If goods that are or become defective under a lease-sale, the responsibility rests with both the merchant and the owner (financial company). In this situation, a consumer can make claims against any party. A claim cannot be made against the manufacturer of the product. The following advice from the National Consumer Agency is helpful and describes the steps to take on the return according to the half-rule. As part of a rental plan, the consumer has an obligation to properly look after the leased property. If the goods are damaged by the consumer and returned to the owner or financial company, they are allowed to send the consumer a repair bill. If you paid less than half the HP price of the car, you can terminate your contract and return the car, and you will only be liable for the difference between what you paid and half the HP price of the car. You do not have to pay half the HP price to the financial company before terminating the agreement under the rule. However, you have to pay the difference between what you have paid so far and half the HP price. They are also responsible for the cost of all necessary repairs. A billing figure for HP is probably much less than one for PCP, since your monthly payments are usually higher, and the replacement amount at the end is much smaller than the large balloon payment at the end of a PCP agreement. The end of a hp agreement looks like the premature conclusion of a PCP agreement.
If you have already refunded more than 50% of the total amount owed, return the car to a dealership to cancel future monthly payments. It is really important that you follow the process described above. You don`t want to be confused as someone who makes a “voluntary discount” because this type of termination means that you are always responsible for the dissertation that is due on the agreement. I would strongly recommend reading the stories of people who have already returned their cars and who have written their experiences on boards.ie. Some drivers who have car financing operations include guaranteed wealth protection insurance (“CAP”) to cover the deficit in this situation. GAP insurance covers the difference between the value of your car when you buy and the payment of an insurance company in case of depreciation. If you are insured by GAP insurance, you may not be required to pay the full compensation fee.