Frequently asked questions about hire purchase car financing

If you are going to drive the vehicle in Europe outside of the Nordic countries, you need to have an authorisation to take the vehicle abroad.

Country-specific information about taking a car abroad can be found here

You can easily apply for authorisation online.

Order authorisation to take a car abroad

If the vehicle is owned by a car dealership, contact the dealership directly for registration and authorisation to take the motor vehicle abroad. More information about authorisation to take a vehicle abroad can be found here

This is possible. However, no changes can be made to the comprehensive motor vehicle insurance for the decommissioning period.

You can decommission your car from traffic use with your online bank user identifiers on the Traficom website. From there, you can also find more information on decommissioning.

Please note that a car decommissioned from traffic use cannot be driven until it has been recommissioned. If you make the change yourself online, it will be charged according to Traficom's list of service charges and fees (according to the list valid in 10/2023, the fee is EUR 6). For more information, please contact Traficom customer service at+358 (0)29 534 5000.

If you don't want to make the change yourself, you can call OP's hire purchase financing customer service. For making the change through our customer service, we will charge a handling fee of EUR 42.00 in addition to the fee stated on the Traficom list of service charges and fees: +358 (0)10 252 5843 (Mon–Fri 9–16.30).

You can make this change yourself with your online bank user identifiers on the Traficom website, where you can also find additional information about making the change. Be sure to inform your insurance company about the change.

When selling the car, the outstanding debt needs to be paid at completion of the sale. The buyer also has to send us a copy of the deed of sale.

The buyer must pay the outstanding debt so that we can send them the digital certificate needed for registration. The payment can be made to the account number stated in the usual financing invoice, but without the reference. In the message field, enter the registration number of the vehicle and the word "loppuvelka" ("outstanding debt").

Please remember to verify the exact outstanding balance. If you have OP online service user identifiers, you can see the outstanding debt on your vehicle by logging into the op.fi service. Make a query on the outstanding debt

If you do not have OP online service user identifiers, please check the outstanding debt by calling our customer service. This information is only disclosed to the borrower.

If the vehicle is being sold to a car dealership, they usually take care of all the related paperwork.

It is recommended that both the buyer and the seller receive their own copies of the deed of sale. A copy of the deed of sale (and the receipt of the payment, with reference number) should be scanned and sent by email to vare@op.fi. If the seller provides the documents, the buyer's personal identity code and email address must be included in the message or the deed of sale so that we can inform them about the transfer of the vehicle.

If the borrower pays the outstanding debt, they can use the same details they used to pay the other bills. Before selling the vehicle, it must be registered under the seller's name.

If needed, you can check the exact outstanding balance and payment instructions by contacting our customer service at +358 (0)10 252 5843 (Mon–Fri 9–16.30).

OP being the owner of your vehicle does not prevent you from trading it in. However, the vehicle can only be traded if the remaining amount of financing, i.e. the outstanding debt, is paid off at completion of the sale. First, you need to find out the outstanding debt on your car. 

If you have OP online bank user identifiers, you can see the outstanding debt on your vehicle by logging into the op.fi service. Make a query on the outstanding debt

If you are not an OP customer, please check the outstanding debt by calling our customer service at +358 (0)10 252 5843 (Mon–Fri 9–16.30).

You should also ask the car dealership about the trade-in value of your car. The dealership may pay off the outstanding debt to OP Corporate Bank, after which we will transfer the vehicle directly to the dealership. If you wish, you can use the difference between the trade-in value and the outstanding debt as down payment for the new car. Remember to ask the dealership about a loan offer from OP for buying the new car.

When the car financing has been paid off in full to OP Corporate Bank, we will send the customer the notice of termination by post. If you give us your email address, we can also send the notice by email. We will make an online transfer notification in the Traficom system with the customer's information. The car can be registered with an online transfer notification.

You can give us your email address by calling our customer service at +358 (0)10 252 5843 (Mon–Fri 9–16.30).

The prerequisite for registering a car or other vehicle is that motor liability insurance has been acquired first. In addition, the hire purchase agreement requires that you take out a comprehensive motor vehicle insurance. Comprehensive motor vehicle insurance must include collision and financing covers. Learn more about vehicle insurance and calculate the price easily online.

