Hello Stuart – If you are familiar with Porsche`s leasing purchase agreements, they are defined as a type of HP and I want to make sure, before I commit, that VT is applicable, because I know that pure leasing contracts are exempt from the regulatory rule. If you have an HP instead of a PCP, the 50% half-time is normally reached half the duration of the agreement. If you receive your financing contract for the car, all the money you have to repay must be clearly stated and easily found. For many contracts, there will be a termination amount. If you want a voluntary termination of an HP or PCP, this amount must be paid before the end of the contract. This rule applies regardless of whether you have a new car or a used car. The law will remain the same for every situation. Just send them your letter (e-mail is acceptable, but the recorded delivery is better) and respect your weapons. Don`t fill out the “voluntary termination packages” they send you, even if they insist you have to. You don`t – it`s a trap to get you to sign your legal rights. As soon as you formally inform the financial company that you are terminating the contract, this will be considered terminated and you do not need to make any further documents. Under your circumstances, you can sell the car, but your village will be quite high and probably a little more than the car is worth, so you have to be the rest.
Read this article about prepayment of your contract. It is based on a PCP and not on an HP, but the principle of early billing is the same. Complaints or disputes about your financial agreement can be signed to the Financial Ombudsman (FOS). You will be able to assess your situation and solve all the problems accordingly. For more information and how you can file a complaint, please visit the Financial Ombudsman`s website. In the same way that you can prematurely terminate a PCP agreement, you can also terminate an HP agreement. This means that you must have repaid 50% of the total amount of funding. However, with an HP agreement, you usually get the 50% refund point at about halfway through the deal.
If you haven`t repaid 50% of the total amount of funding, you can make up for the difference and cancel it.