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      12-22-2012, 07:42 PM   #1
Masterplan's Avatar

Drives: F30 EBII 330D
Join Date: Mar 2010
Location: Edinburgh, Scotland

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Voluntarily terminating HP agreement

Hi guys,

Looking for some advice as I'm sure someone here will have done it or looked into it before.

I've had my car valued and its worth considerably less than the HP settlement figure agreed by BMW. Its not far off the GFV and I'm only 20 months into a 48 month deal which is scary. I'm about 8 months away from meeting the VT figure quoted by BMW, but I plan to contribute extra to speed this up.

So I'm looking to terminate the HP finance agreement once I'm 50% through paying the total balance. But I have a few questions which google gives conflicting answers to.

1. Does terminating the contract affect you credit rating in any way?
2. Does it make it more difficult to get HP finance in the future?

I've looked at part exchanging and private sale, but neither is going to get me anywhere near the finance settlement figure, and the salesman at the dealer said this could actually be the more sensible approach if I could wait a few months.

Any help would be gratefully appreciated guys as I can't seem to find any info from anyone who has done this before.