When does termination of HP Agreement kick in

[eddie1234567]

Hi, I am returning my vehicle under Voluntary Termination under teh consumer credit act 1974

 

The company says to ask for a form (which I have done), sign it and return it, they will then send another form to be completed which will also ssay where to take the car to.

 

At the same time they want the reg documents, even though the docs say that I have to return the form to DVLA once the company sign it, how can I do that if they ahve it

 

If I give notice and they accept that, is it not at that point that my involvement in the goods (car) ends and I have no further input into the car.

 

I ask because the insurance is about to expire and I don't want to renew the policy for the sake of a few days/week

 

The 1974 act just says to give notice but does not say when ownership reverts

[crem]

when you hand the car over, that is when your legal responsibility ends.

 

At the point of handover you should retain the V5C/3 (the yellow section 9) and complete this with the finance company's details (or whoever they say is becoming the legal owner). You can ask them over the phone what details should go in this section. You can hand the remainder of the V5C over with the car. Effectively the car is being transferred "into trade" so you send the completed yellow to DVLA and they will update their records to remove you and notify you they have done so.

 

Regards your insurance, I am in a similar situation with one of my cars I am currently VTing. The insurance runs out next week, but I will simply lock it in my garage and await collection. I am not going to renew mine either. You might have a bigger problem if they request you to deliver it somewhere as you will not be covered to drive it. The companies I deal with generally collect from my house so they drive it away on their insurance. If you need to, you can use one of the many "daily insurance" companies you can find on the net.