HP- is it possible to?

HP- is it possible to?

Author
Discussion

MidlandDan84

Original Poster:

588 posts

180 months

Thursday 20th May 2010
quotequote all
Just wondering hypothetically. If you take out a HP agreement of say 4 years, if before that (lets say in 2 years) time your requirements change and you need a different vehicle / car of similar or more value from the same garage is it possible to transfer the HP agreement onto another vehicle and extend the agreement? Or do you have to wait until the end of the 4 year period?

Apologies if that’s a stupid question.

B17NNS

18,506 posts

249 months

Thursday 20th May 2010
quotequote all
I think you would have to settle the original agreement and start a new one.

P-Jay

10,638 posts

193 months

Friday 21st May 2010
quotequote all
What he said^^^

They're non transferable.

scirocco265

421 posts

178 months

Monday 24th May 2010
quotequote all
Looks up 'Halves and Thirds':

Once you have completed one third of the payments, a finance company cannot repossess your vehicle without a court order.
Once you have completed half of the payments under a HP or PCP agreement you have the option to terminate the agreement - provided the vehicle is in reasonable condition and no arrears are owed. This would not affect your personal credit rating for future financial agreements and loans.


rfoster

1,482 posts

256 months

Friday 18th June 2010
quotequote all
scirocco265 said:
Looks up 'Halves and Thirds':

Once you have completed one third of the payments, a finance company cannot repossess your vehicle without a court order.
Once you have completed half of the payments under a HP or PCP agreement you have the option to terminate the agreement - provided the vehicle is in reasonable condition and no arrears are owed. This would not affect your personal credit rating for future financial agreements and loans.
You are correct in as much as terminating the agreement does not affect your credit rating. However...it is important to note that volunatarily terminating a finance agreement will put a big fat '8' on your credit file at the of your line of 000000000's for payments made, and this can influence a future lender as to whether they are happy to lend money to you.

Richard

smartie

2,604 posts

275 months

Monday 21st June 2010
quotequote all
get the new finance agreed before doing the VT?

P-Jay

10,638 posts

193 months

Tuesday 22nd June 2010
quotequote all
rfoster said:
scirocco265 said:
Looks up 'Halves and Thirds':

Once you have completed one third of the payments, a finance company cannot repossess your vehicle without a court order.
Once you have completed half of the payments under a HP or PCP agreement you have the option to terminate the agreement - provided the vehicle is in reasonable condition and no arrears are owed. This would not affect your personal credit rating for future financial agreements and loans.
You are correct in as much as terminating the agreement does not affect your credit rating. However...it is important to note that volunatarily terminating a finance agreement will put a big fat '8' on your credit file at the of your line of 000000000's for payments made, and this can influence a future lender as to whether they are happy to lend money to you.

Richard
Don't think you get an '8' for a VT, that's a default code, you get a 'notice' and a VT marker. Been a while since I studied one.