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Hi
I recently applied for a personal contract hire through a broker which went through to the funder/financing company for approval and was approved. I then had a change of circumstance and am unable to proceed with the lease so requested cancellation. The broker is happy to cancel but has already charged me a brokerage fee which is no refundable as this is a service they have already provided. They are now also charging me a much higher cancellation fee. When I queried this they sent me a copy of the finance application where the fine print states that in addition to a non-refundable brokerage they 'may' charge a cancellation fee of 'up to' X for cancellation of this agreement for brokering services. Note they are charge me the highest possible amount.
I'm not legal savvy but don't they need to prove what constitutes and the basis for this cancellation fee? Have they incurred any damages as they have already told me that the car will be reallocated/re leased?
I'm also unclear what constitutes cancellation of brokering services as I'm cancelling the arrangement once I've received finance approval but not yet signed any of the financing/funding contracts.
Any help would be much appreciated !
I recently applied for a personal contract hire through a broker which went through to the funder/financing company for approval and was approved. I then had a change of circumstance and am unable to proceed with the lease so requested cancellation. The broker is happy to cancel but has already charged me a brokerage fee which is no refundable as this is a service they have already provided. They are now also charging me a much higher cancellation fee. When I queried this they sent me a copy of the finance application where the fine print states that in addition to a non-refundable brokerage they 'may' charge a cancellation fee of 'up to' X for cancellation of this agreement for brokering services. Note they are charge me the highest possible amount.
I'm not legal savvy but don't they need to prove what constitutes and the basis for this cancellation fee? Have they incurred any damages as they have already told me that the car will be reallocated/re leased?
I'm also unclear what constitutes cancellation of brokering services as I'm cancelling the arrangement once I've received finance approval but not yet signed any of the financing/funding contracts.
Any help would be much appreciated !
