Help with your existing financed vehicle

your existing
Financed Vehicle

Help with your existing
Financed Vehicle

It is possible to exit a vehicle finance contract early.

 

A brand new electric car through the CanfordEV scheme should be better value for money than what you are currently paying.


There are no personal credit checks, so whatever your situation, you will get access to the best lease deals.

Early termination

Step 1 - Identify your lender

You will have received letter and email correspondence from your lender when you first acquired your vehicle.

If you are still unsure who your lender is, you will be able to identify them on your bank statements.

Step 2 - Request a settlement letter

Contact your lender’s customer service team, and request a settlement letter be sent to you, preferably via email.

The settlement letter will detail the cost of exiting your vehicle finance arrangement. Be aware that there is usually a time-limit to its validity.

Step 3 - Value your vehicle

A trade buyer, such as we-buy-any-car, or a local dealership, will be able to offer you a valuation for your vehicle. You may be able to achieve a higher price selling it privately, but it is often more time-consuming and difficult.

If, through your CanfordEV consultations, you were offered a vehicle at one of our preferred dealers, then we may be able to arrange disposal of your current vehicle with them.

Please get in touch with your Canford Consultant for any further help you may need with this.

Step 4 - Is it viable?

As vehicles tend to depreciate in value, and interest payments are generally front-loaded, you could find that it may cost money to exit your current vehicle agreement.

Once you have a clear understanding of any costs associated, and with the knowledge that a CanfordEV car has almost every motoring cost included, it is on your judgement to determine if it makes sense to exit your current finance agreement.

Please speak with your Canford Consultant if you are still unsure.

Voluntary Termination

Voluntary Termination is a method of exiting a vehicle finance agreement if you find yourself in financial difficulty.

Within your consumer rights, when 50% of the total amount payable of your vehicle loan has been repaid, you can request to voluntary terminate. However, if you do not communicate your intentions clearly, or if it is proven that you are not in financial difficulty, then it may be classed as a ‘Voluntary Sacrifice’ in which you will likely owe money. Voluntary Terminations are highly likely to be marked on your credit file – making it more difficult to acquire vehicle financing in the future.

A Voluntary Termination is a safety net only for those struggling financially. For this reason, Canford Finance do not condone this as a regular method of exiting your current vehicle finance agreement.