Voluntary Termination
We have been unable to make successful contact with you regarding your motor finance agreement with us. The vehicle has now been returned to us.
At termination you have an immediate financial liability as per your agreement to pay which is calculated as below
- half the hire purchase price
- minus any payments made
- plus any accrued charges
However we have considered your circumstances and because you have returned the vehicle, we have chosen to reduce your balance to £0 so there are no more payments due from you.
Credit file implications
- This transaction will show on our credit file as a voluntary termination.
- If you were in arrears before the vehicle was returned, your credit file will show as being in arrears prior to the termination.
- If you were in arrears before the vehicle was returned but has an arranged payment plan in place, then your file would show an arrangement marker in place prior to the termination.
- Future lenders will be able to see the agreement was terminated early.
Please do not hesitate to contact us if you would like us to explain what the above means, or if you have any questions relating to this.