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Another car finance question


DHA
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Is it a regulated hire purchase or conditional sale agreement? Did you initially borrow less than £25k? Have you paid half of the TOTAL amount payable under the agreement i.e. the deposit plus amount financed plus interest and any fees?

If yes to the above then you can give them the keys back and walk away.

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For PCP type agreements with the baloon payment at the end, if you have paid 50% of the finance can you simply walk away and return the car to the finance company or is this just certain companies that allow this?

It does depend on the finance company. Someone at work bought an MG F in 04 and walked away from it after 18 months +++

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It doesn't depend on the finance company, it depends on the type of agreement. Its a statutory right to hand the car back under some types of agreement so the finance co has no say over whether or not you can, the type of agreement determines it+++

Yes, sorry, I should have said it depends on the finance company's agreement +++

Look it's early, OK... :P

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Ok - so 1 week prior to Scumball, the attacking bankter has started...... but i have to lie down (eating a pillow) and accept it eh.... ;)

PS - i dont need a new shiney not-quite 4x4 - i have one of these:

7619.jpg&w=224&h=167

I'll take you for a ride when you come up. Finance cost = £700 of hard cold cash. One of the best things i have ever bought.

Sorry.... back on topic (it was Mooks fault) +++

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Is it a regulated hire purchase or conditional sale agreement? Did you initially borrow less than £25k? Have you paid half of the TOTAL amount payable under the agreement i.e. the deposit plus amount financed plus interest and any fees?

If yes to the above then you can give them the keys back and walk away.

Was less than 25K, not sure on total amounts but will check when I get home.

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