With all that is going on in the world a lot of people will be looking at their options with the car finance agreement that they are in. For example, if you lose your job, face huge unexpected expenses, or have another life-changing situation, you can break free from your agreement and avoid penalties. How long does a voluntary surrender stay on your credit? It is far better to be honest with them than to default on your payments, and they may be able to help. Sums due are any arrears or missed payments due at the time of termination., Hi, my son lost his job due to corona in November, missed 2 payments from his car finance, they towed the car away. This is one of the worst scenarios you can find yourself in after financing a car. As well as having repaid 50% of the total finance amount, you need to have taken good care of the car, meaning theres no damage other than general wear and tear. You can choose to send a letter in your own name or in joint names. who is his DMP firm? I thought I wasn't going to be able to manage to get another car so I haven't got a bad work to say about Oodle. The trouble with a Voluntary Termination (VT) is that there's nothing in the law to cover what happens if you apply for a VT but have exceeded the agreed mileage. For all of the following issues, National Debtline and the Legal Beagles Vehicle Finance forum are great resources to explain what is happening, your rights, generally support you and suggest what you can do. Always shop around before applying for car finance, to make sure youre getting the best deal possible. Companies can ask for reviews via automatic invitations. You have to have taken reasonable care of the car. Moneybarn Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. This was in January 2020 and I had already missed two payments with them. He had already paid 50% of the amount payable. Personal Contract Hire (PCH) is a type of long-term rental that will suit you if you're not looking to buy the car at the end of your contract and won't need to change the car before the end of the contract. Lenders lose money when you VT a car so they may want to try to get as much back as possible from you by sending threatening letters and invoices alleging paintwork damage or scuffs to alloy wheels. So if the finance company terminates your contract because of arrears, you lose the right to VT the contract and as explained above this may cost you a lot more money. The car finance company can hit you. And not if you. I can afford the payment but I changed job and I prefer sell the car to save money but I still dont know if is better the VT or sell the car privately which is very hard with the finance still on .. its illegal to sell the car privately you dont own it. If the interest youre earning on your savings is less than the interest you are paying on your car finance agreement, it makes sense to consider using your savings to repay the agreement early. In this video Gavin . Although I managed to pay the monthly payment for a year, I was in difficulty. Were you sold a car on unaffordable finance? You are should write to the lender, arguing in detail about your car and what fair wear and tear is. For full details about the process, should you choose to . MoneyHelper is the new, easy way to get clear, free, impartial help for all your money and pension choices. I do have other problem debts including a 4k from lendable that defaulted around the same time and has been sold to intrum and another 2k with myjar that again, I have not paid since Jan 2020 but they have not defaulted. I am unsure what this is and how it would work They said they can give my car to BCA and then there will be a default on my name if I dont pay the remainder liability can you please explain? If you think you may want to use this option to end your agreement early, please contact our Customer Services Team on 0330 555 1230 so we can run you through all of your options to end the agreement, and confirm how much each option may cost you. You lease the car for an agreed period of time by making fixed monthly payments. You could also be hit with bigger APR charges. Answers to questions about debts and credit ratings - in plain English! Cheers. I dont know what a liability fee is you need to ask them. Are the repayments affordable for you? If you decide to return the car, tell the finance company by letter or email and keep a copy. Send that letter by recorded delivery to the finance companys address it is set out in your credit agreement. Options. Then you will not get the protection of the 50% figure being the maximum you have to pay.). Got a normal unsecured loan to buy the car. Your total car finance amount is 12,000. Voluntary termination is not intended to exploit loopholes in UK law. The benefits to this course of action is that you dont have to find 4000 immediately and you get the use of the car until you VT it. VT applies to both new and used cars that have been financed using PCP finance or Hire Purchase. If your mileage is way over your allowance, the finance company is going to chase you for excess mileage charges. Your personal or financial circumstances have suddenly changed You cant afford to keep up with repayments because youve been laid off, you/your family members are going through health issues, or there are bigger financial commitments. Moneybarn are saying I should have notified them of the DMP and that I kept up to the payments other than the payment holiday. Does the 50% figure take into account the deposit. This clause is vaguely written. Does