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Returning a HP car - what to expect??

  • 18-09-2009 12:03pm
    #1
    sudzs
    Registered Users, Registered Users 2 Posts: 8,753 ✭✭✭


    We're returning our 05 hire purchase agreement cas as it is ridiculous what we are paying for it! Bad decision in the first place but sure what can you do!!!

    Anyway, wondering what sort of condition they expect it to be in when it is returned. Should we spend a bit on fixing up the very very small and slight gouge on the bumber from reversing into a wall (not me, the husband!!!) Or the bit of paint on the front wheel arch we picked up when getting jammed with a white van on a narrow bridge?!

    There's a few other little things so wondering if anyone has experience of returning a HP car and what is acceptable wear and tear?

    Thanks! :)


Comments

  • #2
    Berty
    Registered Users, Registered Users 2 Posts: 26,155 ✭✭✭✭Berty


    I would expect them to refuse to take it back at first then maybe take it back off you for 80% less than it is worth, sell it for half nothing and then chase you for the money oustanding on the account after selling it.

    Long story short: You will always get screwed.


  • #3
    Drummerboy08
    Closed Accounts Posts: 12,102 ✭✭✭✭Drummerboy08


    Check out the Half rule and see if it is applicable to you.


  • #4
    sudzs
    Registered Users, Registered Users 2 Posts: 8,753 ✭✭✭sudzs


    Drummerboy08 wrote: »
    Check out the Half rule and see if it is applicable to you.

    What's that??!

    In the agreement there's an amount we have to have paid back before we can return the car and cancel thewhole thing. we've just one more monthly payment to go and we reach that figure... Am I being naive in thinking it is as simple as returning the car (in pretty good condition for 2 and a half years wear) and we're quits??


  • #5
    Drummerboy08
    Closed Accounts Posts: 12,102 ✭✭✭✭Drummerboy08


    The half rule is more or less what you've said. Half of the finance must be paid off, and then the car can be handed back with no consequences to your Credit rating.

    As for handing the car back? I'd say expect to get hit with every bill the finance compnay can throw at you. Take pictures and notes of EVERYTHING that is wrong with the car before you hand it back.


  • #6
    niceirishfella
    Closed Accounts Posts: 5,538 ✭✭✭niceirishfella


    sudzs wrote: »
    ... Am I being naive in thinking it is as simple as returning the car (in pretty good condition for 2 and a half years wear) and we're quits??

    Very..........there's no chance.


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  • #7
    BeardyGit
    Closed Accounts Posts: 3,946 ✭✭✭BeardyGit


    niceirishfella wrote: »
    Very..........there's no chance.

    Fail.

    OP, it's pretty much as simple as you said. As per DB08's advice, fix what's wrong with the car and then bring it back when you've reached the threshold stated on your agreement.

    Do NOT sign a Voluntary Surrender Form or anything even closely resembling it. If they state they need something in writing, ensure you clearly flag that you are returning the vehicle under the 'half rule' entitlement, as afforded by the hire purchase act 1946. That is sufficient.

    If they require additional resonable charges to be met for excessive mileage or wear and tear, or unrectified damage to the car, they'll notify you of same in writing.

    It really is as simple as that.

    Good luck,

    Gil


  • #8
    sudzs
    Registered Users, Registered Users 2 Posts: 8,753 ✭✭✭sudzs


    Thanks all for the replies! :D

    And thanks Gill_Dub, great advice, will do that!


  • #9
    niceirishfella
    Closed Accounts Posts: 5,538 ✭✭✭niceirishfella


    Gil_Dub wrote: »
    Fail.

    OP, it's pretty much as simple as you said. As per DB08's advice, fix what's wrong with the car and then bring it back when you've reached the threshold stated on your agreement.

    Do NOT sign a Voluntary Surrender Form or anything even closely resembling it. If they state they need something in writing, ensure you clearly flag that you are returning the vehicle under the 'half rule' entitlement, as afforded by the hire purchase act 1946. That is sufficient.

    If they require additional resonable charges to be met for excessive mileage or wear and tear, or unrectified damage to the car, they'll notify you of same in writing.

    It really is as simple as that.

    Good luck,

    Gil

    Fail Eile,

    Depends on the agreement, do you're homework OP and don't take as gospel any advice given here on boards. Seek independent qualifed advice if unsure. And don't expect an easy ride/return from any financial institution.


  • #10
    BeardyGit
    Closed Accounts Posts: 3,946 ✭✭✭BeardyGit


    I read it right here on boards.ie and confirmed it's 100% correct.... Wouldn't claim it to be my own. I fell foul to a hire purchase agreement back in 2001 when the arse fell out of IT and just wish now that I'd know about it myself. I ended up paying for a car for almost 2 years after I'd handed it back and signed the paperwork they presented to me.... They were very friendly and helpful at the time of return, and now I know why.

    NiceIrishFella, it doesn't matter what the agreement is if it's a hire purchase contract the act applies. Whatever's written in the contract can't supercede your statutory right to exercise protections afforded by the act. End of story in this regard.

    OP, sound independent advice is always recommended. Speak with MABS who will confirm what you now already know.

    Thanks,

    Gil


  • #11
    niceirishfella
    Closed Accounts Posts: 5,538 ✭✭✭niceirishfella


    Gil_Dub wrote: »
    End of story in this regard.

    OP, sound independent advice is always recommended.

    Thanks,

    Gil

    ahhh sure, if you say so then it has to be right.:rolleyes:
    Seek solid qualifed advice OP as per Gil himself.:)


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  • #12
    Alzar
    Registered Users, Registered Users 2 Posts: 314 ✭✭Alzar


    OP, have a read of this thread in full:

    http://boards.ie/vbulletin/showthread.php?t=2055601794&page=1

    and this page from It's Your Money.ie

    http://iym.strata3test.com/index.jsp?pID=665&nID=771

    As other posters have stated, talk to MABS too - http://www.mabs.ie

    Al.


  • #13
    copacetic
    Subscribers Posts: 16,614 ✭✭✭✭copacetic


    niceirishfella wrote: »
    ahhh sure, if you say so then it has to be right.:rolleyes:
    Seek solid qualifed advice OP as per Gil himself.:)

    Not sure why you are rolling your eyes when you clearly haven't a clue what you are on about.

    The half rule is law for each and every hire purchase agreement, there is no way around it for the HP company.


  • #14
    Madame Razz
    Closed Accounts Posts: 13,252 ✭✭✭✭Madame Razz


    Probably a silly suggestion but if the OP has some form of payment protection could this allow her to surrender the car more easily??


  • #15
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    Dont sign the forms for them though. They may present them as just finalising things but dont do it. Just tell them in writing that you have paid half the amount and are returning the car under the half rule. The bank will hate you but that is their problem. It is law that you can avail of this.
    Be sure to fix the car first as they will charge probably 5 times the amount that you will get it fixed for.


  • #16
    -Chris-
    Closed Accounts Posts: 12,035 ✭✭✭✭-Chris-


    +1 to what the others have said - the half rule is as simple as it sounds, and returning a car under these circumstances CAN'T hurt your credit score or your ability to borrow in the future.


    Do be aware of their fair wear & tear stipulations though - a slight scratch or a small scuff on an alloy may be ok, but a scuff on a bumper or a wheel arch will be invoiced to you at full whack.
    Fair wear & tear won't cover any sort of abuse - accidental or otherwise.


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