purchase agreement pls!

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I was wondering if someone can help me

 

I have Hire purchase agreement with a balloon payment. I have made alla payments and now the balloon payment is due, I tried to re-finance but they said they have stopped offering these type of loans. I do not have to make the balloon payment so offered to return the car.

 

The form they have sent me to sign states that they will sell the car and I will be liable to short falls. The initial amount was 43K I have paid 35k and the balloon is 19k. What if they sell undervalue which is very possible say for 10k will I be liable for the remaining 9k? That does not seem right to me.

 

I would appreciate your views.

thanks

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Hi,

 

What ever the agreement was, when you took it out, still stands whether they 'have stopped offering these types of loans' or not.

 

Is it one of those 'part purchase, part lease' agreements where you have the option of returning the car with no futher payments (providing you keep within a certain mileage and car is in good condition) or making a final payment which was specified at the start?


Please Note

 

The advice I offer will be based on the information given by the person needing it. All my advice is based on my experiences and knowledge gained in working in the motor and passenger transport industries in various capacities. Although my advice will always be sincere, it should be used as guidence only.

 

I would always urge to seek face to face professional advice for clarification prior to taking any action.

 

Please click my reputation 'star' button at the bottom of my profile window on the left if you found my advice useful.

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