voluntary termination affect my credit score? Verification can help ensure real people write reviews about real companies. Ok , thanks for all your replies and the hard work you do. The vehicle inspectors are going to list all . . Im worried to hurt my profile if I dont pay the balance in one go (which I cant do). So make sure you document the condition of your car all the way throughout your lease. True thank you. Households Spending 89/Month More on Energy, Food, and Fuel, Lloyds Reveals, Virgin Money Raises Rate on Savings Account to Chart-Topping 1.71%. The is set by the lending company and depends on the model of your car. We need to know a bit more about the contractual setup, sorry I've never heard of oodle. | If you cant keep up with your monthly car finance repayments, you might be tempted to simply stop paying. In theory then, you can hand your car back after having covered more miles than you said and there's nothing the finance company can do about it. Are the questions not valid to the subject matter and/or have I perhaps misunderstood the application of VT? I'm not sure we even know that first recourse is with the garage. This amount doesnt include any late payment fees or arrears you may have accumulated. or had it repossessed? You can return it, but youll probably have to pay back any remaining money you owe on the contract, so if you still have a year left, then the lender will expect a years worth of fees up front. We look to find the best rate from our panel of lenders and will offer you the best deal that youre eligible for. Its so stressful. 2023 Money and Pensions Service, 120 Holborn, London EC1N 2TD. If you VT the car, then you will still owe the difference between the 50% figure and the amount that you have paid, it sounds as though that will be a lot of money. Before the finance company has the chance to inspect the car, youll have to rely on your own judgment about the cars condition. PCP contracts contain a mileage clause, where you will have agreed to pay so much per mile over the annual mileage agreed. Or would it cost more to repair than the car is worth? There is probably a reason why youre terminating your agreement and returning the car. You usually must pay the early settlement figure in full, plus any cancellation fees outlined in . The car finance company may accidentally or deliberately misinterpret your voluntary termination as surrender. However, there is a small Option to Purchase fee that covers the admin required to transfer the title of the vehicle to your name. That's the theory I put in an affordability complaint against Moneybarn for an agreement I had from April 2019. Next day we contacted finance place and paid the full cost of his loan 6.200.we havnt heard where the car is now, just a phone number to ring but noone there. So, if youve paid back 15,000 out of a total of 40,000, you would have to pay off 5,000 to terminate the agreement. Its important for you to know the difference between these terms to ensure your application is processed correctly. For info, I havent acknowledged the debt or made any arrangement to pay, so I cant understand under what arrangement they think Im obliged to pay, when I have no current contract with them (the VT was confirmed before request for excess mileage). Please enable Cookies and reload the page. Begin the salutation of the letter with the word "Dear" followed by the recipient's name and a comma. Hanging up on me won't result in me deciding not to terminate the contract! That isnt the case! It depends on the type of finance you have and where you are in the contract. I have already paid 28 months and willing to pay the rest if 888.66 to reach 50% of the agreement. I had a PCP deal with BMW finance some years ago, which sadly coincided with a catastrophic loss of income. Mon-Fri: 8:00am 8:00pm | Sat 9:00am - 6:00pm. I have paid 3000 so far and I want to VT as I no longer need the car. Thanks. More about Debt Camel. Though the law covers both PCP and HP agreements, they are both slightly different in how they work - read on to find out how both work, and how you can terminate them. And you cant VT it and then say you would have preferred to have it repossessed. Voluntary termination is your legal right to cancel a car finance agreement earlier than the proposed terms. We're always on hand Our Oodle Team are here to support you every step of the way. The amount the lender can charge you for repaying a hire purchase agreement early is capped by law. Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. many rentals ads have been hijacked. Also have my car on top payments are quite high 350 and basically i was in a bad place and we was desperate so a did lie on the application, they didnt check nothing, but at the time i had great credit history, that was just over a year ago now. There is no excessive damage (no more than normal wear and tear); You agree to repay 50% of the Total Amount Payable, the cost of the vehicle when you bought it, plus interest/that came with the agreement). If you arent sure VTing your car is your best option, I suggest you talk to National Debtline on 0808 808 4000. wierzbaexclusivecar24. ReadWere you sold a car on unaffordable finance? What shall we do? Crucial differences between voluntary and involuntary termination are critical to understanding what constitutes voluntary termination. So, youve already paid half of the total finance amount under your PCP agreement. Hi, I have a HP agreement with Advantage Finance. Apologies in advance because i dont know about your personal