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Ending Current Agreement

Ending My Current Agreement
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Ending My Current Agreement

Once you have signed the contract for finance with U Car Finance, you have a “right of withdrawal” or “cooling off period” that must be done within 14 days of signing the agreement. This is protected under the Consumer Credit Act 1974. It’s important to know that you will still need to pay any credit, as well as interest and fees payable during the period until you declared your formal notification to right of withdrawal. The act does not allow you to terminate the agreement just because you don’t like or want the vehicle.

It is important to remember any deposit you have made for the vehicle is outside the terms of the credit agreement, and it may not be refunded.

If you have used U Car Finance in the past to apply for finance and now want to end the agreement, you will need to contact the finance provider directly.

When you exercise the right of withdrawal, the finance company will need to recover the funds already paid to the car dealer you purchased the vehicle from. If the vehicle is deemed damaged once it gets back to the dealer, it may cause difficulties recovering the full amount, meaning you may have to cover the repair costs and any losses.

What If I have Pasted The Cooling off Period?

If you are outside the scope of cooling off period “right of withdrawal,” you will need to settle finance agreement. Settlement of finance agreement is called “settlement figure,” A Settlement Figure is an amount that is still owed on the initial sum you borrowed for the vehicle finance, including the interest.  You can do this by contacting the finance provider.

However, if you have paid 50% plus of the total initial finance amount (and fees), you can choose to terminate the agreement “Voluntary Termination (VT).” This will allow you to return the vehicle back to the finance company for the finance agreement to be ended.

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U Car FInance
U Car Finance is one of the leading UK Car Finance Brokers, we are dedicated to giving our customers the best service as possible. We accept people who have been refused elsewhere, people with good credit, bad credit and people with no credit history at all.

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U Car Finance
208 Victoria Street (Ground Floor)
Oldham, OL9 0DA
United Kingdom

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