(If you do not inform them in writing, it will be treated as if you had ”voluntarily transferred” your car and had not terminated the contract. Then you don`t get the protection that the 50% figure is the maximum you have to pay.) I recently bought a BMW Z4 in August, I pay £300 a month for an HP deal. The agreement has a contract of more than 4 years. But, unexpectedly, my financial situation has changed and I now find it difficult to pay the monthly payments and the general cost of living. The decision to terminate your auto finance business prematurely is called ”voluntary termination.” Hello Kev. Make sure your funding agreement allows you to voluntarily terminate (normally this should be a PCP or HP); Your contract should contain the relevant information. The contract should also tell you exactly how much you need to have paid to be able to VT, as the amount is not half of your financing term, but half of the total amount to be paid. If you have a PCP, it`s often pretty close to the end of the deal and not halfway. A financial company will try to remove the process so that you continue to make payments in the meantime, which means they will get more of their money back. You`ll probably have to do a lot of work too. They will continue the monthly payments until the day of termination of the contract, which is why the whole process will be extended as long as possible. Before you sign a financing contract, it`s worth making your money – and always reading the fine print. Some financial contracts charge extra fees for cancelling earlier, so it`s best if you know them from the start.
These are detailed in the Treaty. If you believe you would like to use this option to terminate your agreement prematurely, please contact our customer service team on 0330 555 1230 so that we can guide you through all your options to terminate the agreement and confirm how much each option may cost you. Hello, first of all I would like to thank you for providing the information on this site. I just made my deal with Moneybarn, which they did, to my surprise, without questions or help. The only thing they have mentioned, which I have to clarify here, is that I have done about 8000 miles more than in my agreement and they want to pay about £800. .