This information explains what leases (HP) and conditional sales contracts are. It informs you of your rights if you want to terminate the contract and the lender`s rights if you do not pay. If the lender terminates the contract, for example. B because you did not follow the refunds, he may be able to take possession of the goods. As a general rule, the lender needs a court decision. Good morning, François, thank you for your question. The best option would be to exchange your current car for a cheaper one at a local dealer. Do you know what your car is worth (Trade vaue) and what is the billing figure? The car dealership is responsible for managing your current agreement and we may be able to submit a new financing contract for the new car if you want us to make an offer. Please apply if you are ready and if approved, you can choose a car from any serious dealership and we also offer a non-binding offer. Friendly Greetings, Rachel Here at Nationwide Vehicle Contracts, many questions are asked by customers about their rental agreement.
One question that is often asked is the transfer of a leased vehicle to another party, also known as contract transfer. Conditional selling is similar to rental sales. The contract generally provides that the goods do not belong to you until you have paid the last tranche and the lender may be able to take back the goods if you fall back with payment. Consumers who wish to obtain independent information or who wish to help understand the terms of their lease (or other loan) are encouraged to contact the Competition and Consumer Protection Commission – see « Where to go » below. In addition to information and assistance, the Agency will help ensure that all complaints are handled properly by the financial entities they regulate. Leasing is an attractive financing option, especially if you know you absolutely want to own your car at the end of the financing contract. The financing period is usually between 12 and 60 months during which you pay monthly payments until you have covered the total cost of the car and therefore, at the end of the agreement, you own the car. At the beginning of the contract, you pay a first down payment that will secure the car, this deposit will affect the amount you have to pay each month – the higher the down payment, the smaller the monthly repayments.
A great advantage of HP over PCP funding is that at the end of the funding period, you don`t have to pay extra for wear or exceed a mileage limit. It is important to consider your personal and financial circumstances before entering into an HP agreement, as if you miss one of your monthly payments, this can affect your creditworthiness, making it difficult to get loans in the future.