• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Voluntary Termination of Car Finance via PCP - Guidance Please

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Voluntary Termination of Car Finance via PCP - Guidance Please

    Hi

    I am an Executor for my late Father-in-Laws estate and I am trying to examin the options regarding a car that he obtained via a PCP agreement 3 years ago (at the age of 82).

    Originally the company suggested that I surrender the car to them, they would sell and the estate would be liable for any difference between the sale proceeds and the outstanding agreement (including the final balloon payment). This is nearly £6K and there is no way that a three year old Fiat Panda would achieve this much at sale (current value from a car buying site around £3.7K)
    There are no family members who would wish to buy the car from the estate as it is not worth the amount still owed.

    I have been reading a number of threads regarding voluntary termination and sent the recommended letter to the finance company, however have just received a response to say that only the debtor can trigger the voluntary termination and nobody else. Can this be right? I cant understand how the executors (or even the estate) should be able to negotiate a more costly end to the agreement than the original debtor given that he has passed away.

    Are they just trying to be difficult to avoid the loss themselves or is this correct? All advice gratefully received. Many thanks
    Tags: None

  • #2
    Re: Voluntary Termination of Car Finance via PCP - Guidance Please

    Hi, I would just like to say a big thank you for the advice given. It has been a slog but the firm finally admitted that the Executors had the right to request a Voluntary Termination and the car has now been returned.
    I will still pursue my formal complaint against the company for their deliberate attempts to mislead and when we get to the 8 week stage, I'm going to the financial ombudsman.

    Thanks again - I couldnt have done it without your guidance

    Comment


    • #3
      Re: Voluntary Termination of Car Finance via PCP - Guidance Please

      This is good news and I don't blame you for pursuing your complaint and I would also push for a small amount of compensation for their unreasonable behaviour and dragging their heels in refusing to accept the VT notice. It sounds as if they were simply intent on trying to recover as much money as possible hence them saying that he car must be surrendered.

      I hope you have got it in writing that they have admitted their wrongdoings as that will be evidence if you take it to the Financial Ombudsman.
      If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Please do not hijack another person's thread as I will not respond to you
      - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
      LEGAL DISCLAIMER
      Please be aware that this is a public forum and is therefore accessible to anyone. The content I post on this forum is not intended to be legal advice nor does it establish any client-lawyer type relationship between you and me. Therefore any use of my content is at your own risk and I cannot be held responsible in any way. It is always recommended that you seek independent legal advice.

      Comment

      View our Terms and Conditions

      LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

      If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


      If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
      Working...
      X