In some cases, you may have to repay your rental agreement in full, even if you return it prematurely. While voluntary termination is available to all customers with conditional leases or sales agreements (including PCP), it can be used by customers who can no longer afford to repay due to financial difficulties. Hi Stuart, nothing is due and there have never been any missed payments, so on this basis; the point they make regarding liability before termination is invalid, isn`t it? And it has nothing to do with the franchise? If this is true, I will eliminate this point and then focus only on the state in which they should not be, since the condition was excellent, regardless of the mileage. Thanks rental agreements (usually a form of contract rental) are generally preferred by commercial users. However, a number of financial companies are now promoting private leasing for individuals. This is due, among other things, to the absence of voluntary termination rights in a rental agreement. The rule of thirds means that when one third or more of the total amount due is paid, the goods become «protected goods». In case of non-payment at that time, the natural or legal person who is the creditor must receive an order from the court system that stipulates that the goods must be returned. If you are unable to pay, you can accept the withdrawal. After payment of the third, the creditor cannot show up and accept the goods without the order. If the creditor withdraws without an order, you are entitled to a refund of the money you paid under the agreement. If the buyer voluntarily terminates the contract, it must be submitted to the creditor in writing. If it is not sent in writing, the creditor will not consider it voluntary and the 50 per cent limit of liability will not be specified.
Copies of the termination letter should be retained for future reference if termination is feasible. Exploiting the safety net Voluntary termination clauses in car finance contracts are intended to protect consumers. However, there is no doubt that some borrowers will take advantage of the clause to allow early termination of a PCP or HP if the numbers are favorable. A guide to voluntary termination of your car financing contract. What are your legal rights? I have a car on PCP with Citroën it finished in May, but they left me in a hole, the fig of settelment is a little more £5000 my car is worth only £4000, so they say that in the arround £1200 below already pay £800 extra in the next few months plus £430 to return my car to them at the end of the deal, and I think I ran at over £600 for extra miles, was directed to me to call my car up to vt/vr, I was only wondering if I had one leg to stop and I was hoping to have another PCP, but with another car company it would stop me??? If you could shed some light on this IDENTIFIER, please check your funding agreement to see if a payment insurance (PPI) has been added. Hello Stuart, I am currently in a personal lease with audi and they terminate the contract because the car was confiscated and assembled by the police. But I borrowed the car from a friend who was sure to drive it, but took the car for another reason. I want to keep the car, at least have Audi, so I can keep the car without notice.
Go back to the lender and say that you are terminating your contract in accordance with section 99 of the Consumer Credit Act (1974) and that sections 99 and 100 of the act do not state that termination depends on whether you have paid half of the total amount of the contract or that you have no arrears. . . .