Agility agreement(Personal contract plan)

[kazz04]

Hi
I am buying a brand new car from Mercedes,(£80K) and their personal contract plan does not say its regulated by the CCA act. Just above the signature box this is what is written''
Declaration for exemption relating to businesses (articles 60C and 60O of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001) I am/We are* entering this agreement wholly or predominantly for the purposes of a business carried on by me/us* or intended to be carried on by me/us*. I/We* understand that I/We* will not have the benefit of the protection and remedies that would be available to me/ us* under the Financial Services and Markets Act 2000 or under the Consumer Credit Act 1974 if this agreement were a regulated agreement under those Acts. I/We* understand that this declaration does not affect the powers of the court to make an order under section 140B of the Consumer Credit Act 1974 in relation to a credit agreement where it determines that the relationship between the lender and the borrower is unfair to the borrower. I am/We* are aware that, if I am/we* are in any doubts as to the consequences of the agreement not being regulated by the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974, then I/we* should seek independent legal advice''

So its not regulated by CCA act. Can they do this?? What are my rights?
Also it says if I terminate the agreement I have to pay all instalments including the balloon payment, extra repair charges, transport cost, etc,etc.
Is this legal?? Where are my rights if the vehicle is faulty??

Thanks in advance guys.

Thank you

[Amethyst]

Are you buying the car for business use ? ( that doesn't include commuting or occasionally using it at work - but buying it with the purpose it will be a business vehicle )


Exempt agreements: exemptions relating to the nature of the agreement


60C.—(1) A credit agreement is an exempt agreement for the purposes of this Chapter in the following cases.

(2) A credit agreement is an exempt agreement if it is a regulated mortgage contract or a regulated home purchase plan.

(3) A credit agreement is an exempt agreement if—

(a)the lender provides the borrower with credit exceeding £25,000, and

(b)the agreement is entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower.

https://www.legislation.gov.uk/uksi/...article/6/made

[kazz04]

Thank you. Yes it is for business purpose, but I will use the car for social & commuting as well.
Its a personal contract hire (PCP) agreement. I guess they are covering their back, because they are giving more discount.