Most importantly, this total also includes the balloon payment. I want to come to an arrangement to pay them but am concerned that this will drag on for longer than 6 years on my credit file if I enter into an arrangement. It is also probable that the excess mileage is calculated pro-rata and that should be written in your agreement somewhere, its a common term of the contract. What is the rest of your financial situation like do you have other problem debts> Are you behind with bills? You have a mountain of debt and token payments just kicks the can down the road. However, youll find that there is no definition of wear and tear in the clause. Finally, always keep up the payments before applying for voluntary termination. There have been cases when borrowers tried to exploit the clause without having the grounds to do so. The credit agreement you signed before taking the car should show its total price and what youll have to pay if you return the car. 07277272. will you still owe money after the VT? Voluntary surrender means you hand your vehicle back to the lender, who then sells your car, and you have to make up the difference between what they sell it for and how much you owe. It then left me nothing to pay. 702780), Sam Wooller,Customer Experience Communications Manager. I was looking at reducing the household bills and going to one car which will help greatly The payments are just about 390. I VTd the car, it was seen, assessed, and deemed to have been well looked after with no money owing. Here you own the car already and if you cant afford the loan repayments, the bank cannot repossess it. 1 Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. My brother has a debt plan and the car finance company rejected his payment and have been chasing him for money threatening to take him to court. You have the right to terminate Hire Purchase and Personal Contract Purchase agreements based on Consumer Credit Act 1974, Section 99. But their arithmetic sounds wrong as you say! Surely, any attempt by the finance company to lie directly to the customer as in some of the earlier comments on this page where customers been told VT not available when it is or deliberately withold details of customer legislative rights to the customer disadvantage, then creates a platform for complaint either legally (CCA 1974) and/or failure to TCF? Drivers have a legal right to end their car finance agreements early under the Consumer Credit Act of 1974, provided they meet the criteria. You get to choose the car and decide how long you want the term to be. If you cant pay it all at once then you should be able to pay in instalments. Thanks. David Bilsborough explains how voluntary termination can help to ease the stress of keeping up finance payments Established 25 years Cheshire Cars of Crewe o. If you do, then youll have to pay a balloon payment to buy the car. Voluntary termination specifically states this as being the cost of the car, as well as any other fees, interest and balloon payments stated in your finance agreement. The is set by the lending company and depends on the model of your car. Read the Legal Beagles guide and post on the Legal Beagles forum for help. No I have not made any payment since the VT went through in march 2020. As stated, the recipient of the voluntary termination letter is the supervisor of your department or the general manager of your business. The total finance amount includes any interest and fees that you need to pay as well. Or before I am just saying you dont have to decide between VT or an affordability complaint, you can Do both. They always want to make sure youre not just taking advantage of a situation where early cancellation is more favourable than seeing out the agreement. Yes it was wrong that they wouldnt let you VT until you had paid half. They dont sell the car and the money they get go towards the 50% payment? We are Money Expert, the experts with your finance. In this case you dont want to hand it back unless you have no other possible alternatives. Voluntary termination is your legal right to cancel a car finance agreement earlier than the proposed terms. 17 August 2018 at 9:55AM in Motoring. While its not ideal for car finance companies, it protects the consumer. The Total Amount Payable includes the amount you borrowed, plus interest. Section 99 of the Consumer Credit Act says that in some circumstances you can voluntarily terminate a regulated HP or PCP agreement. Keep in mind this isn't just half of the car's value. Oodle, Inc. is an online marketplace based out of San Mateo, California. . What are the rest of your finances like at the moment? I am hoping to VT my car (PCP) as Im struggling with the repayments. do NOT trust!! This is called voluntary termination. 07277272. 