financial circumstances, but have you considered keeping the car until you pass the 7000 threshold. In this instance, its better to contact the finance company and see what else you can arrange. I put a 3000 deposit down (called advance rental on the paperwork), so am I right in thinking i can return the car once Ive made 5000 worth of payments? Hi I have paid over half on my finance and the engine on the car is tapping I cant afford to get this fixed can I use vt thank you. Heatwave nearly caused blackout in the UK, Millions could be pushed into debt due to energy bills, MPs warn, Common reasons for cancelling a car finance agreement. A voluntary termination of a car finance agreement can indeed appear on your credit file. Telephone +48784963006 Alternatively, they will pick it up themselves. SeeCan you afford your car finance payments? On your finance agreement it will say how much you need to pay back (Total amount payable) it's 50% of that figure, that can be made up of your deposit and payments. Hi, Or have you paid over half? Once this is paid, the car is all yours. All you need to do is inform your dealership that you wish to use voluntary termination in writing. To end your car finance through voluntary termination, there are some conditions you need to meet. So the collection agent from the solicitors Shoosmiths came to collect the car today and i had to sign another form which was basically the same of what i had agreed on the email so i explained i have already sent an email to confirm and i do not want to sign anything else and i am not in anyway stopping you taking the car because i want you too but i dont want to sign anything. If he VTs the car, he may still owe some money if he hasnt taken reasonable care and for excess mileage. The agreement you received when you bought the car will have the following clause: TERMINATION: YOUR RIGHTS If you talk to the lender on the phone, use the phrases terminate my agreement or voluntary termination. The same rule about the car being in good condition also applies to HP agreements. Send copies of your bank statements for 3 months before and 3 months after the finance started. Though they sound the same, the way these processes work are totally different. Alternatively use our online contact form, or call us on 0370 5050 123. They said is something related to tax rebate and excess of mileage. This is a grey area. Some finance companies make things more complicated than they need to be, which slows down the whole process. Termination is not the same as settlement, because title to the good does not pass to the customer if they decide to terminate . Use our handy search tool to tell us what matters. When bought, the car already had 23.000 miles and at the moment it has 83.000 miles. The car may no longer be suitable so you want a different one. It isnt clear to me that this is worth pursuing if the interest had been at 30% and you had not lied on the application that would be different. credit cards, pawnbrokers, home credit, store and catalogue cards and overdrafts. That can be a clear email stating that you want to use the voluntary termination option, or you can send us a signed letter confirming this. So the car finance companies normally lose money when you VT a car. Voluntary termination of a vehicle finance agreement is the legal right of a borrower or customer to cancel an agreement early. HP is a secured loan, so it is tied to your car. But I have seen Financial Ombudsman decisions on excess mileage complaints where the Ombudsman said it is fair that excess mileage charges should be paid when you VT. Its up to you if you want to challenge an excess mileage charge. When you finance a vehicle, the lender owns it until the loan is completely paid off. This is crucial because it means that you likely wont have paid back 50% of your total finance agreement midway through your monthly repayment schedule. Thank you, I dont know if its worth mentioning but I also have ASD, which was undiagnosed at the time of taking the agreement out. To do so, you should write to the person you make your repayments to. So, if youre struggling to keep up with payments, voluntary termination is likely the best option to keep your credit rating high and your debt low. This will be because youve done more miles than they expected. The car was registered in march 2013 so just under 8 years old what are my options? why do you want to VT the car can you afford the repayments? This works the same forPCPandHPdeals. Be aware you won't get anything back if you paid more than half the cost of the car. You have a mountain of debt and token payments just kicks the can down the road. Hi, does the VT effect on my credit score? You can ask National Debtline on 0808 808 4000 or ask on the Legal Beagles forum: https://legalbeagles.info/forums/forum/legal-forums/motoring-parking/vehicle-finance-and-issues. This guide will explain how it works when youre entitled to apply, and what you need to know to ensure everything goes smoothly. ok, then I think if you carry on paying the 390 until the balance is gone (16 monthly payments?) Im looking for some advice. I think you should talk to a debt adviser about how much you should be offering to each of your debt that is the first step. Are the payments unaffordable? Increasing the interest on a credit card your rights. If you dont think their calculation is fair, you should challenge it see below. To hand a financed car back early under Voluntary Termination, you must have paid at least half of the 'Total amount payable' on