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Kathyan | 17:46 Fri 18th Aug 2006 | Business & Finance
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We have a car on finance and have been paying for the last 2� years. I can't find the agreement for the finance but I have been told that if we have paid over half we can hand the car back and owe nothing. Is this correct?
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Avatar Image Oneeyedvic
If it is a Hire Purchase agreement then yes this is true so long as you have taken 'reaasonable' care (whatever that is) - the trouble will be is if the car is not in good condition, high mileage etc.

If it is a Loan Agreement (usually Black Horse) then no, you cannot use the halves rule.


18:38 Fri 18th Aug 2006
Avatar Image Kathyan
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The finance is with Royal Bank of Scotland and we went through a dealer to buy the car. I've done around 12000 miles in the 2� years. I suspect (with my luck at the moment) that it will be a loan arrangement?
18:43 Fri 18th Aug 2006
Avatar Image Oneeyedvic
Don't think that RBS do Hire purchase though I may be mistaken.

If you call RBS, they will send you through a copy of the agreement. http://www.rbs.co.uk/Personal_Finances/Get_in_ touch/default.htm
19:32 Fri 18th Aug 2006

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