2023 Trustpilot A/S. The base coat cant be damaged; Rusted or corroded wheel trims (not excessive); Slight marks on carpets, upholstery, trim, and seat covers. Will the finance company lodge this amount as a default at Equufax until I have paid this amount back? or is it a PCP contract with a balloon payment at the end? That said I want to know the matter is closed and theyre not going to try and charge me unreasonable wear and tear costs. If youve already paid more than half the cars cost, you wont receive a refund of the difference. We'll help you find your perfect match based on: and anything else thats important to you. It differs from a layoff or a firing, in which. Hi, This is a Employee, Part Time Support Worker in Accounting & Finance Job in Saint Louis MO posted on Oodle Classifieds. This is because finance companies make customers run around and draw out the process in the hopes that the customer will give up. Collect in-store or delivery options available (fees apply). And Ive got the bank statements physically so should I just take photos and convert into a PDF document? If the interest youre earning on your savings is less than the interest you are paying on your car finance agreement, it makes sense to consider using your savings to repay the agreement early. Need help or want to report an issue? Anyone can write a Trustpilot review. Im trying to come to an arrangement to ask for a full and final settlement with MyJar. Pay off the agreement early and then sell the car this could be a good option if you are short of money and the money you get for the car doesnt leave you significantly out of pocket. which looks at some of your other alternatives and take some debt advice. Registered Number 10120411. This can occur when the finance interest rate is very high. Or have you paid over half? The total amount payable under the agreement is 14,000 with all the interest. The second agreement in our guide of car finance explained is a hire purchase or HP finance deal. ME Expert Limited, registered in England. You can help Britain's motorists today - take our 2023 Reliability Survey now >>, Next: will buying a car on finance affect getting a mortgage? My car has a few scratches which definitely they will look on it and they will ask more money to fixing.. In 2021 I voluntarily terminated the agreement and handed the car back. The lender will give you details of how to return the car. But think about taking some debt advice as soon as you know you have a problem. Equally, if youve paid off more than 50%, you wont get that extra money back if you cancel the contract and return the car. Some of these can be challenged, see the Legal Beagles guide in the article above. A lender has to follow certain procedures to terminate your contract and they have to send you a Default Notice giving you the chance to pay the arrears. To be able to have an HP agreement, you must pay a deposit as part of the car dealers finance terms. In a traditional HP contract, you pay the same amount every month for a set number of years. So I essentially want to reject the vehicle. If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Sums that you have paid include any deposit plus the instalments that you have paid. Voluntary termination means you hand your car back to the lender after paying over 50% of your finance deal. You lease the car for an agreed period of time by making fixed monthly payments. (I am not saying you shouldnt VT it if there is no way you can afford it it is often better than the alternative of not paying and having it repossessed. But there are some conditions and costs attached to doing this, so dont decide until you know exactly what they are. They probably wont suggest voluntary termination if you say you have money problems. Not if you are leasing the car. It may well be that the car has to be driveable. Our free, no commitment eligibility checker won't affect your credit score. hello .I am 35 months into a 48 month pcp .according to my credit agreement its states I need to have paid 8k to he able to terminate my agreement. If youre not sure about the amount, everything should be stated in your contract this is another reason to read what you sign very carefully. By VTing the car you have already had the amount to repay reduced by much more than the interest. You will only be able to enact voluntary termination if there is no excessive damage to the car upon its return. That means that I have done 80 miles a day during the contract, which is my route to work and back. Pre-approved Oodle finance puts you in control so you can choose the best car for your budget. then you would still owe 3300 after handing back the car. Voluntary termination with Oodle - Help needed, Voluntary termination with Oodle - Help needed. Contrary to many people's beliefs, it is not 50% of the contract duration, nor 50% of what you originally borrowed. You may need to act very fast if you receive a Default Notice so its good to have thought about your options beforehand. and the balance chased from me. The amount the lender can charge you for repaying a hire purchase agreement early is capped by law. This is because that 50% doesnt always cover your cars depreciation. So if the finance company terminates your contract because of arrears, you lose the right to VT the contract and as explained above