had my fabia about 2 year 2 month now, got it on finance because i only wanted it for a couple of year and it was 50 quid a month cheaper than leasing. anyway i said i wanted to hand the car back half way into the term as i wouldnt get any termination fees. ive just phoned blackhorse now to ask when i can hand it back and they said i can only ring closer to the half way of my contract so they can work out how much i owe them

i told them the story and they said i may not have to pay anything but thats the voluntary terminations work and i couldnt speak to them, i could recieve a charge but they dont know until terminations go through my account etc

i was told when i got the car that i could hand the car back after half the length of the agreement as long sa it was still in good nick. am i another person to become a finance scam victim? its apalling to me that i can be told in no uncertainty that when i purchase the car i could hand it back for them now to tell me i could still get a charge

all help much appreciated

It's half the payments not time.

If the person mis-sold you the finance and doesn't have documentation to clearly say the opposite of what you've claimed then they could be in trouble with your local trading standards.

it will be half the payments too, april is that half paymnt date

http://briskoda.net/roadside-hotel/car-finace/133439/

Is it a simple Hire Purchase agreement or a PCP balloon payment type agreement?

The simple answer is read your documentation. That's what you've signed up too, not anything said or implied verbally.

Good luck.

As above, is it on PCP or HP?

Did you put any deposit down?

no its a hp. if my documentation does state that then i have been well and truly done up like a kippa, it really would be my fault for signing it but i will have been mis sold the finance because i told the salesman without a doubt after half the term i would be handing the car back no matter what and he said it would not incur any charges as longas the car was in reasonable condition and average mileage and would only get charged for anything over the average mileage, about 5p per mile i think

i wouldnt have taken the car if i couldnt have done it and both the salesman and the sales manager told me that was the finance plan i was on

ive had alot of bad experiences with dmkeith in leeds and this would just top it off, i will never get a car from them again

ive just phoned blackhorse now to ask when i can hand it back and they said i can only ring closer to the half way of my contract so they can work out how much i owe them

But haven't the finance company said you can phone nearer the time? It doesn't sound like you're being stitched up, it just sounds like they don't want to deal with it 3 months in advance, unless I've misread something :confused:

It's like insurance companies won't give you a quote for renewal or whatever, more than a month in advance.

If it is HP, then once you have paid half the total amount payable (this includes any deposit you made) You can hand the car back in most cases. Mileage isn't usually an issue, but the vehicle must be in reasonable condition and free from damage (cracked windscreens etc)

I have just done this with my Superb, 18 months into a 4 year term.

This is a clause that the finance companies dont want you to know about, I guess even more so now with plummeting second hand values.

I have been told that it is "frowned upon" and sometimes the finance company put a note on your credit file which could hinder you getting finance in the future.

Dan

This is a clause that the finance companies dont want you to know about, I guess even more so now with plummeting second hand values.

I have been told that it is "frowned upon" and sometimes the finance company put a note on your credit file which could hinder you getting finance in the future.

Dan

Read my post here - http://briskoda.net/roadside-hotel/car-finace/133439/#post1561787

Handing back the car mid way, as a matter of course with all your HP contracts WILL eventually catch up with you, and you'll be seen as a high risk loan, and likely struggle in future.

Why were you so keen on doing this? If you wanted this, you should have leased.

SWMBO ads more info - The clause you're looking for is voluntary termination. It will detail expected mileages, excesses, charges for damages and any other costs.

Which finance firm? If one she deals with, she can tell you what will happen.

If it is HP, then once you have paid half the total amount payable (this includes any deposit you made) You can hand the car back in most cases. Mileage isn't usually an issue, but the vehicle must be in reasonable condition and free from damage (cracked windscreens etc)

I have just done this with my Superb, 18 months into a 4 year term.

agreed.... I was about £1600 in negative equity on my vRS when I handed it back (I was with black horse too) I simply phone the voluntary termination department, and arranged for them to come and pick the car up! It was that simple... car had 80k on it, and was 2 years old, all properly serviced and maintained. mileage isn't a problem.

I then promptly went and bought my current car on HP (with the same company, black horse) without any problems at all

just give their voluntary termination department a call. if you've paid more than half the value of your agreement, they can't refuse you, as long as you've taken "reasonable care" of the car.

edit:

You end the agreement - Example

You have the right to terminate and end your agreement under Section 99 of the Consumer Credit Act 1974 at any time before your last instalment is due, although you will have lost the right to terminate your agreement if the creditor has already terminated it or if the full balance of the agreement has become payable.

If you decide to terminate your agreement voluntarily and hand back the goods to the creditor, you should only have to pay up to half of the total amount payable under the agreement, minus sums that you have paid and sums that are due. Sums that you have paid include any deposit plus the instalments that you have paid: sums due are any arrears/missed payments due at the time of termination.

The one half or 50% figure is stated on the agreement in the box headed "Termination: Your Rights".

You will then also owe any arrears (missed payments) plus damages if you have failed to take reasonable care of the goods (over and above normal wear and tear). The creditor might argue that there will be an extra charge for damage or unusual wear and tear. It is important to look at any charges to see if they are reasonable. See the example in Appendix I.

It is very important that you tell your creditor in writing that you are terminating and ending your agreement. If you do not terminate in writing the creditor will not treat it as a voluntary termination and you will not be able to benefit from the 50% limit on your liability. Keep a copy of the letter of termination in case you need proof of this later. We have included a sample letter in Appendix II, which you may want to adapt and to send to your creditor when terminating your agreement.

credit to VRStu

thanks for that i will quote that to them when i ring in march. it just confused me how they said i may incur charges, i thought it was a no questions asked hand back of the car as long as half the paymens were made which will be the case. thanks for the help

you do need to put you "voluntary termination" in writitng too....

charges will only be incurred if

1) you havent taken "proper care" i.e. not had it serviced to the schedule at a dealer ect or

2) if you havent paid half the outstanding ammount ..

otherwise, all should be fine... they didn't even inspect mine, just sent a driver to pick it up (that cost me £75, would have been free if I'd delivered the car to them) and took it to the auctions,,,

where did they want you to take the car to? ive had mine serviced etc but at an independent garage

As long as it's been serviced with VW/Skoda parts then you'll be fine.

What would happen is that some dealers might wriggle out of warranty claims on the basis that the car wasn't serviced in a dealer network.

Now if you know a decent mechanic/garage and they service your car with OEM parts then the warranty is unaffected.

So long as the car is serviced at a VAT registered garage, the warrenty would not be affected.

they didn't even inspect mine, just sent a driver to pick it up

Not always though!

Many times you'll get a bill afterwards. ALWAYS get an inspection sheet at the time of parting. SWMBO gets loads of calls from irate people that have been sent very big bills for supposed damage they caused.