Car finance voluntary tetmination

[tukka1998]

Just got a car on finance but the car is not for me I am thinking of voluntary terminating it but dunno anyanything about VT, do u have to pay money for the car still???

[shake n bake]

How long have you had the finance agreement, how much was the car and how much deposit did you put in?

[tukka1998]

About a week 300 deposit and about £11,000

[Andy665]

tukka1998 said:

Just got a car on finance but the car is not for me I am thinking of voluntary terminating it but dunno anything about VT, do u have to pay money for the car still???

You can exercise your rights to VT once half the total amount payable (amount will be stated within the agreement) has been repaid.

Finance company can put a mark on your file with them but it legally cannot be used against you - you are exercising a legal right

[JM]

tukka1998 said:

About a week 300 deposit and about £11,000

You've had the car for a week?

If so then it's more a cancellation than a VT.

As said above, you can VT for 'free' if half of the payments have been made. You just return the car and pay no more money.

Your situation sounds different. What does the contract say about cancelling/getting cold feet, etc?

[shake n bake]

In that case you can't just shrug your shoulders and hand it back because you've changed your mind. You own it and are balls deep in to it for at least 18 months until you've paid a chunk of it off.

[Andy665]

JM said:

As said above, you can VT for 'free' if half of the payments have been made.

No - its when half the total amount payable has been paid - not the same as half the number of payments has been made

[anonymous-user]

I think people have misread what is has put, it has just got the car.

My understanding is you have 14 days.

[anonymous-user]

Surely a wind up thread ?

[JM]

Andy665 said:

JM said:

As said above, you can VT for 'free' if half of the payments have been made.

No - its when half the total amount payable has been paid - not the same as half the number of payments has been made

Fair point, that's what I meant, but can see a potential for a difference between the two.

[shake n bake]

The Spruce goose said:

I think people have misread what is has put, it has just got the car.

My understanding is you have 14 days.

To cancel the finance agreement for a small interest charge for each day passed. The vehicle still has to be paid for though..... unless it's a car from a dealer where you can return if you change your mind o.p?