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What is a credit agreement?

Can you voluntary terminate car finance on credit agreement only NOT HP?

  • Hi I have a car on credit agreement secured on a bill of sale rather than a hire purchase agreement. I have paid over half the total payable and am wondering if i can return it on voluntary termination. Ive read lots of contradictory posts, some saying you can terminate on credit agreement AND HP, others saying on HP only. Ive checked my contract and interestingly the only box not ticked is the option to terminate early! The company in question are fairly dodgy, ridiculous interest rates etc and I've been trying to prove for a while that the bill of sale the car is secured on is actually void. The popular opinion in all consumer/legal forums is that I'm correct but trying to find a piece of law that isn't archaic to support my case is very tricky! Anyway, my question is can i terminate? If not, is the bill of sale anything to bargain with? The other question is, if i can terminate, does the car have to be MOT'd? Its just expired! The car is in good condition but does need new tyres and potentially new break pads. Its taxed. Im in the UK, thanks.

  • Answer:

    If there was no agreement to early termination at the inception of the bill then no you cannot terminate early without the subsequent agreement of the lender. Even if the bill of sale is void the debt will still exist

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If there was no agreement to early termination at the inception of the bill then no you cannot terminate early without the subsequent agreement of the lender. Even if the bill of sale is void the debt will still exist

Timbo is here

You have the car: they want the money. Presumably it was supplied as a street legal runner, so if it isn't they are entitled to receive the car back + the loss in value. Going to Law to try and get out of the deal will probably cost more then the thing is worth anyway, and may blemish our record. This reinforces the need to read things before you sign on the dotted line. If you are trying to void the whole deal you need advice from a qualified lawyer, not opinions from the web

The original Peter G

You have the car: they want the money. Presumably it was supplied as a street legal runner, so if it isn't they are entitled to receive the car back + the loss in value. Going to Law to try and get out of the deal will probably cost more then the thing is worth anyway, and may blemish our record. This reinforces the need to read things before you sign on the dotted line. If you are trying to void the whole deal you need advice from a qualified lawyer, not opinions from the web

The original Peter G

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