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Ending a HP agreement early

TCE home 2021 Forums Car finance Ending a HP agreement early

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    • #144002
      Sarah Smith
      Guest

      Hello, I took out a HP finance agreement in January this year over 4 years. My question is that I recently have been disqualified from driving for 17 months so now the car is not going to be used. I have no off road parking to put it on so I am going to have to continue to pay the finance and tax and insurance. I understand that after 50% of the balance is paid I can exercise my right to terminate the agreement early but I am nowhere near 50% yet. A family member has offered to loan me the money needed to reach 50% so I can send the car back but would this be allowed at all? Many thanks.

    • #144330
      Stuart Masson
      Moderator

      Hi Sarah. You are free to source the funds to pay off the 50% amount to voluntarily terminate your HP however you like.

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