First, you should contact your financial services provider and check your billing number. Under UK law, you can return your car to the financial company known as voluntary termination as long as you have repaid 50% of the total amount to be paid (not only the total amount borrowed, but also the interest and fees as well as the payment of the balloon for a PCP). If you haven`t paid 50% yet, you can also make a one-time payment to make up the difference. Here too, just like PCP agreements, if you have not repaid 50% of the total amount of financing, you can make up the difference so that you can cancel. The same rule that the car is in good condition also applies to HP agreements. Can I borrow money by car, but payments are paid by my partner bank? Whether you are able to get a new auto loan and settle your current financing depends on a few different things. You will have to talk to the financial company about it, but I doubt it is a problem. Hello I`m not sure this is the right place and please correct me if I`m a fake, I have a lease that was concluded in 2017 and ends in 2021. If the agreement expires in 2021 (no defaults, late payments, etc.), when will it be removed from my credit file? Is it 6 years from the start date of the contract or 6 years from the date the contract is issued and will be paid in full? Thanks for the advice you can give. I want to downgrade my car because my circumstances have changed and I couldn`t afford my monthly payment. Is it possible to transfer my financing to another company or to terminate the contract? What`s the best option? Help, please. Are you interested in an upgrade to your car, but unsure if you can get a car on a PCP or HP deal? Let`s take a look at the two financing options… A voluntary termination of a car financing contract may actually appear in your credit file.
However, it is unlikely to have an impact on your creditworthiness or your ability to obtain financing in the future. Usually always read the fine print before entering into a financing contract. Some lenders charge extra fees for you to cancel early, so it`s best to check this out early. Conditions such as these are detailed in your contract or in your SECCI contract.