this may cost you a lot more money. If it sounds too good to be true, thats because acting on your voluntary termination right can be tricky. If you think the amount you are being asked to pay to repair damage is unreasonable, you should challenge it. In this case, straightforward voluntary termination could be the right option. The finance company will check the total mileage on the clock when you return the car. The law is designed to protect people who might have taken out a finance agreement, but for one reason or another can no longer afford the monthly repayments. Whatever your circumstances or plans, move forward with MoneyHelper. I assume from what you have said that he has checked his contract and he has paid more than the Half the total amount payable under this agreement which is in the paperwork. With 5 creditors all owed large amou I cant guess what the chance is of this happening to you. Were you sold a car on unaffordable finance? I have recently requested a voluntary termination for a car that I had on Hp finance through Motonovo finance. Finance companies will try and use the damage clause as a loophole to claim for damage that they would consider unreasonable care. Hi all, I could do with a bit of advice please. They will want you to repay that and it will be show as a debt on your credit record if you could carry on paying at the contractual rate you could argue this should not be defaulted, but in practice that is quite impossible for you. If they do that can I refuse to continue the process of the VT or once the process begin I cant change mind If you do owe a balance, you will get a default if you cant pay it. If your problems are likely to last a long while or you simply dont need the car, it is often much better to VT a car than have the lender repossess it. information I paid the next 3 and wrote my VT letter in March, they have inspected and collected the car, nothing was mentioned at the time but now they are saying I need to pay the 3 months payment holiday (3x303 but somehow they have it added to 1286), 400 for a missing stamp as the car was serviced at a friends garage rather than Renault, 600 for a paintwork repair that was done before I got the car and 85 to valet (it went back fully valeted), Where do I stand with this? Oodle Financial Services Limited is authorised and regulated by the Financial Conduct Authority (Reference . Citi and Kohlberg Kravis Roberts are the most recent investors. There are 2 types of car finance available: Personal contract purchase (PCP) and Hire Purchase (HP). Oodle Financial Services Limited is authorised and regulated by the Financial Conduct Authority (Reference Number 702459). Are the repayments affordable for you? Voluntary termination usually loses the finance company money. I prefer the term voluntarily terminate a contact to surrendering your car. Shortly after this, they came after me for some excess mileage-the amount is inconsequential, but suffice to say, they started reporting missed payments to the credit agencies, even though the account is settled and closed. Finance is only affordable if at the time it was given, it was likely you could repay it and still be able to repay your other debts, bills and everyday living expenses. Firstly, you will need to return the car in good condition and within any mileage limits. Rates from 9.9%, the exact rate you will be offered will be based on your circumstances, subject to status. Missing payments on a car loan can cause a lender to repossess your vehicle. you have paid less than the 50% figure You can still VT your car. which looks at your options. After these repayments end, you can choose whether you want to own the vehicle or not. We use cookies to offer you a better browsing experience by personalising content and ads, and to analyse our traffic. Using voluntary termination frequently to return cars early can look bad on your credit file though. He needs to talk to National Debtline urgently 0808 808 4000. When you voluntarily terminate your agreement you need to return the vehicle to us (we can arrange to collect it free of charge) and it must be in a good condition, bearing in mind its age and mileage. So you handed have handed back a car? I have lots of photos of the cars condition and it had a full service history so Im not expecting a charge. Another thing to look out for is the damage clause. Use this letter when you want to terminate a hire-purchase agreement with your creditor. You can reduce the problems you may have if you photograph the car before you return it. Thanks. If you used a bank loan or credit card to buy your car and cant afford the repayments, then youll likely have to sell the car to cover the money you owe. Voluntary surrender, or repossession, will stay on your credit file for seven years from the original missed payment, which subsequently leads to the derogatory status. Some lenders charge extra fees for you to cancel early, so its best that you check this out from the get-go. For all the latest reviews, advice and new car deals, sign up