In addition, you also suffer damage if you have not properly maintained the goods (beyond normal wear and tear). The creditor could argue that an additional tax is provided for unusual damage or wear and tear. It is important to look at all the fees to see if they are appropriate. See the example agreement at the end of this factsheet. If you decide to voluntarily terminate your contract and return the goods to the creditor, you only have to pay up to half of the total amount to be paid under the contract, less the sums you pay and the sums due. The amounts you paid include each acompetère plus the payments you paid. Amounts due are arrears or payments not made at the time of termination. Your agreement may stipulate that you must return the goods to your original supplier or to a location similar to that of an auction house. If this is the case, you should not be asked to return the goods further than is reasonable for reasons of cost and distance. Until then, the car remains the property of the financial company, so you can not sell or modify it in the middle of the contract – for example, by installing a trailer hitch – without the agreement of the lender. Conditional sale is similar to rental purchase. The agreement usually implies that the goods do not belong to you until you have paid the last instalment and the lender may be able to repossess (withdraw) if you are in arrears in payments. A conditional assignment agreement (CS) is similar to that of Hire Purchase (HP).
If you are thinking about buying a used car, always check first that the car is not subject to an existing financing agreement. If this is the case, the person trying to sell the car does not really own it and may not have the right to sell it to you. There are companies that register cars subject to HP agreements. For this service, you are charged a small fee. Learn more about the checks to do before buying a car. The total amount to be paid under the HP deal = £4,000 leases usually turns out to be more expensive in the long term than a full payment for an asset purchase. This is because they can have much higher interest costs. .