If your contract is terminated voluntarily, you are responsible for paying half of the total amount set out in your contract. The total amount is the amount you borrowed, plus the interest. In some cases, it may also include the price of the guaranteed future value. Typically, these are threatening letters and large bills for minor scratches or excessive mileage. There will often be different forms and legal jargon to try to scare you, pay. Hey, Pete. This may depend on whether your financial plan is a PCP or an HP. In the case of a PCP, in your financing contract, you must have maintained the vehicle according to the manufacturer`s service plan and generally by an official franchise dealer. If not, this is a breach of contract, which means the financial company should not let you have the VT car. It also unloads your GMFV at the end of the agreement. If you have a rental purchase, you need to check your contract and see what it says.
Any breach of contract means that the financial company can refuse a VT, so it depends on your circumstances. If you have an HP, you may be better off selling the car privately, as you have paid a fair amount and may be worth more than your financing amount. While voluntary termination is available to all customers who have entered into conditional leases or sales (including the PCP), it can be used by customers who can no longer afford to repay because they are in financial difficulty. We will examine a consumer law built into all regulated personal contracts (PCPs) and leases — your right to voluntary termination (VT). Hi, it`s good. Disputes over the condition of the vehicle are unfortunately quite common at VTing. The legislation is vague and mentions only “damage if you do not have to deal properly with the goods (on normal wear) “. There is no provision on what that means, so it is open to interpretation and therefore to abuse. Mileage is easier to argue than the anticipated liability part – the condition is not a function of mileage, even if it is related to the value of the car.