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Return financed car

  • 18-03-2010 04:51PM
    #1
    iamicaniwill
    Closed Accounts Posts: 1 ✭


    Does anyone know if you can return your financed car and what the procedure is? Someone told me if a certain amount is repaid then you can?? Apologies if I posted in the wrong section.:o
    Tagged:


Comments

  • #2
    TouchingVirus
    Registered Users, Registered Users 2 Posts: 8,581 ✭✭✭TouchingVirus


    iamicaniwill wrote: »
    Does anyone know if you can return your financed car and what the procedure is? Someone told me if a certain amount is repaid then you can?? Apologies if I posted in the wrong section.:o

    Under the Hire Purchase Act, you can return any item that is subject to a hire purchase agreement under a rule colloquially known as the "Half Rule". This means that as long as you have paid half the price of the agreement, you can return the item and the agreement will be considered fulfilled. This will not affect your credit rating either.


    You need to outline a letter to the financial institution who provided your HP Agreement, stating that you wish to return the item under the half rule. For more information, see this thread


  • #3
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    the thread noted in previous post is brilliant for your situation. Its been running there for ages. lots of advice on how to return under half rule online.

    more info http://itsyourmoney.ie/index.jsp?pID=665&nID=771

    The car must be in good condition, normal wear and tear is acceptable. Also ensure the voluntary surrender form is not signed when returning it as this will keep you liable for the balance on the account.


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