I have a similar issue in that my original motor finance was in excess of 25,000. I am past the 50% point and considered voluntary termination as per my agreeement. I have now realised my signed agreement is under the consumer credit act 1974 which allows VT - which seems to be an error as it should have been unregulated based on the amount and therefore no VT allowed.

Do I have a case in that I signed a regulated agreeement allowing me a vt all be it that this was an error by the bank? I'm off the view I was missold and have the documentation to prove it.

Thanks

It means half of the full agreement.

Hi yes the outstanding amount is 40k unfortunately !!! I negotiated with BMW this morning that they accept 500 a month for 6 months rather than 818 which i cant afford, so that means i can accept the company car allowance knowing at least for 6 months i have some certainty. BMW have a fat balloon on this deal where they have to take the car back or i have to pay 19k, so they are effectively paying 19k for it in two and a half years. But to get to that point i have to pay out 20k over two years. But if they take it back and sell it at auction it could go for less than the balloon, if that happened could they pursue me for over 20k does anyone know?
I had read somewhere that if i pay more than 50% of the agreement then i can hand the car back is that not doable with an unregulated agreement? And does it mean half the price of the car of half the price with finance and interest added in?

Hi, if the amount of credit on your finance agreement was over £25000 in 2007 then the agreement is not regulated under the Consumer Credit Act of 1974. Therefore you have no VT rights at all. Would your new employer be sympathetic and take over the payments? Or does your car allowance and subsequent mileage allowance not cover the cost of running the car? Might be best route to go even if costing you £x each month out of your own pocket.(better than finding a big lump sum now). Used car values have plummeted as you know, particularly on the 'prestige' brands. You could also post the figures on here and someone will gladly try and help you. Best of luck with new job.

Hi i bought a new BMW in 2007 and apparently the finance is unregulated in 2007, i now have negative equity in the car, cant afford the repayments as i lost my job, due to start a new job with option for company car or company car allowance, so asked BMW to take lesser payment but no they wont do it, they arent badgering me to return the car. How can i find out if i can do a VT without them hounding me forever for the negative equity ? Cant sell it as have no money to pay negative equity , really stuck here, all help appreciated?