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Hi there,
Looking for some much needed advice. I was sold a Fiat 500 POP under the assumption that this was a PCP deal, paying 48 monthly payments with a balloon payment at the end. I am currently in the process of searching for a new car and was advised by the dealer to voluntary terminate the agreement under the Consumer Credit Act. I have since been informed by the finance company that this is not an option as I am in fact on a "Fixed-Sum Loan Agreement". There is a section of the terms and conditions which states "Section 66A of the Consumer Credit Act 1974 allows a debtor under a regulated credit agreement to withdraw from the agreement, other than if the agreement is an "excluded agreement". An excluded agreement includes an agreement for credit exceeding £60,260." I am now completely unsure as to where I stand! Any help/advice would be greatly appreciated. Thanks.
Looking for some much needed advice. I was sold a Fiat 500 POP under the assumption that this was a PCP deal, paying 48 monthly payments with a balloon payment at the end. I am currently in the process of searching for a new car and was advised by the dealer to voluntary terminate the agreement under the Consumer Credit Act. I have since been informed by the finance company that this is not an option as I am in fact on a "Fixed-Sum Loan Agreement". There is a section of the terms and conditions which states "Section 66A of the Consumer Credit Act 1974 allows a debtor under a regulated credit agreement to withdraw from the agreement, other than if the agreement is an "excluded agreement". An excluded agreement includes an agreement for credit exceeding £60,260." I am now completely unsure as to where I stand! Any help/advice would be greatly appreciated. Thanks.
