Does your company need to make amendments to the hire purchase agreement? Or is there a need to agree on the repayment schedule? Find more information about these and other contractual matters here.
Invoicing of hire purchase instalments
At the beginning of your agreement period, we will send you the repayment schedule and credit transfer with payment details to be used for the entire agreement period by post. The reference number and the amount will remain the same throughout the agreement period with the exception of agreements in which the final instalment is determined larger than the others. If you have taken out a comprehensive A1 Liikennekasko insurance policy, the insurance premiums are included in the same invoice as the instalments.
Your company has the option of receiving e-invoices. If you would like to get e-invoices instead of paper invoices, contact our Customer Service and tell them your company’s e-invoicing address and EDI.
Change of repayment schedule
If the agreed repayment schedule does not work for you for some reason, please contact our Customer Service by phone or send us a message via Nordea’s Netbank in order to agree on a new repayment schedule. Due to bank secrecy, we cannot handle credit-related matters via email.
Change of due date
If you want to change the due date permanently or change the due date of one instalment temporarily, please contact our Customer Service. Change of due date is subject to a fee set in our tariff.
Repaying your credit with a larger lump sum
You can repay your hire purchase agreement by paying a larger one-time lump sum. In order for this payment to amortise the outstanding debt only and affect the total interest rate in the agreement, you must make a change to the repayment schedule. After you have updated your repayment schedule, you can agree on the payment terms and conditions for the outstanding debt by contacting our Customer Service by phone or via Nordea’s Netbank.
Changing the repayment plan is subject to a fee set in our tariff.
If you do not want to make changes to your repayment schedule, the lump sum is considered an advance payment for upcoming instalments. In such a case, the payment amortises the outstanding debt, the interest rate of upcoming monthly payments and the processing fee.
Paying off your credit early
If you want to pay off your credit early, you can check your outstanding debt in Nordea’s Netbank or by calling our Customer Service. If you choose to pay the outstanding debt on a date other than the due date, interest is calculated until the next due date. You can pay off your outstanding debt using the same account and reference numbers as for the previous instalments.
Due to bank secrecy, we cannot disclose information about your outstanding debt via email. On the phone, information about outstanding debt is only disclosed to the contracting party. In the case of your company, the person authorised to sign on behalf of the company is deemed the contracting party. Paying off your credit early does not cause any extra costs.
Assigning the agreement to another person or company
It is possible for us to assign your hire purchase agreement in another person’s or company’s name upon your request. As the holder of the vehicle, you are liable to find a new borrower. Assigning your agreement requires that the new borrower has been granted a favourable credit decision by Nordea Finance. The new holder undertakes to pay the outstanding instalments in accordance with the terms and conditions of the hire purchase agreement.
Upon assigning your agreement, your lease payments must be up to date. If a comprehensive A1 Liikennekasko insurance policy has been linked to the agreement, it cannot be assigned to another holder together with the agreement. Hence the new borrower or lessee must take out a new insurance policy for the vehicle. It takes 2–4 weeks to assign the agreement.
Just follow the steps below:
- Select the correct application depending on whether the agreement is assigned to a private person or a company.
- Fill in all fields carefully
- Print out the application
- Sign the application and send it to us together with a copy of the new borrower’s driving licence by email or post.
Delivery address via email: firstname.lastname@example.org
Delivery address by post: Nordea Finance Finland Ltd, Credit team/Car finance/VO2140, FI-00020 NORDEA
The person signing the agreement on behalf of the company must be registered as authorised to sign on behalf of the company in the Trade Register.
Assignment of the agreement is subject to the fees and costs set in our tariff.
Hire purchase finance considered fixed assets in bookkeeping
In bookkeeping, the vehicle is booked as fixed assets and depreciation on fixed assets is made as usual. Credit interest is a deductible expense. If a VAT deduction can be made on the use of the car, it is made on the purchase price.