What is the “half rule” for car hire purchase agreements ?
The ‘half rule’ allows you to end a car hire purchase agreement on the condition that you pay half the hire purchase price of the car.
The documentation that you received from the bank or finance company on entering the agreement must show the amount required.
If you decide to take the ‘half rule’ option you should write to the finance company or bank and inform them that you want to return the car using the half rule. It is important that you do this in writing, rather than verbally.
Also, clearly specify that you want to return the car using the half rule.
There is a sample ‘half rule’ termination letter on www.consumerhelp.ie.
Any queries give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie