VWFS Hire Purchase Voluntary Termination questions

[SJ265]

Hi [MENTION=71570]R0b[/MENTION]

We have a VWFS Hire Purchase agreement and more than 50% of the total finance value has been repaid.

However before we go down the route of VT I have a couple of questions.

Firstly the agreement is noted as unregulated - so does this have a bearing on the actual VT legislation being applicable to this agreement?

Secondly in clause 7 of the agreement it notes in respect of your rights to terminate that 'you pay us such sum as together with the total of the rentals you have already paid equals four fifths of the amount shown at (e) on page 1 (which is the total payable under the agreement).

So can we use section 100 in this instance?

Your advice would be appreciated

Many thanks

[R0b]

Re: VWFS Hire Purchase Voluntary Termination questions

Hello,

I am afraid that sections 99 & 100 would not be applicable to you. This is because both provisions explicitly say that you may terminate a regulated hire purchase agreement and your liability will be limited. There's nothing I can see in there that applies to an unregulated agreement so you would be bound by the contract terms.

[SJ265]

Re: VWFS Hire Purchase Voluntary Termination questions

Thanks for the quick response - disappointing but thought it was better to check

Regards

SJ265