HP- is it possible to?
Discussion
Just wondering hypothetically. If you take out a HP agreement of say 4 years, if before that (lets say in 2 years) time your requirements change and you need a different vehicle / car of similar or more value from the same garage is it possible to transfer the HP agreement onto another vehicle and extend the agreement? Or do you have to wait until the end of the 4 year period?
Apologies if that’s a stupid question.
Apologies if that’s a stupid question.
Looks up 'Halves and Thirds':
Once you have completed one third of the payments, a finance company cannot repossess your vehicle without a court order.
Once you have completed half of the payments under a HP or PCP agreement you have the option to terminate the agreement - provided the vehicle is in reasonable condition and no arrears are owed. This would not affect your personal credit rating for future financial agreements and loans.
Once you have completed one third of the payments, a finance company cannot repossess your vehicle without a court order.
Once you have completed half of the payments under a HP or PCP agreement you have the option to terminate the agreement - provided the vehicle is in reasonable condition and no arrears are owed. This would not affect your personal credit rating for future financial agreements and loans.
scirocco265 said:
Looks up 'Halves and Thirds':
Once you have completed one third of the payments, a finance company cannot repossess your vehicle without a court order.
Once you have completed half of the payments under a HP or PCP agreement you have the option to terminate the agreement - provided the vehicle is in reasonable condition and no arrears are owed. This would not affect your personal credit rating for future financial agreements and loans.
You are correct in as much as terminating the agreement does not affect your credit rating. However...it is important to note that volunatarily terminating a finance agreement will put a big fat '8' on your credit file at the of your line of 000000000's for payments made, and this can influence a future lender as to whether they are happy to lend money to you.Once you have completed one third of the payments, a finance company cannot repossess your vehicle without a court order.
Once you have completed half of the payments under a HP or PCP agreement you have the option to terminate the agreement - provided the vehicle is in reasonable condition and no arrears are owed. This would not affect your personal credit rating for future financial agreements and loans.
Richard
rfoster said:
scirocco265 said:
Looks up 'Halves and Thirds':
Once you have completed one third of the payments, a finance company cannot repossess your vehicle without a court order.
Once you have completed half of the payments under a HP or PCP agreement you have the option to terminate the agreement - provided the vehicle is in reasonable condition and no arrears are owed. This would not affect your personal credit rating for future financial agreements and loans.
You are correct in as much as terminating the agreement does not affect your credit rating. However...it is important to note that volunatarily terminating a finance agreement will put a big fat '8' on your credit file at the of your line of 000000000's for payments made, and this can influence a future lender as to whether they are happy to lend money to you.Once you have completed one third of the payments, a finance company cannot repossess your vehicle without a court order.
Once you have completed half of the payments under a HP or PCP agreement you have the option to terminate the agreement - provided the vehicle is in reasonable condition and no arrears are owed. This would not affect your personal credit rating for future financial agreements and loans.
Richard
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