- 17 February 2015 at 12:04 am #64577
I recently enquired to pay my finance deal off early as I’m 14 months into a 41/2 year hp deal on a used car. I was shocked to discover they had already added the 4&1/2 years interest to the total amount I had to pay off. Is this right can they just add all total years interest to the car straight away without telling you? This left me still with the amount I agreed to pay for the car in the first place and obviously the price of the car has gone down leaving me In a large amount of negative equity.
- 17 February 2015 at 8:32 am #64625
Yes, this is normal. If you decide to settle now, they will recalculate the interest payment because you would not be financing the remaining 3-and-a-bit years.
- 3 May 2015 at 12:46 am #66140
My son signed a contract to purchase a car using my car to part exchange. (He signed as the owner of the vehicle and pointed this out to the garage – the manager told him that this was okay as long as I was there when he collected the car. He did this without my knowledge. Is this contract therefore legally binding? Thanks
- 4 May 2015 at 9:45 pm #66144
- 18 June 2015 at 3:24 pm #66495
I’m currently in my lease deal with a balloon payment at the end now it’s a 5 year deal which i’m 3 years into.
However, my circumstances have changed and i no longer need the car which i’m hoping i’ll be able to terminate with out to much of a fuss. I have to cars with them both of which on finance but i’m only looking to cancel one. i hope that they may be a little understanding and appreciate the fact im not cancelling both.
my confusion is who do i contact regarding the early termination, is it my finance company or the showroom where i purchased the car?
- 19 June 2015 at 12:36 pm #66498
Hi Mitch. It’s the finance company that you need to contact, as they own your vehicle. Your options will depend on the finance product you have taken – you mentioned a lease, which would usually carry high penalties for cancelling early. If it is actually a PCP, however, the cost to get out of the car will be much less.