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Author: admin | Category: Auto Car Loan Calculator | Date: 08.05.2016

BMW advise that even although this is my right, it may affect my credit rating as I am 'terminating' the agreement. The trade-in value of the car is less than the outstanding finance so I will be saving nearly A?1,000 by doing this, but I am concerned about my credit rating, which is excellent. James Jones, consumer education manager at credit reference agency Experian, replies: If you exercise your rights to voluntarily terminate your hire-purchase agreement, as long as the car is in reasonable condition and you have repaid at least half of the total amount due under the agreement, your credit report will not be damaged.


The entry on your report will simply be marked as settled and a flag added to explain that the credit agreement was settled ahead of schedule due to 'voluntary termination' - the term given to this process which, as you say, is your legal right.
As long as you made all previous repayments on time, the information about this account on your credit report will be entirely positive and should help maintain your healthy credit rating. Did Financial Conduct Authority tip-off the banks when small businesses tried to expose their bad behaviour?


As part of the deal I can hand back the car and walk away when more than half the finance is paid.



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