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Motorcycle Pcp voluntary termination

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  • Motorcycle Pcp voluntary termination

    I have a pcp with BLACK horse on my motorbike which I'm thinking about voluntary terminating.
    Having received their pack in the post today though, I'm slightly concerned about a term they've included regarding them continuing to send me statements of what I owe until the vehicle is sold at auction. (Don't have the exact wording to hand). Theoretically it could take 6 months for them to sell the bike and I would still be receiving letters from BH.
    Any advice on these terms gratefully received.
    Tags: None

  • #2
    Odd, can't imagine why?

    There have been some cases where the Company does 2 inspections, one at your home, then another on a ramp, and they try to charge for things not spotted at the first. I think that's decidedly dodgy considering in cars they drive them away.

    Maybe they're planning to re-inspect and charge for new items found. On the other hand it might just be words!

    Has it been serviced in accordance with the manufacturers instructions
    Has it got a valid MOT (if applicable)
    Any warning lights visible
    Anything above and beyond BVRLA guidelines (damage)
    Is mileage in accordance with what was contracted (or even if higher, if not affecting value or condition)

    If the above are all OK, then you have no worries.

    Comment


    • #3
      Are you past 50% on the finance?
      Sorry i'm just thinking out loud, it might be irrelevant, I am not employed in anyway in the legal profession, please ensure you research any advice I give before using it I have been known to be wrong on multiple occasions.

      Comment


      • #4
        Use the template VT letter that is available on this site, you may find the one you have from BH attempts to limit your rights. If you've paid the 50% then there is no more to pay. It's not the first time that they try to get you to pay until they sell.

        Are you sure you asked about Voluntary Termination and not Voluntary Surrender?

        Comment


        • #5
          Thanks guys. The exact wording is:
          Credit file - VT may make it difficult or more expensive for you to obtain credit in the future.
          We recognise you will have no further obligation to Black Horse Ltd but we are unable to complete your account until we received sale confirmation of the goods. You will not be disadvantaged in any way (late payment fees or impaired credit rating) by this;however it may mean that whilst we await the sale confirmation you may be in receipt of statements and notifications that we are obliged to send you whilst your account remains active.

          I realise that a VT won't affect my credit history, just thought once I'd dropped the bike off I'd be done with it.
          ​​

          Comment


          • #6
            The account you have has been TERMINATED on receipt of your letter, the clue is in the wording. They are confusing themselves and their own internal processes. The owner of the bike after VT is them, not you.

            Comment

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