Hi, Im trying to establish the half way mark. I thought it was half (12900) but then I was told by someone that its half the (12900 + interest), but then I got a copy of agreement and it seems to say 12900 which is half the total cost of the car. Would much appreciate if someone could advise.
Thanks a million.
Financial Details as per agreement
Cash Price 25800
Dep/Trade in 12900
Bal 12900
Hire Purchase Price = 25800
Statutory Notice
1. The Hirer may put an end to this Agreement by giving notice of termination in writing to any person who is entitled to collect or receive the hire-rent.
2. The Hirer must then either
a) Pay any instalments which are in arrears at the time when he gives notice and
ii if, when the Hirer has paid those instalments, the total amount under the Agreement is less than €12900 the Hirer muts also pay enough to make up that sum or
b) purchase the goods by paying the difference between the amount already paid under the agreement and the Hire purchase price after the latter amount has been reduced in accordance with section 52 or 53 or such lesser amount as may be specified in the agreement.
3. Where a Hirer has not purchased the Goods and the Goods have been damaged owing to the Hirer having failed to take reasonable care of them, the Owner may sue the Hirer for the amount of the damage unless that amount can be agreed between the Hirer and the Owner.
4. The Hirer should see whether this Agreement contains provisions allowing the Hirer to put an end to this agreement on terms more favourable to him than those just mentioned. If it does he may put an end to the agreement on those terms.
RESTRICTIONS OF OWNERS RIGHT TO RECOVER GOODS
1. Without the Hirers consent the Owner has no authority to enter the Hirers premises for the purpose of taking back the goods (other than a motor vehicle in the circumstances mentioned in para 2 below).
2. The Owner of a motor vehicle is entitled to enforce any right which he may have under this agreement to enter any loand of the hirer other than his home or any buildings attached thereto.
3. After €8600 ** has been paid, then unless the Hirer has put an end to the agreement without exercising the option to purchase the goods, the owner has obtained a court order or is taking a motor vehicle back in accordance with para 4 below.
4. Where the owner has made an application to the court for an order to recover possession of the motor vehicle, he may, if the vehicle has been abandoned or has been left unattended in circumstances likely to result in damage to, or more than normal depreciation in the value of the vehicle, and if the agreement so provides, take back the vehicle and retain possession of it during the ensuing period prior to the making by the court of an order for the purpose of protecting the vehicle from damage or depreciation.
So Im still unsure what the half way point is???
As per my statement, 12900 + interest and charges 16058, present bal 9420.
Thanks a million.
Financial Details as per agreement
Cash Price 25800
Dep/Trade in 12900
Bal 12900
Hire Purchase Price = 25800
Statutory Notice
1. The Hirer may put an end to this Agreement by giving notice of termination in writing to any person who is entitled to collect or receive the hire-rent.
2. The Hirer must then either
a) Pay any instalments which are in arrears at the time when he gives notice and
ii if, when the Hirer has paid those instalments, the total amount under the Agreement is less than €12900 the Hirer muts also pay enough to make up that sum or
b) purchase the goods by paying the difference between the amount already paid under the agreement and the Hire purchase price after the latter amount has been reduced in accordance with section 52 or 53 or such lesser amount as may be specified in the agreement.
3. Where a Hirer has not purchased the Goods and the Goods have been damaged owing to the Hirer having failed to take reasonable care of them, the Owner may sue the Hirer for the amount of the damage unless that amount can be agreed between the Hirer and the Owner.
4. The Hirer should see whether this Agreement contains provisions allowing the Hirer to put an end to this agreement on terms more favourable to him than those just mentioned. If it does he may put an end to the agreement on those terms.
RESTRICTIONS OF OWNERS RIGHT TO RECOVER GOODS
1. Without the Hirers consent the Owner has no authority to enter the Hirers premises for the purpose of taking back the goods (other than a motor vehicle in the circumstances mentioned in para 2 below).
2. The Owner of a motor vehicle is entitled to enforce any right which he may have under this agreement to enter any loand of the hirer other than his home or any buildings attached thereto.
3. After €8600 ** has been paid, then unless the Hirer has put an end to the agreement without exercising the option to purchase the goods, the owner has obtained a court order or is taking a motor vehicle back in accordance with para 4 below.
4. Where the owner has made an application to the court for an order to recover possession of the motor vehicle, he may, if the vehicle has been abandoned or has been left unattended in circumstances likely to result in damage to, or more than normal depreciation in the value of the vehicle, and if the agreement so provides, take back the vehicle and retain possession of it during the ensuing period prior to the making by the court of an order for the purpose of protecting the vehicle from damage or depreciation.
So Im still unsure what the half way point is???
As per my statement, 12900 + interest and charges 16058, present bal 9420.