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PostPosted: Tue Feb 26, 2008 12:56 pm 
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Nearly 2and a half years through a finance agreement on a vehicle, payments are fully up to date as always.

Thinking of handing the motor back, only problem is the vehicle has a few small dinks here and there, apart from that vehicle has been serviced at ford according to manufactures intervals.

Was wondering can they charge any more extra for the dinks :?

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PostPosted: Tue Feb 26, 2008 2:37 pm 
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No they cannot as its deemed fair wear and tear.
If your going to get another cab order and get it first then call the finance company to come and pick up the old one :wink:


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PostPosted: Tue Feb 26, 2008 3:28 pm 
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skippy41 wrote:
No they cannot as its deemed fair wear and tear.
If your going to get another cab order and get it first then call the finance company to come and pick up the old one :wink:


Any particular reason why?

As far as im concerned Ive carried out my contractual obligations.

Or dont the HP companies like us using this get out clause :evil:

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PostPosted: Tue Feb 26, 2008 3:32 pm 
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No, No reason I have been doing it for years, the only down side is paying to have all the equipment re installed in the new one
If you intend on doing it order your new cab and only sign the docs once your half way payment for the old one has been paid then you will still have a full month before the new payments start coming out of the bank


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PostPosted: Tue Feb 26, 2008 3:36 pm 
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Thanks for the quick reply, do the companies frown on us and does it affect your credit rating at all :D

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PostPosted: Tue Feb 26, 2008 3:38 pm 
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morphy wrote:
Thanks for the quick reply, do the companies frown on us and does it affect your credit rating at all :D

They dont like it but there is not a lot they can do about it, some have been known to refuse credit but there are always other companies will in to give finance


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PostPosted: Tue Feb 26, 2008 3:46 pm 
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Thanks for the info mate :D

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PostPosted: Tue Feb 26, 2008 9:11 pm 
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skippy41 wrote:
morphy wrote:
Thanks for the quick reply, do the companies frown on us and does it affect your credit rating at all :D

They dont like it but there is not a lot they can do about it, some have been known to refuse credit but there are always other companies will in to give finance


it will be logged on your credit file as a voluntary termination.

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PostPosted: Thu Apr 10, 2008 12:04 am 
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grandad wrote:
skippy41 wrote:
morphy wrote:
Thanks for the quick reply, do the companies frown on us and does it affect your credit rating at all :D

They dont like it but there is not a lot they can do about it, some have been known to refuse credit but there are always other companies will in to give finance


it will be logged on your credit file as a voluntary termination.


do you know what affect this "voluntary termination" has on your credit file? Would it put you into a higher risk catagory?


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PostPosted: Thu Apr 10, 2008 7:49 am 
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No, it does not affect your rating. A voluntary termination is just that. Things that affect your rating are missed payments, late payments, applying for several loans in a short period of time etc. This one catches a lot of people out. We are all told to shop around for the best rates but if you apply for a few loans so that you can see if you will be accepted but you only actually intend to take out the best one, ALL the credit serches will be logged on your file and that will count against you. If you go to the Experion website you can sign up to their service whereby you can see your credit file and check the information that they have on you and correct any errors. You can also, for a small extra fee, see your credit score which is a number from 1-999. The higher your number the better chance you have of getting credit.

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PostPosted: Thu Apr 10, 2008 1:49 pm 
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grandad wrote:
No, it does not affect your rating. A voluntary termination is just that. Things that affect your rating are missed payments, late payments, applying for several loans in a short period of time etc. This one catches a lot of people out. We are all told to shop around for the best rates but if you apply for a few loans so that you can see if you will be accepted but you only actually intend to take out the best one, ALL the credit serches will be logged on your file and that will count against you. If you go to the Experion website you can sign up to their service whereby you can see your credit file and check the information that they have on you and correct any errors. You can also, for a small extra fee, see your credit score which is a number from 1-999. The higher your number the better chance you have of getting credit.


Cheers grandad


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PostPosted: Fri Apr 11, 2008 12:42 am 
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I've heard anecdotally that it might affect your chances of getting another agreement with the same firm, so clearly to that extent it does influence your rating, since if you had trouble getting finance in the first place, for example, then voluntary termination could conceviably leave you up a creek without a paddle?

Even assuming it doesn't affect your rating, do finance companies know that you've terminated previous deals?

If so then presumably if you're a serial terminator (sound serious!!) then no one will entertain you because they know they're almost certain to lose money on the deal?


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PostPosted: Fri Apr 11, 2008 6:57 am 
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Why do you say that they will almost certainly lose money? The odds are stacked in their favour. You have to have made at least 50% of the payments before you can volentarily terminate and the vehicle is usually worth far more than what is left owing. In the case of the van that I returned because I no longer needed it, when sold at auction I received a cheque for £770 from the finace company because the van went for more than remained on the agreement. I believe that it can work in your favour because if the finance company get their money back in say 2 years on a 4 year agreement they are more than happy. Lets face it, if the finance company's were loosing out regulaly by having this condition in the agreement, it would soon be left out of the agreement.

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PostPosted: Sat Apr 12, 2008 12:18 am 
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grandad wrote:
Lets face it, if the finance company's were loosing out regulaly by having this condition in the agreement, it would soon be left out of the agreement.
I believe the condition is part of the law governing such contracts and therefor they can't remove it.

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PostPosted: Sat Apr 12, 2008 3:54 am 
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grandad wrote:
Why do you say that they will almost certainly lose money? The odds are stacked in their favour. You have to have made at least 50% of the payments before you can volentarily terminate and the vehicle is usually worth far more than what is left owing.


Maybe in some cases, but in the trade most of these vehicles seem to be financed brand new on 0% deposit deals over four or five years.

Say a saloon car is bought for £14,000, half way through the finance company will have been repaid £7,000 plus a grand in interest, say.

So will the ex-taxi with perhaps 100,000 on the clock and no doubt a few scrapes and scratches (and even worse) fetch the necessary £6,000 at auction for the finance company to even break even?


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