Consequences of not keeping up with repayments - If you do not keep up with your repayments, late payment interest and other default charges may become payable. Any missed payments will be reported to credit reference agencies, which may make it more difficult and expensive for you to obtain credit in the future. If missed payments are not repaid, in some cases the lender may take legal action to recover these.
- keep the vehicle in good repair & condition and service as per manufacturer’s recommendations
- keep the vehicle in your possession and control, and not sell it
- insure the vehicle with full comprehensive cover
You must not:
- take the vehicle abroad (except to the EU for a maximum of 30 continuous days / 60 days a year)
- alter the vehicle or use it for racing
- make the agreement on behalf of someone else
The right of withdrawal - For HP & PCP agreements, if you are a private individual, sole trader or small partnership borrowing no more than £60,260, you will have the right to withdraw during a period of 14 days starting the day after the day on which you sign the agreement. To withdraw, you must give the lender written or oral notice within the withdrawal period.