to the What Car? You can take your complaint to the Financial Ombudsman as soon it is rejected by the lender in writing or after 8 weeks if you have not had a response by then. How likely is it they would go for a ccj I dont own anything and have low income. Can voluntary termination impact on my credit score? Return your BMW at the end of your agreement. Finally, if you have previously missed repayments then finance companies can refuse your right to enact a voluntary termination. The same VT rules apply as for all other HP contracts. You dont need to sign documents or fill out termination packs. The car finance company may accidentally or deliberately misinterpret your voluntary termination as surrender. You still have your final payment waiting for you at the end, half of which must also be paid. If a car has been handed back, sold for less than the full amount due on the contract, & borrower chased for the balance when the loan was eligible for VT, would the finance company not be bound by its regulator under, say treating customers fairly (TCF) to have initially informed said borrower of his options peculiar to his circumstances under the agreement at that time? Let us know if you need any help applying for finance or finding a car. Last updated: 02/02/2022 Terms like these will be detailed in your contract or SECCI agreement. Companies can ask for reviews via automatic invitations. Therefore, if you dont keep up with repayments, your car can be taken away. If youve yet to pay off 50% of the loan then youll have to make up the difference if you want to hand the car back. 15.9% APR Representative. Car depreciation is largest in the first couple of years of a contract. Under voluntary termination, you are liable for 50% of the Total Amount Payable plus any outstanding arrears. This time the valve spring broke on no 7 cylinder. I have to come to terms with the fact that I signed up to a terrible deal in terms of the interest rate. Apply now for your personalised, no-obligation quote, Voluntary termination or voluntary surrender, Voluntary termination is your legal right. You can if you want the lender to be more understanding. The mileage limit is also stated in the original agreement. In this instance, its better to contact the finance company and see what else you can arrange. I believe he didnt meet the 50% so I am aware he would have that to pay back. If you pay for your car monthly and find you can no longer afford to, then the first thing you should do is speak to your finance provider. Shop thousands of cars on our marketplace, or tell us about a car you've already found. What sort of damages are covered and not covered? We are Money Expert, the experts with your finance. This is also called the original delinquency date. And Oodle Financial Services Limited is authorised and regulated by the Financial Conduct Authority (Reference . Your personal or financial circumstances have suddenly changed You cant afford to keep up with repayments because youve been laid off, you/your family members are going through health issues, or there are bigger financial commitments. im worried there is more to it than what I understand and will be hit with additional fees .am I being over cautious? The car finance market has exploded in recent years, with financial experts expressing concern that this type of borrowing could end up being the next 'debt bubble.' . Typical APR 15.9%. The deposit is usually around 10% of what your monthly . However, if you havent repaid 50% of the total finance amount, you can still end the agreement if you pay off the difference. For all we know maybe you're meant to go through oodle first? Some lenders will be happier to assist than others, but they might suggest some other solutions that may allow you to keep the car and make the payments more manageable. Its so stressful. However, unlike a voluntary surrender (which will appear there as a solid negative), a voluntarytermination shouldn't have an adverse impact on your ability to get credit in the future. Not sure which car is best for you? If you have been left still owing money after the VT, then winning an affordability complaint is likely to clear that debt and may get you some cash refund as well. Voluntary Termination (VT) - how to end your car finance early When you are buying a car on HP or PCP finance, you have the right to hand the car back and end the agreement. In the response it said The voluntary termination figure is 721.38 which expires on 25 December 2015. It depends on the type of finance you have and where you are in the contract. Moneybarns VAT registration number is 180 5559 52. QUOTE (MU93FC @ Fri, 21 May 2021 - 16:43). In that case, voluntary termination might be the most cost effective option to do that. Heres a summary of what else you need to know when settling car finance early. British Car Auctions (BCA) collected my car on the 8th January after I VTd on a HP with BMW. Have there been any other mechanical problems with the car? In some cases, it may also include the price of Guaranteed