Voluntary Termination of Car Finance
June 22, 2012
Total cost of credit | £ 2000 |
---|---|
Total repayment | £ 2000 |
48
monthly
payments of |
£
245
98
|
Rates from 9.9%: the exact rate you will be offered will be based on your circumstances, subject to status.
Representative example: borrowing £25,000 over 48 months, £3,750.00 deposit, on PCP, with annual mileage of 8,000pa, and a representative APR of 11.9%, an annual interest rate of 11.9% (Fixed), the amount payable would be £394.51 per month, an optional final payment of £7,194.33, with a total cost of credit of £9,912.36 and a total amount payable of £28,444.33.
We look to find the best product from our panel of lenders and will offer you the best deal that you’re eligible for. We earn a commission for providing our services, but this does not influence the interest rate you’re offered in any way.
I am looking at a volentary termination on my car loan as over 50% of the loan has now been paid and I meet all the criteria. My concern is that a Volentary termination note will be put on my credit file and I do not know what impact that will have on my
Asked by Richard Cornwell
June 22, 2012
Hi Richard, a great question - thank you. In a nutshell you can still "VT" or voluntary terminate your agreement without this having an effect on your credit rating. I'd advise to get this in writing first though from your current loan provider before carrying out the process. Also make sure you get a last payment date and pay it on time to prevent any missed payments being placed on your file. You are well within your rights to voluntary terminate as long as you have kept to all the lenders terms and conditions, mainly having made every single payment on time. Thank you
I have a car on hire purchase for 5 years. By the time I make my September payment I will have paid 50% barring £7. I want to "VT" the agreement to purchase a new vehicle and wondered if I offered to pay the agreement up to the sum of the 50% stated, i co
Asked by Clive Evans
June 22, 2012
I have a vehicle on car finance from Santander. I am more than half way through the agreement. I had a 60 month agreement and have paid 48 months. Am I allowed to voluntary terminate as the car is no longer usable. The turbo has blown on the car which has
Asked by John Davies
June 22, 2012
I have been advised today to voluntary terminate my car as the value has reduced so much that I will not be able to trade it in. It is now worth £6500 but I still have £11500 to pay. I have 4 months to pay until the 50% mark. The car has been curbed on tw
Asked by Natalie
June 22, 2012
I have completed my VT for my vehicle and it was taken away about 3 weeks ago. I have just recieved a letter from an auction company telling me I owe them £450 for damage. The only damage on the vehicle was minor, a scuff on the alloy wheel and a small pa
Asked by Louise
June 22, 2012
I have decided to VT my Fiat Qubo and have paid over the 50% required. My query is regarding my next DD payment on 11/7/12. If the letter is received by FGA prior to this date should I cancel DD? Should this be written in letter? Or do I have to wait for
Asked by Lloyd
June 22, 2012
I have reached the 50% mark for payments on my finance agreement and have not missed or been late on any payments. If I contact the finance company to ask to return the vehicle what happens to the outstanding balance on the finance? Is it cleared or will
Asked by Gemma
June 22, 2012
I recently instigated a VT under section 99 and made reparation to the minor damage on the car. Any remaining damage was minor and what I would say was reasonable wear and tear under the BVRLA standards. However, the finance company sent an untrained coll
Asked by Steve T
June 22, 2012
I recently handed our car back under a Clause 99 Voluntary Termination. The car has been very well looked after, in perfect mechanical order and the interior was immaculate. I had the car cleaned up and any more serious damage repaired. The exterior was e
Asked by Steve T
June 22, 2012
Once you inform the finance company that you wish to vt what more would I be expected to pay other than maybe one last payment? Will I be liable for any further costs that they can enforce against me or is it really as straightforward as handing the car b
Asked by Jo Mitchell
June 22, 2012
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