Calculate the price of your insurance policy

As the vehicle owner or holder, you can change your insurance company by entering into a new contract with another insurance company. The information about the change of insurance company is automatically updated in Traficom's vehicle information services. If your agreement includes a policy that is charged in instalments, please contact our customer service before changing the insurance company.

In order to conclude a new insurance contract, the policyholder must also be the vehicle holder. If this is not the case, please contact our customer service at +358 (0)10 252 5843 (Mon–Fri 9.00–16.30).

Calculate the price of your insurance policy

If your car has been purchased through hire purchase financing, the insurance policy may be in the name of the contract signatory or of someone in your household such as a spouse or other family member living at the same address. The policyholder has to be registered in Traficom's system as the vehicle holder. 

If you want to add a new holder for your vehicle in order to take out an insurance policy, please contact our customer service at +358 (0)10 252 2860 (Mon–Fri 9–16.30).

If you have the op.fi online bank user identifiers, you can see the outstanding debt of your vehicle by logging into the op.fi service. Make a query on the outstanding debt

If you do not have OP online bank user identifiers, you can check the amount of your outstanding debt by calling our customer service at +358 (0)10 252 5843 (Mon–Fri 9–16.30).

When the debt has been paid off in full, we will send the customer a notification about the termination of the agreement. At the same time, we will make a digital transfer notification in Traficom's service so that the change in ownership can be registered.

You can pay off the outstanding debt at any time during the agreement period. First, you need to find out how much residual debt you have in your current financing agreement. If you have OP online bank user identifiers, you can see the outstanding debt on your vehicle by logging into the op.fi service. Make a query on the outstanding debt

If you do not have OP online bank user identifiers, you can check the amount of your outstanding debt by calling our customer service at +358 (0)10 252 5843 (Mon–Fri 9–16.30).

When the debt has been paid off in full, we will send the customer a notification about the termination of the agreement. At the same time, we will make a digital transfer notification in Traficom's service so that the change in ownership can be registered.

If you wish to transfer liability for the debt to someone else during the agreement period, you can apply to transfer the hire purchase financing to another party.

You can apply for transfer starting from the next non-billed instalment, but the financing needs to be up to date before applying for the transfer. Please note that the new holder needs to take out an insurance policy for the vehicle before the agreement is transferred. The vehicle needs to have motor liability insurance and comprehensive motor vehicle insurance with collision and financing covers.

The bank reserves the right to adjust the interest and handling fees in connection with the transfer.

The transfer is subject to a service fee as specified in our list of service charges and fees. The fee is charged from the new holder. A positive loan decision is a prerequisite of the debt liability transfer.

The charged transfer fee is EUR 190.00 if the new holder is a private person, and EUR 400.00 if the new holder is a business.

In order to get the transfer application moving, please contact our customer service at +358 (0)10 252 5843 (Mon–Fri 9–16.30). If there is a joint borrower in the current agreement, permission to transfer is required from both borrowers.

Please have the following information at hand when calling:

• agreement number
• the name and personal identity code/business ID of the new borrower (personal identity code is needed for the loan decision and agreement)
• the phone number and email address of the new borrower (for businesses, a person in charge with authority to sign)
• the phone number and email address of the current borrower
• permission from both the current and the new borrower to use an Electronic Signature Service is required
• the vehicle's mileage
• reason for applying for holder change.

If the financing transfer is being sought for two borrowers, the details of the joint borrowers need to be reported.

You can terminate the agreement either by paying off the outstanding debt, by selling the car and paying the outstanding debt at completion of the sale, or by transferring the car to the name of another person or business.

Read more about paying off the outstanding debt on your vehicle

Read more about how to change the ownership and holder information of your vehicle

If you need help in case of problems, contact our Customer Service. Go to our Customer Service contact information

If you are having temporary financial difficulties, you can apply for more time to pay your bill. As the preferable solution, we will offer you a 20-day extension to pay your bill. You can ask for an extension by calling our customer service at +358 (0)10 252 5843 (Mon–Fri 9–16.30).

