ChatterBank1 min ago
car finance
8 Answers
Hi,
My sister has a car on finance (yes car credit) and can't afford repayments.
I thought that if you had paid over 50% you could do a voluntary termination but when she rang they said she had paid 60% of the car off so could go for voluntary termination, they would pick the car up, but they said she was still was liable for insurances and would have to pay 1392.11 off and get refund of 184.89 or she could pay the 1392.11 off in installments. They said they could arrange affordable installments with their legal department.
Is there nothing she can do about this?
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.I take it this is Hire Purchase. She needs to read the agreement very carefully and not rely on what she is being told on the phone. The agreement should set out what % has to be paid before voluntary termination (I thought it was 50% but am not certain) and what liability she still has if she does terminate voluntarily.