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Voluntary Termination

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  • Voluntary Termination

    Hi

    I would like some information on voluntary termination of a small van I have bought.

    I've lost the job I bought it for and now have no need for it, I am just about to make the 5th payment of a 3 year deal, can I still vt without it costing me a fortune which I don't have, no problems with it runs great and no damage.

    thanks
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  • #2
    Re: Voluntary Termination

    Originally posted by irnbrukid207 View Post
    Hi

    I would like some information on voluntary termination of a small van I have bought.

    I've lost the job I bought it for and now have no need for it, I am just about to make the 5th payment of a 3 year deal, can I still vt without it costing me a fortune which I don't have, no problems with it runs great and no damage.

    thanks
    Yes you can VT at any time, however you have to work out if it is best financially to do this or voluntarily surrender, the difference being that if you VS you will be liable for the full agreement amount less the value of the car(less early settlement refund) when sold, and if you VT you will be liable for half the agreement amount less what you have paid already, plus any arrears when you hand it back. Have a read here.

    http://www.legalbeagles.info/forums/...r-the-CCA-1974

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    • #3
      Re: Voluntary Termination

      Thanks, what kind of effect can it have on your credit file,

      Comment

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