If changing the due date does not help you resolve your temporary financial difficulties, you can apply for a maximum of three (3) months repayment holiday for your hire purchase agreement.

When applying for a repayment holiday, you will be asked to provide information regarding your diminished repayment capacity. In payment plan changes, we follow the processes and criteria generally applied at OP.

You can apply for a repayment holiday for car hire purchase granted by OP Corporate Bank on OP's online financing service

If you have concerns about your general repayment capacity, please contact our customer service without delay at +358 (0)10 252 5843 (Mon–Fri 9–16.30).

You can update your changed contact details on OP's online financing service under yhteystiedot (Contact details).

If you have OP online service user identifiers, you can see the amount of the outstanding debt on your vehicle by logging into the op.fi service. In the online service, you can see the outstanding balance on your vehicle by navigating to "Loans > Show more > Other loan matters" (note: not in OP-mobile). Other details related to financing can be obtained by contacting our customer service.

Make a query on the outstanding debt

If you do not have OP online service user identifiers, you can get more information on the outstanding debt on your vehicle and your hire purchase financing by calling our customer service at +358 (0)10 252 5843 (Mon–Fri 9–16.30).

Outstanding and paid bills are shown on OP's online financing service. At the beginning of the agreement period, we mailed the customer a repayment plan where the future payment amounts can be checked.

E-invoicing is the easiest way to keep track of and manage billing. You can order an e-invoice in your online bank, and you can also choose to be debited automatically. If the agreement has two borrowers, only the principal borrower (indicated in the agreement as the first borrower) can order an e-invoice for the agreement from their online bank.

You can also place a standing payment order in your own online bank (however, the paper invoice will still be sent).

Businesses can order e-invoicing by emailing their e-invoicing details to yrityspankki.skannaus@op.fi

The agreed handling fee remains unchanged regardless of the form of invoicing.

The hire purchase instalment invoices are sent to the customer monthly by post. You can also choose to enable e-invoicing, which is the easiest way to manage billing. Please see instructions for enabling e-invoicing above.

If you have e-invoicing enabled, you can choose to be debited automatically. If the agreement has two borrowers, only the principal borrower (indicated in the agreement as the first borrower) can order an e-invoice for the agreement from their online bank.

You can also place a standing payment order in your own online bank (however, the paper invoice will still be sent).

The agreed handling fee remains unchanged regardless of the form of invoicing.

You can repay your debt faster than agreed. Agreement-specific payment details, or reference number and account number, are always the same. Payment details can be checked from previous bills or via OP's online financing service.

Payments exceeding the billed instalments are automatically allocated to reduce capital under the agreement.

You can pay off the entire debt in full at any time during the agreement period. First, you need to find out how much residual debt you have in your current financing agreement. Please note that the repayment plan only shows the amount of principal.

If you have OP online bank user identifiers, you can see the outstanding debt on your vehicle by logging into the op.fi service. Make a query on the outstanding debt

If you do not have OP online bank user identifiers, you can check the amount of your outstanding debt by calling our customer service at +358 (0)10 252 5843 (Mon–Fri 9–16.30).

When the debt has been paid off in full, we will send the customer a notification about the termination of the agreement. In addition, we will make a transfer notification in Traficom's service so that the change in ownership can be registered.

If changing the due date does not help you resolve your temporary financial difficulties, you can apply for a maximum of three (3) months repayment holiday for your hire purchase agreement.

The repayment holiday is intended for exceptional situations where the customer's repayment capacity has deteriorated. The repayment holiday on your hire purchase agreement means that during the repayment holiday, you only pay the interest on the loan and the handling fee, as well as any insurance premiums and service fees billed in connection with the instalments.

When applying for a repayment holiday, the applicant will be asked to provide information about their diminished repayment capacity. In payment plan changes, we follow the processes and criteria generally applied at OP.

You can apply for a repayment holiday for car hire purchase granted by OP Corporate Bank on OP's online financing service

The processing time is about 3 weeks, depending on the number of applications. You will receive an email when the application has been processed.

Effective as of January/2024