In this case, the merchant acts as a credit intermediary and must be licensed by the CCPC. You can check if they are admitted to our register of credit intermediaries. With rental purchase (HP), you can return the car prematurely if you have already paid at least half of the fees or if the difference between what you have already paid and half of the costs. Check your financing agreement to see if Payment Protection Insurance (PUP) has been added. The further you are in the contract with Hire Purchase, the more likely it is that you will have equity in your car – where it is worth more than the remaining financial holdings. If you have equity, you can either partially exchange the car (see below for details) or, with the agreement of the financial company, sell the car, with the additional amount being paid into your pocket via the credit balance.
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