the finance. See Refunds from large loans and car finance which has a template you can use to complain. If youve missed more than one bill payment, you can talk to a specialist today, online or by phone, who will be able to help you start sorting out your financial problems. Whatever your reason for wanting to hand back the car, the procedure for doing it is the same. This doesnt seem right to me. The National Debtline fact sheet https://www.nationaldebtline.org/fact-sheet-library/hire-purchase-debt-ew/ says: If you decide to terminate your agreement voluntarily and hand back the goods to the creditor, you should only have to pay up to half of the total amount payable under the agreement, minus sums that you have paid and sums that are due. Hope this helps, and apologies for the long OP. Terms and Conditions apply. To avoid this, send them a letter explaining youre applying for voluntary termination. But every situation is different; if your justification is not on this list, early termination is still possible. That said I want to know the matter is closed and theyre not going to try and charge me unreasonable wear and tear costs. $3,000 SIGN ON BONUS FOR EXTERNAL APPLICANTS Optum is a global organization that delivers care, aided by technology. Thanks Sara and Cathy, If you have currently paid back less than half of the total amount and you still want to cancel the contract early, there is a different option. If you have these boxes ticked, then youre all clear to cancel the agreement. Apply now for your personalised, no-obligation quote, Voluntary termination or voluntary surrender, Voluntary termination is your legal right. Oodle, Inc. is an online marketplace based out of San Mateo, California. Its part of the total amount youre due to pay under the contract. Registered Number 10120411. Some lenders charge extra fees for you to cancel early, so its best that you check this out from the get-go. Fri, 21 May 2021 - 14:56. 1 Limited, a company registered in England and Wales with company number 04496573, and Moneybarn Limited, a company registered in England and Wales with company number 02766324. However I still need to pay 6235 to be at the half paid amount. Our Oodle Team are here to support you every step of the way. You should not be charged more unless you have failed to take care of the car, above reasonable wear and tear. Your PCP agreement can be voluntarily terminated as long as you've paid at least 50% of the total finance amount back to the finance company. Lenders may make it harder or more expensive for you to hand back the car eg by: If this happens, take some advice on how to tackle this. Oodle Financial Services Limited is authorised and regulated by the Financial Conduct Authority (Reference . There is always a chance that you can negotiate smaller payments by extending the loan term or arrange a payment break. It is more clear what is happening. But if you dont want the car, you can hand it back. At the very least, youll be charged higher interest due to being a high-risk borrower. They only fixed 1 4 cylinders the first time even though they confirmed they would be replacing all the springs. When you VT the car, the finance company usually says that you should pay the excess mileage charge for the time you have had the car. The 3 months payment holiday the FCA who regulates the market seems to think it is fair they can charge for this. Do not sign any new contract or agree to surrender or repossess your car. The same goes for normal wear and tear or reasonable care of the goods. Speak to our advisors to see what your options are. Not sure which car is best for you? When you VT the car you will owe the difference between what you have paid and the 50% figure. Your credit score should not be affected by voluntary termination, so long as you have paid all of your monthly payments on time up to the point you hand the vehicle back. I assume from what you have said that he has checked his contract and he has paid more than the Half the total amount payable under this agreement which is in the paperwork. It is a shame you did not take debt advice at the time. Hi, if I want do VT I own to the finance company 1,600 to reach the 50% of the finance.. The total finance amount includes any interest and fees that you need to pay as well. If you choose to voluntarily terminate your PCP car finance contract, you'll be required to pay 50% of the total amount payable. My assumption is that if you carried on with the normal monthly repayments they could not default you. They will want you to repay that and it will be show as a debt on your credit record if you could carry on paying at the contractual rate you could argue this should not be defaulted, but in practice that is quite impossible for you. Here are all the steps from start to finish: It depends on two things: how quickly the provider processes your request and whether you meet the requirements. You cant have driven the car more than 200 miles and the car must be in the same condition as when you received it. Keep a copy of the letter and the proof of postage. To protect yourself against potential damage charges, you should take dated photographs of the car when you hand it back. An alternative, voluntary surrender, may be preferable. The dealer believes he carried out a thorough repair but only replaced half of the valves when the first valve broke, which I believe is negligent and misleading. The car finance market has exploded in recent years, with financial experts expressing concern that this type of borrowing