Voluntary Return Of Vehicle On Pcp

[illestjt]

Hi, ive decided to go move on with the IS22OD SE MM i have, and look to hand the vehicle back early however lexus mentioned this would be noted on my credit checking report? but its not recorded as something negative or positive?

anyone with any info regarding this? it meant to really go back in sept however i wanna get it out the way now.

btw going for the A8 SE Quattro 3.0 TDI :-)

[iandlm]

Well that's is just completely odd as I was reading something on this subject today.

Have a look at the letter and experts reply, via the link below, which is on the "This is Money" website.

It seems to cover exactly what you're asking

http://www.thisismoney.co.uk/credit-and-lo...;in_page_id=110

It seems that the Dealers are correct in what they say, but they don't give you the whole story and in that way they seem to be trying to scare you into not returning it!

A bit naughty really!

[ihpj]

As said above, I didn't think they could 'hold it against you' for early voluntary termination.

If you wanted to be a bit sneaky, is to send them your request in writing and wait for their formal written reply. If it is contrary in anyway then I am sure Trading Standards would be very interested as would the OFT and whole bunch of others :)

[DJP]

Well that's is just completely odd as I was reading something on this subject today.

Have a look at the letter and experts reply, via the link below, which is on the "This is Money" website.

It seems to cover exactly what you're asking

http://www.thisismoney.co.uk/credit-and-lo...;in_page_id=110

It seems that the Dealers are correct in what they say, but they don't give you the whole story and in that way they seem to be trying to scare you into not returning it!

A bit naughty really!

The reply to the question in the link is correct. You have a statutory right to hand the vehicle back at the 50% point, and this is not a breach of the contract where you could damage your credit rating. I believe it came in when the Consumer Credit Act was amended a few years ago. Needless to say the finance houses don't like you doing it as it costs them money, especially when the second hand values have dropped.

[Jezzer]

Well that's is just completely odd as I was reading something on this subject today.

Have a look at the letter and experts reply, via the link below, which is on the "This is Money" website.

It seems to cover exactly what you're asking

http://www.thisismoney.co.uk/credit-and-lo...;in_page_id=110

It seems that the Dealers are correct in what they say, but they don't give you the whole story and in that way they seem to be trying to scare you into not returning it!

A bit naughty really!

The reply to the question in the link is correct. You have a statutory right to hand the vehicle back at the 50% point, and this is not a breach of the contract where you could damage your credit rating. I believe it came in when the Consumer Credit Act was amended a few years ago. Needless to say the finance houses don't like you doing it as it costs them money, especially when the second hand values have dropped.

I asked a dealer a question about this recently and, maybe scare tactics, but their line was that Finance Companies do look at your credit report and it will show a voluntary termination of a contract on it and they become wary if you do it too often.