Decided a few days ago to get shot of it by doing a VT. Pscyhed myself up to phone the people who HP'd it. Some of the lenders can be quite sticky about people exercising this right, but I've paid more than half, so it's their car any time I choose to terminate.
Anyway, phone call went like this.
Them : - Good morning, ********, how can I help you. Me : - Yes, hope you can help me. I wish to VT my car. Them :- No problem sir, what's your account number. Me : - The acount number is *&*&*&**&*&* Them :- That's fine sir, you can VT the car no problem. Just send us a letter confirming that you want to go ahead. Me :- That's great, I take it you will send out an inspector and then I will take it to a local auction. Them :- No, not at all. You send us the letter, we cancel your direct debit and then we'll get the car collected and that's it. No inspector. Me :- Great thanks for your help.
And there you go, that's it done.
The cheapest one for sale on autotrader right now is sitting at right on what I owe on the car, so it isn't even remotely in negative equity. But I've had it 2 1/2 years now and want out before it starts to feel even baggier than it already is. Cars always cost money, so to get out at this level makes sense to me. If I want to have the asset at the end I need to pay for it now, so I reckon we're equal in that respect.
No black marks on your credit history, acount must by law be recorded as 'settled'. Anything more and they are operating outside the law. I have a brother who sues financial institutions for a hobby, so he's hoping they try it on so he can get stuck into them.
P.S. More info on this here
Next car ?................