could end up being the next 'debt bubble.' . The registered address for these companies is: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ. If you want to pay off your PCP agreement early, the first step is to ask the finance provider for a settlement figure. All finance is subject to status and income. Just something to consider. When you voluntarily terminate your agreement you need to return the vehicle to us (we can arrange to collect it free of charge) and it must be in a good condition, bearing in mind its age and mileage. I have paid slightly over this and am under on the mileage, and also the car is in fantastic condition. Here at Money Expert, we can help you compare car finance deals to make sure that youre getting the most for your money. Its lockdown, is that essential work even? Whatever your reason for wanting to get out of your car finance agreement, how you actually do so will depend on the type of plan you took out. do you just want to save the money? Locate the get-out clause before entering any agreement and point it out when you need to. The second agreement in our guide of car finance explained is a hire purchase or HP finance deal. As for the circumstances surrounding your voluntary termination, that is up to you. Well need you to notify us you want to do this in writing. You will need to be determined. Its unusual to VT a contract so near the end. Lenders usually dont mind: Unacceptable wear and tear usually means: There are numerous things that can go wrong. If you cant pay it all at once then you should be able to pay in instalments. Rather than talk about a theoretical case, can you say what actually happened to you? All rights reserved. At the halfway point, you will have paid back 4,440. This is called voluntary termination. He has looked at his credit file today and the finance is still showing on his credit score and they have put a default payment for March. That is definitely worth taking to the Ombudsman. Early Termination. There are a few main reasons why you might want to exit your car finance deal early: Worrying about money because of rising rents, high energy bills or debt? Do I have problems to get finance or loan on the future if I do the VT? MU93FC. If your problems are likely to last a long while or you simply dont need the car, it is often much better to VT a car than have the lender repossess it. VTing now will let the remaining money be repaid at a lower rate (though that will harm your credit record.). Oodle Car Finance is a trading name of Oodle Financial Services Limited which is registered in England & Wales under Registered No. Its pretty easy but its best to use the FOS online form not send an email. Voluntary termination of a vehicle finance agreement is the legal right of a borrower or customer to cancel an agreement early. Oodle Financial Services is a member of the Finance & Leasing Association and complies with its Lending Code, a copy of which we will provide on request. It then left me nothing to pay. Keep in mind this isn't just half of the car's value. First, your financial circumstances might have changed and you might no longer be able to afford to keep up with repayments. I have just spoken to Blackhorse about my vehicle which I financed from them feb 2020, they said as I have not paid 50% of the loan, I would have to pay a liability fee.. We'll help you find your perfect match based on: and anything else thats important to you. Information provided by various external sources. With PCP, this includes that extra balloon payment that you would have the option to skip at the end of your contract. I have to come to terms with the fact that I signed up to a terrible deal in terms of the interest rate. With hire purchase (HP), you can return the car early if youve already paid for at least half of its cost or make up the difference between what youve already paid and half of its cost. I am hoping to VT my car (PCP) as Im struggling with the repayments. If the car finance was a problem from the start, with you having difficulty paying your other debts, bills and living expenses, then the finance may well have been unaffordable. Here you will have paid the 50% figure after you have made half the monthly payments. British Car Auctions (BCA) collected my car on the 8th January after I VTd on a HP with BMW. If youve bought a car on finance and found that you can no longer afford the monthly repayments then it is sometimes possible to cancel the contract and hand the car back to the finance company. Dont panic and rush into a decision if you just miss one payment. If you pay for your car monthly and find you can no longer afford to, then the first thing you should do is speak to your finance provider. Oodle Car Finance is changing the used car buying landscape, giving you confidence right from the outset. Go back to the lender and say that you are terminating your contract under Section 99 of the Consumer Credit Act (1974) and that section 99 and section 100 of the Act do not say that termination is conditional on your having paid half the total contract amount or on not having arrears. You would also have your credit record cleaned of any problems with the car finance. Take the first steps to find your way forward with our guides to help you with the cost of living. Read the Legal Beagles guide and post on the Legal Beagles forum for help. Read the Legal Beagles guide and post on the Legal Beagles forum https://legalbeagles.info/forums/forum/legal-forums/motoring-parking/vehicle-finance-and-issues for help. Thatshows how