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Thread: VT with Close Motor Finance

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  1. #26
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    Default Re: VT with Close Motor Finance

    Update:

    Whew - what a morning that turned in to!

    Not only was the car due to be collected today, we discovered we had a water leak just after breakfast - water running down the walls, sodden carpet upstairs. Literally had happened between getting up and breakfast.

    Luckily plumber came around fast and traced the issue to a damaged flexi pipe in the wall right behind the newly fitted heated towel rail in the en suite (plumbed in by the same plumber, we called him first). He was quick to react and we got the system drained fast and averted major disaster. What a wonderful start to the day!

    Collection company is called ASTON BARCLAY in case anyone is interested, they said they do most of the Close Motor Finance jobs.

    They arrived about half and hour late and there were 4 guys that all piled out of their van, I guess they go on to subsequent jobs, dropping a driver off at each one to return to base (Chelmsford, Essex).

    I had already taken all my photos of the vehicle and had all the paperwork ready for them. They had one guy that was doing the main inspecting and he was taking photos of the vehicle using a tablet which he was also writing notes on. He said he could only find two things; some slight cracks in the top clear coat on the rear bumper (which was already there when I bought the vehicle AND the light has to catch it just right for you to even see it), and a chip in the drivers door.

    I refused to sign anything of theirs (the guy using the tablet wanted me to sign a box on the screen and the driver wanted me to sign what I assume was a collection notice) but they DID sign my 'Acknowledgement of Receipt' form that I knocked up as per your suggestion above Rob. I was quite surprised they did actually and they didn't make too big a deal about me not signing any of their stuff.

    I even asked the guy doing the inspection if he felt the vehicle was in a reasonable condition for age/mileage and he said "definitely, it's in really good nick".

    They didn't have a clue about the details I should fill in for the V5 and wouldn't sign the yellow V5/3 so I'll just do it online tomorrow and put CMF as the new keeper.

    So, that's it so far. It will remain to be seen if I get a bill at some point in the future but at least I've got the signed document stating they agree the vehicle is in reasonable condition.

    HUGE thanks for the advice received and surprisingly it's all happened nice and quickly and so far, so smooth. Fingers crossed that'll be the end of it.

  2. #27
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    Default Re: VT with Close Motor Finance

    Sometimes everything can go very well other times it won't (perhaps because of the lender's strict rules) at least its done now and you will just need to wait and see what happens.

    Did you manage to include in the acknowledgement about the car being in a reasonable condition?
    DISCLAIMER: As a public forum, the content posted by me is intended as guidance in relation to your rights and responsibilities. It does not constitute legal advice or create any kind of special or other relationship. If you follow guidance, advice or other information I publish then you do so at your own risk and cost, and I cannot accept any liability. You should always seek independent legal advice by going to Law Society's Find A Solicitor or contact your local Citizen's Advice Bureau.

  3. #28
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    Default Re: VT with Close Motor Finance

    Quote Originally Posted by R0b View Post
    Sometimes everything can go very well other times it won't (perhaps because of the lender's strict rules) at least its done now and you will just need to wait and see what happens.

    Did you manage to include in the acknowledgement about the car being in a reasonable condition?
    Absolutely Rob, see attached file.
    Attached Files Attached Files

  4. #29
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    Default Re: VT with Close Motor Finance

    Very good, I can't see how they can now claim that the car was not returned in an unreasonable condition but no doubt they will. I'll predict that they may say (which some lenders do) is that the car requires two inspections and it is only the second inspection that really counts! Of course it doesn't and if the first person deems it in a reasonable condition then that's all that should matter.

    Time to wait for now though, keep us updated.
    DISCLAIMER: As a public forum, the content posted by me is intended as guidance in relation to your rights and responsibilities. It does not constitute legal advice or create any kind of special or other relationship. If you follow guidance, advice or other information I publish then you do so at your own risk and cost, and I cannot accept any liability. You should always seek independent legal advice by going to Law Society's Find A Solicitor or contact your local Citizen's Advice Bureau.

  5. #30
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    Default Re: VT with Close Motor Finance

    Will do, and really huge thanks again - I'm so glad I came across this forum - you are doing a really wonderful thing here.

  6. #31
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    Default Re: VT with Close Motor Finance

    i am very interested in this post as i am going to be doing the same in a week or 2 with the same finance company.

    so am i right in saying i can cancel the DD as soon as they acknowledge the VT?

  7. #32
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    Default Re: VT with Close Motor Finance

    As soon as you have notified them of the VT then you have effectively ended the agreement.

    I chose to not cancel the DD immediately as I was under the impression I may have a couple hundred owing but it transpired I was over the 50% mark anyway so I cancelled once they had confirmed that in writing.

    It's been nearly 3 weeks since they collected the vehicle and I've not heard anything yet. I changed ownership to them the day the car was collected and received confirmation from the DVLA by letter that this was done.

    Follow the advice laid out in the forum - it's absolutely invaluable! Make sure you keep copies of everything as well.

    Good luck!

  8. #33
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    Default Re: VT with Close Motor Finance

    Funnily enough the day after I posted that response I got a Notice of Arrears from CMF. It had a clear break down of the loan but I could also see they have now sold the vehicle as it gave a sale value of £4,180 but stated I owed the remaining balance of c.£2k

    I immediately checked my credit report to see if there was any marker on my file but there is not.

    I then telephoned them and spoke to a customer rep in the accounts department and explained that I had VT'd and didn't owe them anything. She said that the letter is automatic as they had obviously gone to collect the next payment (but couldn't as I have cancelled the DD). She also stated that their system would keep generating the letters until the Collections department closed the file, which is apparently slated for June 14th. She said to just ignore future letters regarding arrears. I confirmed with her that there would be no mark placed on my credit file.

    So, given that the vehicle has been sold at auction, I have not received any letter demanding payment for any repairs yet and that there is a note that the file is to be closed on June 14th, I am keeping fingers crossed for a smooth closure to this process, which to be fair has already been fairly smooth sailing! Still, there''s a few more weeks to get a letter yet eh?

  9. #34
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    Default Re: VT with Close Motor Finance

    Let's hope so just keep an eye on your credit report over the next few months just in case.
    DISCLAIMER: As a public forum, the content posted by me is intended as guidance in relation to your rights and responsibilities. It does not constitute legal advice or create any kind of special or other relationship. If you follow guidance, advice or other information I publish then you do so at your own risk and cost, and I cannot accept any liability. You should always seek independent legal advice by going to Law Society's Find A Solicitor or contact your local Citizen's Advice Bureau.

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