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[Marks DTM Calib]

Firstly, no longer having the car (or the agreement is kind) of the point...

If you think that legislation makes no sense...

I can voluntarily terminate the agreement provided I pay the undisclosed termination liability before terminating the agreement. If the finance company sold the car at auctioin tomorrow the sale price is all profit and I still owe them the undisclosed termination figure.

If I voluntarily surrender the car, I am liable for the total agreement value (couldn't tell me what that figure was either ), including interest, less the achieved sale price and any costs.

If I pay half the agreement value (again an undisclosed amount), then they auction the car and I am liable for nothing and they keep the proceeds...

How they expect you to make a decision without giving you any idea of liabilty is beyond my simple brain... I appreciate that they cannot foresee what price the car might achieve at auction, but to claim to be unable to give an indication of the liability total (from which they would deduct the sale proceeds) is evasive at best. It should be liability minus sale proceeds. Yet apparently the liability is A and the sale proceeds are B. B is anyones guess. I get that, perfectly reasonable, but to not know what A is is baffling.

I am tempted to ensure that the car clears 300k in the next two years and then VT and see what they get for it then

Challenge then will be agreeing if the condition after said mileage and time meets the fair wear and tear type clause that tends to be in these agreements 

Finance is always bad news.......always

[The Sheriff]

Doing 300K may not be seen as 'taking reasonable care of'.

Once you get an idea like this into your head, and it seems like a way out of a dilemma, it's pretty hard to let go of it. But I would if I were you, Al. 

[The Sheriff]

I know what we all think of finance companies and, in the main, I agree. But, in their defence, it's not their fault you bought a car that you can't get on with. You chose the car, you signed the finance agreement.

[05omegav6]

Duly noted

Seat went back at 2 years old with 140k miles on it and no quibbling...

They did also offer to extend the agreement at lower repayments, which I politely declined I do have some rights under an HP agreement which I would lose if it became a loan... so not entirely daft

[Sir Tigger KC]

....and probably superior to the legendary 'Commie built' Moskvitch.

My Dad had one of those and it was built like a tank! 

Don't think he had it on finance though...... 

[Taxi_Driver]

Duly noted

Seat went back at 2 years old with 140k miles on it and no quibbling...

They did also offer to extend the agreement at lower repayments, which I politely declined I do have some rights under an HP agreement which I would lose if it became a loan... so not entirely daft

A few years ago (about 10)  I had a merc on PCP for 3 years (32k new) , after 3 years I had to pay them the "guaranteed" value of £21k to keep it....I was paying £500/month for it. After 18 months I phoned and asked if I could give it back....they said I had to pay another 6 months...so I did and then they took it back no problems.....so £500 x 24 = £ 12000 . What are the chances they got £20k for it at auction  I wouldn't have thought so....but they took it back without any backlash to me....But that was PCP 

[05omegav6]

Pcps you essentially pay the depreciation and some interest according to your projected mileage rather than capital, as the leasing firm get their money back from the residual

[blackviper90210]

I took out HP on the Vectra I had. Didn't like it, so rang up the finance company and asked how I could VT.
As long as I had paid 50% or more, they would come and collect the car and they would terminate the agreement and that is exactly what I did.
The car went back, I cancelled the standing order payments and no more was said or done.