much less debt you may end up with if you VT a contract compared to when the lender ends the contract because you have arrears. You must tell the finance company in writing that you are terminating your contract. Estimated Reading Time: 7 minutes. I understand from a slight dint/scratch i will have charges to pay. They could, for example, allow you to defer the payments for a short period of time, or they may be willing to extend the period of the loan to reduce the cost of the monthly payments. Voluntary termination is not the same as voluntary surrender. I tried to VT in November following a 3 month payment holiday (at this point I was 3 payments short of 50% and they said they couldnt until I had paid 50%), Based on the above (false?) Shortly after this, they came after me for some excess mileage-the amount is inconsequential, but suffice to say, they started reporting missed payments to the credit agencies, even though the account is settled and closed. These two versatile Volkswagens will carry a growing family in style, whether you prefer hybrid or electric power, What Car? Voluntary termination can be very confusing to an average person, which is beneficial for lenders. My son contacted KIA to advise he wanted to VT and return the vehicle and asked where he should deliver the car to. Yep, the deposit should go toward the 50%. I have a CCA HP agreement which will allow me to VT the agreement/car. However, your ability to do so depends on the type of finance you have and how much money you have already paid off. If you arent sure about the numbers, phone National Debtline on 0808 808 4000 and talk them through. You dont need to sign documents or fill out termination packs. Phoned twice waiting half an hour each time to be connected to say that I wish to voluntary terminate as I've paid half the loan, both times been cut off as soon as I've said why I'm calling. Is it worth taking to the FOS? Most importantly, this total also includes the balloon payment. If you bought your car using personal contract purchase (PCP) or hire purchase (HP) then youre allowed to hand it back to the finance company if you have already paid off 50% of the loan, including any interest and fees. Explain how it works when youre entitled to apply, and what you need to from a slight dint/scratch will... Your personalised, no-obligation quote, voluntary termination in writing mind: Unacceptable wear and tear.. A template you can negotiate smaller payments by extending the loan is completely paid.... These terms to ensure your application is processed correctly I think if you cant keep oodle car finance voluntary termination. Your personalised, no-obligation quote, voluntary surrender received it BCA ) collected my car ( PCP ) im... Look to find the best deal possible must tell the finance and Association. To protect yourself against potential damage charges, you should be able to.... 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Credit card your rights they would be replacing all the springs pay as well then I think if dont. Answers to questions about debts and credit ratings - in plain English ; under. Recourse is with the cost of the agreement unsecured loan to buy the car, reasonable. This guide will explain how it works when youre entitled to apply, and also the car tell... Our oodle Team are here to support you every step of the interest rate agreement! March 2013 so just under 8 years old what are my options address for these is. Second agreement in our guide of car finance, to make sure youre getting best! That letter by recorded delivery to the customer if they decide to return the car is?... Inc. is an online marketplace based out of San Mateo, California repayments, you can it! Deliberately misinterpret your voluntary termination can be very confusing to an average person, which sadly oodle car finance voluntary termination a. Copy of the agreement I suggest you talk to National Debtline on 0808 808 4000 or ask the..., should you choose to send a letter explaining youre applying for car finance repayments you! Hp agreement with Advantage finance settlement, because title to the finance company 1,600 to 50! Telephone +48784963006 Alternatively, they will pick it up themselves which sadly coincided with a loss! Deciding not to terminate the contract than the payment holiday before and 3 payment! What car finance companies make things more complicated than they expected & # ;... Doesnt include any late payment fees or arrears you may have accumulated National on... An agreed period of time by making fixed monthly payments? token payments just kicks the can down whole! Months before and 3 months after the finance company has the chance to inspect the car, he still... Them than to default on your own name or in joint names Sat 9:00am - 6:00pm misunderstood application! In full, plus any cancellation fees outlined in any late payment or. And theyre not going to chase you for repaying a hire purchase to he... A different one may be able to afford to keep up with repayments then you have... Against moneybarn for an agreed period of time by making fixed monthly payments ). The customer if they decide to terminate % figure after you have to have taken reasonable care and excess. Money you have made half the monthly payments they would be replacing all the springs or. Early is capped by law this is paid, the official trade of... The normal monthly repayments they could not default you can charge you excess. The garage pay in instalments will explain how it works when youre entitled to apply, what!