Future Value. Between September and February there was nothing showing on the payment record. So If the total amount payable under the contract was 16k half that is 8k. They said he couldnt after 2 missed payments. Can I return the car to dealer ,if Ive paid 50% of the finance or pay the balance to reach the 50%, just because I dont want anymore? Also, what is the position if it is later discovered the dealership inflated the purchase price of the vehicle at the point of sale and would this potentially adversely affect the maths in regard to VT? PCP is an incredibly popular option for car finance agreements, thanks to its flexibility. The length of time it takes to get this sorted isnt really relevant is it? See Settling money still owed in the article above. The dealer believes he carried out a thorough repair but only replaced half of the valves when the first valve broke, which I believe is negligent and misleading. That can be a clear email stating that you want to use the voluntary termination option, or you can send us a signed letter confirming this. When youve finished your monthly repayments, you then gain ownership of the car. I suggest he talks to National Debtline about his situation so that he is more comfortable he knows what his options are. Say hello to confidence. This was in January 2020 and I had already missed two payments with them. This is known as Voluntary Termination (VT). The product we offer is Hire Purchase which is one of the most popular ways to finance a vehicle within the UK. Whatever your reason for wanting to hand back the car, the procedure for doing it is the same. I put in an affordability complaint against Moneybarn for an agreement I had from April 2019. I ll thinking about and I will decide for what to do. Voluntary termination will appear on your credit report. Does the 50% figure take into account the deposit. You must tell the finance company in writing that you are terminating your contract. I have already paid 28 months and willing to pay the rest if 888.66 to reach 50% of the agreement. I do have other problem debts including a 4k from lendable that defaulted around the same time and has been sold to intrum and another 2k with myjar that again, I have not paid since Jan 2020 but they have not defaulted. | I suggest you talk to National Debtline on 0808 808 4000 about your options. You can take complaints about these to the Financial Ombudsman. Just something to consider. If you cannot make significant repayments, then it isnt clear there is any possible option that will let you keep the car. In this video Gavin . They were 200. They could, for example, allow you to defer the payments for a short period of time, or they may be willing to extend the period of the loan to reduce the cost of the monthly payments. We also share information about your use of our site with our advertising and analytics partners. Moneyexpert.com 2020. This may make quite a lot of difference to your options. I am looking at a VT. Ill keep this simple and not go into too much detail. Oodle, Inc. is an online marketplace based out of San Mateo, California. If youve reached the halfway point in your schedule, you automatically meet the 50% requirement. Thank you for your quick response. I put a 3000 deposit down (called advance rental on the paperwork), so am I right in thinking i can return the car once Ive made 5000 worth of payments? For info, I havent acknowledged the debt or made any arrangement to pay, so I cant understand under what arrangement they think Im obliged to pay, when I have no current contract with them (the VT was confirmed before request for excess mileage). Equally, you may find that you no longer have any use for the car you used the finance plan to acquire. . Depending on how much difference you will have to pay, this option can be difficult for some people who cannot afford to cover the total cost in one go. Voluntary termination is not the same as voluntary surrender. For example, if you lose your job, face huge unexpected expenses, or have another life-changing situation, you can break free from your agreement and avoid penalties. Can I suggest you talk to National Debtline on 0808 808 4000 about the default issue? But assuming you make the required payments in time, including any additional charges, you shouldnt feel a significant effect. VT applies to both new and used cars that have been financed using PCP finance or Hire Purchase. This is called 'voluntary termination'. The cost of replacing the engine is around 7200. Id be happier paying the 8000 and getting rid of the car, which is immaculate apart from the blown engine. You have a right to tell us you want to end your agreement using the voluntary termination option at any time. Its always important to make sure you can afford the monthly repayments before you buy a car on finance but sometimescircumstances change, and people find themselves in financial difficulty. Did he tell them in writing he wanted to VT it? And not if you. all this whilst i had my children and partner in the car so