Voluntary Termination

[Fr2013]

Not specifically SEAT related, but I've seen the topic on here a few times so thought I'd tap into your brilliant knowledge here!

Looking to VT a Mini Countryman to Mini/BMW Finance in a couple of days. Had the settlement through and I've paid all I need and can return it without charge. The one question I have is, when I send*my letter to them saying I am terminating my agreement - does that end the agreement instantly??

It's all in the timing really, we're getting our new Leon delivered in the next two weeks so could do with the use of the Countryman until then, but at the same time want it out of the way and sorted.*I last paid on 28th June, next payment is 28th July. I presume I won't need to pay this if I send the letter before then? I'd hope so as I don't want to pay again on 28th July!

 

[nuts]

Doesn't this get noted on your credit history as a default? That might be bull rap though but I recall it being said before.

 

[andycupra]

surely you can write to give notice that you wish to end the agreement on (specify the date)
then you can be specific about when the agreement ends and also arrange what you need to do regards teh vehicle.
give them a call would be a good next step. you may have to follow a notice period. if you pay monthly then a months notice might be the case?

posting the notice for an instant finish is not clear, - is when they recieve, when you send (interetsing if you know a bit about uk contract law) or when they open it..

 

[Biker]

Doesn't this get noted on your credit history as a default? That might be bull rap though but I recall it being said before.

No it doesn't, if you Voluntary Terminate it has no affect on your credit rating. The only possible consequence is, that particular finance company may not want to deal with you in the future.

 

[Biker]

Not specifically SEAT related, but I've seen the topic on here a few times so thought I'd tap into your brilliant knowledge here!

Looking to VT a Mini Countryman to Mini/BMW Finance in a couple of days. Had the settlement through and I've paid all I need and can return it without charge. The one question I have is, when I send*my letter to them saying I am terminating my agreement - does that end the agreement instantly??

It's all in the timing really, we're getting our new Leon delivered in the next two weeks so could do with the use of the Countryman until then, but at the same time want it out of the way and sorted.*I last paid on 28th June, next payment is 28th July. I presume I won't need to pay this if I send the letter before then? I'd hope so as I don't want to pay again on 28th July!

If you need this done in the next two weeks, I would get the ball rolling now. We terminated an agreement with Vauxhall a few years ago and it wasn't a fast process. The first stage was to ring the finance company and request the paperwork to VT. Once this is filled out and returned, you are in a waiting game. From memory once they have the completed paperwork, you will not have to make any more payments. It took Vauxhall about three weeks to arrange to have the car collected.
You need to be aware also that if there is any damage to the car, you will be billed for it. The car must also be roadworthy (no bald tyres etc) and it should be serviced up to date.

 

[ben4012]

What's it worth to sell. I cleared £1000 even selling to webuyanycar, they paid the finance and the balance came to me.

 

[henry1]

Completed my VT yesterday while at the dealers signing my new finance paperwork. BCA will contact you to arrange collection. Very easy process so far. Does not affect credit score or VWFS giving you future credit. Happy with JCB Ashford's help and advice.

 

[dieselface]

Yeah VWFS are ok with VT from the experiences I've had, especially if you are signing up for another!