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Half rule Bmw finance query - handing back car

  • 16-04-2015 12:11PM
    #1
    lostsoul01
    Registered Users, Registered Users 2 Posts: 31 ✭


    Hi everyone I am just over my half way with Bmw finance and want to hand the car back under the half rule agreement. I have paid enough and contacted BMW finance to find out what I need to do. I told them I was not voluntarily surrendering the car and that I was fully aware of my rights. They sent me out documentation including a "voluntary termination notice" form which they want me to sign and send back. Since then someone has advised me I should not sign this and to just send a letter to them instead that this form is for voluntary surrender.. Anybody ever done this before? I do not want to be penalised or have bad credit rating.. I need some advise as I really don't know what step to take next! Thanks know advance


Comments

  • #2
    Tails142
    Registered Users, Registered Users 2 Posts: 2,120 ✭✭✭Tails142


    Read this http://m.independent.ie/business/personal-finance/new-car-the-lure-of-ownership-could-cost-you-a-pretty-penny-31135292.html

    Was in the paper recently, says voluntary surrender will leave you liable for the remaining balance due.


  • #3
    lostsoul01
    Registered Users, Registered Users 2 Posts: 31 ✭lostsoul01


    Thanks for that. I know that I am fully entitled to hand the car back according to the half rule in higher purchase agreement. I'm paid up to date and they have confirmed that I am past half way. My query is the forms they sent me are the separate to voluntary surrender forms? Should I just send them a letter and not sign these voluntary termination forms? Thanks


  • #4
    ohnonotgmail
    Registered Users, Registered Users 2 Posts: 41,072 ✭✭✭✭ohnonotgmail


    lostsoul01 wrote: »
    Thanks for that. I know that I am fully entitled to hand the car back according to the half rule in higher purchase agreement. I'm paid up to date and they have confirmed that I am past half way. My query is the forms they sent me are the separate to voluntary surrender forms? Should I just send them a letter and not sign these voluntary termination forms? Thanks


    i think this covers what you need to know

    http://www.consumerhelp.ie/car-finance-debt


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