Voluntary Termination VT
For many people, there are lots of different circumstances that can pop up in life and some people may have to end their finance agreement before the end of the contract. For example, some may have experienced a job loss, or you may have taken a job abroad. Ending the agreement in this way is called a Voluntary Termination (VT).
Each finance company will have different terms and conditions, so from the offset - make sure that they have been explained to you. It is your legal right to VT your vehicle once you have paid at least 50% of the total repayments that you have agreed upon (this is half the total amount borrowed plus interest and fees) without imposing any further financial penalty. This is subject to the vehicle being in reasonable condition for its age, maintained in a roadworthy condition and within the mileage limits that were agreed at the start of the finance agreement. As long as the finance agreement has been paid on time, with no missed or late payments, your VT is not recorded or has any impact on your credit file kept by the credit reference agencies.
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