The total amount to be paid includes the amount you borrowed, plus interest. In some cases, it may also include the price of the guaranteed future value. TERMINATION: YOUR RIGHTS You have the right to terminate this agreement. To do this, you must write to the person to whom you must make your refunds. You will then be entitled to the return of the goods and half of the amount to be paid under the agreement, .m. [£x – the exact number of your contract]. If you have already paid at least this amount, plus any payments due for a long time, and you have carefully cared for the goods, you will no longer have to pay. Hi, Samantha. You must assert your VT rights in writing, but you do not have to fill out their forms. Voluntary termination is your legal right (provided you have a PCP or HP agreement), and the finance company cannot insist that you fill out any of their forms. If your financial situation seems precarious, it`s best to be determined and act early.
If your situation collapses and you are no longer able to pay your bills, you may not be able to cancel your car financing contract either. You may need to follow the path of voluntary waiver, which is very different from voluntary termination (see below). Fortunately, there are good resources like this one from LegalBeagles. It includes a sample letter that you can send to your financial company. Hello Luisa. Leases have no provisions for voluntary termination, and you don`t have the right to return the car after two months because you can`t afford it. For advice on your legal possibilities, you can visit legalbeagles.info, but you might also need professional legal advice….