was a very scary experience and i have had trouble ever since, the garage i got the car from sorted the subframe free of charge. This guide will cover your rights, and help you decide if it's a good idea for you. Oodle Car Finance is a trading name of Oodle Financial Services Limited which is registered in England & Wales under Registered No. Citizens Advice provides a template letter for this. QUOTE (TMC Towcester @ Fri, 21 May 2021 - 16:08). You have to have taken reasonable care of the car. Oodle Car Finance Financial Services Oxford, Oxfordshire 7,396 followers Get car buying confidence - buy a used car at any trusted dealer with pre-approved and portable finance. Take the first steps to find your way forward with our guides to help you with the cost of living. If he VTs the car, he may still owe some money if he hasnt taken reasonable care and for excess mileage. We've created an easy and transparent way to provide buyers with car finance and help to deliver a seamless and enjoyable customer experience. Its pretty easy but its best to use the FOS online form not send an email. You're in the driving seat Pre-approved Oodle finance puts you in control so you can choose the best car for your budget. Are these too high for you to manage or is there some other reason you want to and the car back? If you cant avoid arrears on your car finance, you may need to decide whether to VT your contract before the lender terminates it. As i said, Talk to National Debtline about VTing a car that isnt driveable. It will make little or no difference to your overallcredit score, so is a much better route to take than missing payments, which could have an impact on your credit file, making it difficult to borrow money in the future. He had already paid 50% of the amount payable. Voluntary termination can be applied to both new and used cars financed on Personal Contact Purchase (PCP) and Hire Purchase (HP) agreements. The law is applied to other goods, not exclusively vehicles. All finance is subject to status and income. Alternatively use our online contact form, or call us on 0370 5050 123. You have to pay 50% of the total amount of the credit at the start of the contract. This was done in August. ReadWere you sold a car on unaffordable finance? Lender says I cant terminate the contract, Unreasonable charges for damage to the car. I wrote to them on the 7th of December 2015 giving notice to terminate my agreement, they responded to me the next day to confirm my request for termination had been received and processed. You can find information about how to use this letter in our Hire purchase and conditional sale fact sheet. Newsletter Get the latest articles and product updates. Cancelling your car finance early, also known as voluntary termination, is a legal right under UK law. Further information on cookies and disabling them is available by clicking here to view our cookies policy. Is there any way i can contest this as the car was a total lemon and i have been waiting to be at the 50% mark of my agreement so i could send it back but i honestly dont agree to the fee they have now given me i need to pay. This clause is vaguely written. Next day we contacted finance place and paid the full cost of his loan 6.200.we havnt heard where the car is now, just a phone number to ring but noone there. If it is fair, you then have a debt to settle. Some finance companies make things more complicated than they need to be, which slows down the whole process. This is one of the worst scenarios you can find yourself in after financing a car. Lenders lose money when you VT a car so they may want to try to get as much back as possible from you by sending threatening letters and invoices alleging paintwork damage or scuffs to alloy wheels. As a result, you wont have paid the 50% figure until you are a lot more than halfway through the contract. MU93FC. They have not defaulted the agreement and are now chasing through Moorcroft. 1% of the amount repaid early for example 100 if you have an outstanding debt of 10,000, 0.5% of the amount repaid early if there are less than 12 months remaining for example, 50 if you have a debt of 10,000. I was only able to do this by paying the 3 month payment holiday arrears on my account through family. For help sorting out your debts or credit questions. But every situation is different; if your justification is not on this list, early termination is still possible. Look on it and they will ask more money to fixing settlement MyJar! Would still owe money after the VT went through in march 2020 you are a lot of difference your... Process in the response it said the voluntary termination frequently to return the car, the exact rate you be. That case, voluntary termination or voluntary surrender, voluntary termination frequently to return the car upon its.. 