return my car under the half rule

[tech3]

I know this has been covered before but could anyone advise me if I can return my car under the half rule under the terms and conditions below.

at any time before the date the loan should have been repaid, the borrower may give writing to the bank in writing terminating this agreement. On termination the borrower must pay the bank.
All instalment arrears due and payable up to the date of termination including any interest due on late repayments.
The balance of the instalments which would have been payable but for early termination reduced in accordance with the formula set out hereunder or in accordance with the method of formula specified in section 52 of the consumer credit act 1995 whichever shall be more favourable to the borrower
If the borrower fails to pay any instalment when due or otherwise breaks any term of this agreement or if any of the information which the borrower provides is materially inaccurate the bank may, subject to the provision of the consumer credit act 1995, terminate the loan after giving the borrower due notice in writing. On termination the borrower must pay the bank.
All instalment arrears due and payable up to the date of termination including any interest due on late payments
The balance of the instalments which would have been payable but for early termination reduced in accordance with the formula set out hereunder or in accordance with the method of formula specified in section 53 of the consumer credit act 1995 whichever shall be more favourable to the borrower.
Formula
The outstanding balance reduced by applying a rebate of the future interest calculated on the sum of the digits method ( rule of 78 ths)
Such rebate reduced by a sum equivalent to three months interest.
Where there are two or more borrowers the liability of each shall be joint and several.

 

[tech3]

can anyone help me here regarding if I can return my car or not under the half rule .
I have tried the bank AIB but they have said no because I have a personal loan with them not Hp but the car name and number and price is mentioned in the loan agreement and they advised me to inspect the section I have included above.because under that section I am not entitled to return it under the half rule.

I simply do not understand what that section means.

I have a loan for 6yrs and I have 4 years paid back I am not struggling to pay it but would love to get rid of the car because of its depreciation.

Thanks.

 

[Guns N Roses]

can anyone help me here regarding if I can return my car or not under the half rule .

The half rule only applies to Hire Purchase Agreements. Under these agreements the car remains the property of the Lender until the loan is repaid in full.

It sounds like you have a Personal Loan. This means you own the car from Day one. Therefore you can't just hand the car back to your Lender. If you want to get rid of the car, you will have to sell it and repay your Lender the full amount of the loan outstanding or continue with your monthly installments for the remaining 2 years.