Voluntary surrender _ they said no

[Bexx0404]

Hi I'm wondering if anyone can please help me. I have a car on finance with "the car finance company" I have sent them an email to voluntary surrender the car and they won't accept it and they said if I'm in financial difficulties then a repossession order is what they will do. I'm 2 weeks behind with one payment. Is there anything I can do? I sent them the template on here for the voluntary surrender and they're just not budging. Also shall I declare the car as off road as I'm not driving it? Sorry for all the questions this is my first car and I have nobody to ask.

Thank-you

[R0b]

Re: Voluntary surrender _ they said no

Morning, did they reject this in writing by saying no? You have to be careful with the words you are using. Voluntary surrender is completely different to voluntary termination of an agreement - you are liable for much more under a voluntary surrender than a voluntary termination.

Who is the finance company? Can you post up the email you sent to them with personal information removed and also their response?

[Bexx0404]

Re: Voluntary surrender _ they said no

Oh no I knew I would have done it all wrong the company is called the car finance company Dear Sir/Madam
VOLUNTARY TERMINATION OF AGREEMENT

I am writing to notify you that I am exercising my right to terminate the above Agreement under Section 99 of the Consumer Credit Act 1974. You will understand that the aforementioned section permits the debtor to terminate the agreement at any time before the last payment is due. There is no restriction regarding the exercising this statutory right, particularly none in respect of any perceived arrears or monies due on termination
I understand that I shall be liable to you for the amount calculated under the formula in Section 100 of the Consumer Credit Act 1974. Please forward notice of any sums lawfully due for consideration and payment.
The above agreement will be terminated 14 days from the date of this notice.**
Please send me details of how the vehicle can be returned to you.
You will be aware that statute prevents you from levying a charge for the recovery of this vehicle; guidelines also state that if you require me to deliver this vehicle it must be no more than a short (reasonable distance) from my registered address.
Please confirm receipt of this request by telephone or email
Many thanks


Their reply: Good Afternoon Rebecca

We wouldn't be able to collect the vehicle as a voluntary termination, if you cannot financially afford the vehicle anymore then this would have to go down as a repossession and you would be liable for any outstanding costs as you are under thirds of the credit agreement.

To discuss further you would need to call us.

Kind Regards

[R0b]

Re: Voluntary surrender _ they said no

Make sure to keep a copy of this email and do not lose it - it is misleading and perhaps fraudulent too. They cannot exclude the right to VT it does not matter if you are in arrears or not, you still have a right to terminate at any time before the final payment is made. Just because you can't afford the car anymore does not

You've mentioned in your email the agreement will terminate in 14 days but in fact it would terminated immediately on their receipt of their email.

I can draft up something to reply if you like.

[Bexx0404]

Re: Voluntary surrender _ they said no

Please that would be most helpful thank you should I resend the first email stating the agreement is terminated upon receipt of the email? And what do I do about the dvla as I am no longer insured on the vehicle was this a stupid thing to do to cancel it?

[ostell]

Re: Voluntary surrender _ they said no

For the insurance problem do a SORN declaration on the vehicle, as long as it is off the road and on private land.

Does your agreement state the amount for voluntary termination.

[Bexx0404]

Re: Voluntary surrender _ they said no

I cannot find my agreement right now, what if the vehicle is just parked on the street? I'm sorry if I sound stupid I've had a lot going on and the stress is really getting to me I came across this site by chance it's amazing

[R0b]

Re: Voluntary surrender _ they said no

If the car is parked on the street then you are liable and the DVLA will charge you as you are the registered keeper. You should have kept the insurance on for a reaosnable period of time to enable you to inform them to collect the car if not you would cancel the insurance and notify the DVLA that they are the registered keeper.

I would suggest that you insure the car for at least another 14 days to 1 months temporarily so that you can give enough time for them to collect the car or if they don't then its their fault whatever happens after that. As long as you are the registered keeper you will be liable for no insurance unless you SORN it and move it on private land.

[R0b]

Re: Voluntary surrender _ they said no

As for the email you can send something like the below:

Dear sirs,

I am writing further to your previous email [today/dated XX XX XX].

In your email you mention that you do not accept my voluntary termination because I am unable to afford the monthly payments. I am somewhat confused by this because I have a right by law to terminate the agreement at any time before the final payment is due and there are no conditions attached to this, so it does not matter the reason why I wish to terminate but that I am within my right to do so. You have suggested that the car must be repossessed but I am afraid this is simply not true and can only consider this as a fraudulent misrepresentation as regards to my rights.

If you believe that I am not entitled to terminate under section 99 of the Consumer Credit Act, please refer me to the particular section of the Act which says that I am not able to terminate the agreement due where the payments become affordable. Otherwise, I deem that the agreement is terminated given your acknowledgement of my notice to terminate and so I require you to make arrangements to collect the vehicle within the next 14 days. If you fail to do so, I shall cancel the insurance and notify the DVLA that you are now the registered keeper of the vehicle. From that point forward, you shall bear all liability in relation to the vehicle.

I understand that I am liable for for 50% of the total amount payable and I am prepared to pay this amount.

[Bexx0404]

Re: Voluntary surrender _ they said no

Thanks for all your help what should I do going forward? Do I wait for a reply? Or do I have to call them as they stated in the email its making me so anxious I'm losing sleep

- - - Updated - - -

That is brilliant thank you

[Bexx0404]

Re: Voluntary surrender _ they said no

The only correspondence I am getting back from them now is to contact them by phone what should I reply?

[R0b]

Re: Voluntary surrender _ they said no

Hello Bex, ideally you should try to keep everything in writing, it is suspicious why they won't respond in writing and I can only assume this is because they might want to say something that they do not wish to be documented. Its up to you, you can call them and make a note of what was discussed including the person you are speaking to and stand your ground or you can say you prefer to keep everything in email and you see no reason why they can't comply with your request since they have already corresponded with you in writing. If they really want you to call then put them on notice saying you will contact them but you will have the recorded so that you can rely it as evidence in the future if required and that you will arrange to contact them - they might soon change their tune.

[Bexx0404]

Re: Voluntary surrender _ they said no

Hi, I've still had no response from the finance company I haven't called them as I'm suffering really bad with anxiety at the moment what do you suggest I do as it's been 9 days since I gave the notice thanks in advance

[R0b]

Re: Voluntary surrender _ they said no

The letter I last posed suggested 14 days, if thats what you sent them you cannot just change your mind suddenly. You need to wait it out.

If they do not reply after the 14 days then your option is to notify the DVLA of a change of registered owner once confirmed the name has changed then cancel the tax.

The liability will fall on them because of their lack of co-operation and they have had plenty of notice to arrange collection.

[Bexx0404]

Re: Voluntary surrender _ they said no

Thank-you how do I do that? Do I just tell them the name of the finance company