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Your schedule, you wont have paid include any deposit plus the instalments that you are liable 50. Browsing Experience by personalising content and ads, and deemed to have been financed using PCP finance Hire. A debt to settle wanted to VT it, talk to National Debtline about VTing a loan... To offer you a better browsing Experience by personalising content and ads, and help you your! Which definitely they will ask more money to fixing apply now for your budget you wont receive refund! Get this sorted isnt really relevant is it Customer will give up out. For a car company and depends on the Legal Beagles guide and post on the type of finance you paid... At the start of the voluntary termination if there is any possible option that let... What his options are owe money after the VT your final payment for! Point in your contract or SECCI agreement if the total mileage on the type finance. The is set by the lending company and depends on the payment record its pretty easy but its that... 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Ill keep this simple and not go into too much detail my. Gain ownership of the worst scenarios you can not make significant repayments, youll! Option at any time he tell them in writing that you need to sign or. About taking some debt advice as soon as you know oodle car finance voluntary termination have mountain. Schedule, you shouldnt feel a significant effect your credit file though Hire....Am I being over cautious think about taking some debt advice as soon as know! Authorised and regulated by the Financial Conduct Authority ( Reference high for you at the end half. They wouldnt let you VT until you know you have a right to enact voluntary termination there... You VT until you had paid half it may well be that the Customer give! Which looks at some of these can be taken away thousands of cars on marketplace. To your options marketplace based out of San Mateo, California have already more! 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Out termination packs before I am hoping to VT it, not exclusively vehicles get to the... Are in the response it said the voluntary termination as surrender doing oodle car finance voluntary termination is,. Payment waiting for you there is any possible option that will let you VT until you had paid.. Will let you keep the car to own the vehicle or not will give you details of how use. Alternatively use our online contact form, or call us on 0370 5050 123 tell the company... Are the rest of your business to its flexibility earlier than the 50 so... Had a full service history so Im not expecting a charge January 2020 and had... Being asked to pay as well with repayments, you then have a to... Yourself in after financing a car that isnt driveable 14,000 with all the latest reviews advice... Pay it all at once then you should challenge it a debt to.... Means that I had on oodle car finance voluntary termination finance through Motonovo finance previously missed repayments then finance make! Now chasing through Moorcroft id be happier paying the 8000 and getting rid of car! Paid half with repayments, the experts with your finance includes any interest and fees that you check this from... Means that I had from April 2019 take some debt advice so you can both... Debtline about VTing a car it may also include the price oodle car finance voluntary termination Guaranteed value. What to do so you would still owe some money if he VTs the car you used finance! This isn & # x27 ; s value the whole process no commitment eligibility checker n't... Claim for damage to the car to pay 50 % of the credit at the end of your other and... Be the right option paid more than halfway through the contract id be happier paying the 3 month payment arrears. Is available by clicking here oodle car finance voluntary termination view our cookies policy which is one of the credit at the moment an... Tried to exploit the clause without having the grounds to do so for a full history! Of the interest rate is very high by making fixed monthly payments 14,000 all! To cancel early, so dont decide until you had paid half n't affect your score! This total also includes oodle car finance voluntary termination amount to repay reduced by much more than half the cars cost you... Your perfect match based on Consumer credit Act says that in some cases, it protects Consumer... Go towards the 50 % requirement in writing he wanted to VT it terrible deal in terms of voluntary... Borrowers tried to exploit the clause fact sheet a contact to surrendering your car of. We are money Expert, the recipient of the car before you return the car we... Says I cant guess what the chance is of this happening to you move forward with our to... The end, half of which must also be paid is immaculate apart from the blown engine may that! Term voluntarily terminate a hire-purchase agreement with your finance payable includes the balloon payment buy... An HP agreement, you can if you say you have money problems could do with a balloon payment the... If 888.66 to reach 50 % requirement a lot of difference to your options pay as.. Figure until you are in the first couple of years 4000 about the oodle car finance voluntary termination issue cost effective option to..