Finance
- Thread starter Jburgess455
- Start date
Hi is the car Renault finance ie standard HP if so you can take it back when you have paid half and walk away if not its down to what young Mr Angel said
Fernandez
Gold Member
Not sure I understand fully.. Do you want to keep the car?
If you have paid halve the amount of finance you can just give them the car back with nothing more to pay but I think that would count as a default so not good on the credit record.
You can always sell it and just pay off the hp.
If you have paid halve the amount of finance you can just give them the car back with nothing more to pay but I think that would count as a default so not good on the credit record.
You can always sell it and just pay off the hp.
Cheers 
it's not that I can't pay it.... Just got some more important things that need sorting out like solicitors
it's not that I can't pay it.... Just got some more important things that need sorting out like solicitors
providing the agreement is a regulated one by the FSA you have a number of options:
halves:
providing you have paid off a minimum of half of the 'total' amount payable and the vehicle is is good condition for its age including wear and tear you can hand the vehicle back to the creditor. This may be shown on your credit file as a VT (voluntary Termination) this is different from a settled agreement
thirds:
providing you have paid a minumum of a third of the total amount payable, if you default on paymnets the asset cannot be claimed by the creditor without a court order
If you have a PCP (not lease purchase) where the car has a MGFV (minimum guaranteed future value) when you get to the end of the agreement if the vehicle is not worth what the GMFv is you can hand the vehicle back irrespective of the equity situation OR you can px and use any positive equity towards your next purchase OR finally you can pay or refinance the MGFV and own the car outright
Ownership of the vehicle under any HP/PCP/LP does not transfer to the registered keeper until all payments are made including any option to purchase fee's
You can also sell the vehicle. please remember that you will need to pay off the amount owing to the finance comapny or the car will still show on the HPI system
HTH
Kenny
halves:
providing you have paid off a minimum of half of the 'total' amount payable and the vehicle is is good condition for its age including wear and tear you can hand the vehicle back to the creditor. This may be shown on your credit file as a VT (voluntary Termination) this is different from a settled agreement
thirds:
providing you have paid a minumum of a third of the total amount payable, if you default on paymnets the asset cannot be claimed by the creditor without a court order
If you have a PCP (not lease purchase) where the car has a MGFV (minimum guaranteed future value) when you get to the end of the agreement if the vehicle is not worth what the GMFv is you can hand the vehicle back irrespective of the equity situation OR you can px and use any positive equity towards your next purchase OR finally you can pay or refinance the MGFV and own the car outright
Ownership of the vehicle under any HP/PCP/LP does not transfer to the registered keeper until all payments are made including any option to purchase fee's
You can also sell the vehicle. please remember that you will need to pay off the amount owing to the finance comapny or the car will still show on the HPI system
HTH
Kenny
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