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Car finance ›
Why you may owe us after handing back a vehicle
Updated: Monday, 18 September 2023
When you signed up for your vehicle finance agreement with us, you agreed to pay us a certain amount over time to eventually become the legal owner of the vehicle.
If you end the agreement early, you will need to return the vehicle to us and it’s possible you’ll owe us an amount to clear the agreement.
Returning the vehicle to us in good condition and in good time can reduce the amount you will owe to clear the agreement. This is because if the car is in good condition for its age and mileage and is returned as quickly as possible, then it is likely to sell for more money. This money will then be taken off what you owe us, reducing the amount left on your agreement.
If you’ve already paid us half of the agreement cost and you use the voluntary termination option there may be little or nothing to pay, other than any arrears or charges that are applicable.
When you signed up for your vehicle finance agreement with us, you agreed to pay us a certain amount over time to eventually become the legal owner of the vehicle.
If you end the agreement early, you will need to return the vehicle to us and it’s possible you’ll owe us an amount to clear the agreement.
Returning the vehicle to us in good condition and in good time can reduce the amount you will owe to clear the agreement. This is because if the car is in good condition for its age and mileage and is returned as quickly as possible, then it is likely to sell for more money. This money will then be taken off what you owe us, reducing the amount left on your agreement.
If you’ve already paid us half of the agreement cost and you use the voluntary termination option there may be little or nothing to pay, other than any arrears or charges that are applicable.
For a better road ahead
Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. The FLA promotes best practice in the motor finance industry for lending and leasing to consumers and businesses.
Moneybarn is the trading style of Moneybarn No. 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. The registered address for these companies is: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ.
Moneybarn’s VAT registration number is 180 5559 52.
Moneybarn Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702781)
Moneybarn No. 1 Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702780)
