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Thread: terminating car finance

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    Default terminating car finance

    Hi all,

    Has any used the get out clause of the consumer credit act to voluntary terminate their car finance?

    If so how did it go, was it all smooth sailing?

    I ask as it looks like i may have to put a bit to my car if i take it to a dealer, and if i terminate I won't pay anything as i've paid over half.

    Would be particularly interested in any experience of doing this with black horse (as they are my finance co)

    Thanks
    Nick

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    This is a grey one mate, personally I don't advise you do it, it doesn't get you blacklisted as such, but it does mess with your credit score for the future, you would still be able to get loans but you wont get 7% ones anymore, you'll find they will be asking 15-35% interest in future.

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    All they are allowed to list on your credit file is that you have done it - they cannot list missed payments or defaults as this would be incorrect information.

    Cheers for your input

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    done this 3 times and it does nothing to your credit rating .i have just got anew car and i still got low interest on the finance

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    Quote Originally Posted by Nickzx6r View Post
    All they are allowed to list on your credit file is that you have done it - they cannot list missed payments or defaults as this would be incorrect information.

    Cheers for your input
    It's not that mate, imagine this, you lend someone some money, they pay half back and give you the goods back which are now worth half what's owed, would you lend them money again?

    It's really a bad option tbh, I see loads of cabbies do it, and then they seem to struggle to get anything competitive again, or look long term, maybe in ten yrs time you want a big loan to finance a new venture, you go into the bank and say ask for £100k, you have a good business plan, but the manager looks back through the records and he sees that you didn't fully repay a deal previously, he then has to decline you for that amount, where he might have confidently given it to you if your record was immaculate.

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    but in the finance it is your right that you can send the car back .they wiold would not put it in if it messed up your credit rateing

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    VV - TBH I wouldn't have thought it was immaculate at the mo anyways ;-)


    Chris - how quickly did your car get collected??

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    Quote Originally Posted by chris View Post
    but in the finance it is your right that you can send the car back .they wiold would not put it in if it messed up your credit rateing

    It doesn't as such mess with your rating, it does drop you down in the good risk grades though, best course of action here is to go ask a bank manager whats what tbh.

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    one was over christmas time so that took 5 weeks but normally 2 weeks .the only thing you have to make it has a full service record and what they call normal wear and tear for the year of the car. this is done by the finance company sending the AA or the RAC out

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