Advance finance vt

[Gazza1591]

Hi all

First Post here so hope you can help and advise me a little.

Right I have a 2008 mitsubishi shogun which I have finance on with advanced finance, it was a 5 year term and I'm 2 years 7 months into, now I can't afford the payments anymore or to run the truck to and from work.

So I emailed them Friday 8th February to inform them I would like to voluntary terminate the agreement with them, they then responded and said I would get the procedure emailed to me.
Later on Friday I got this email from them

Dear Mr....... Ref... ... Please read the full contents of this email carefully. Further to your recent enquiry regarding the voluntary termination of your above numbered agreement, please find below important information outlining the required arrangements. Upon termination of the above agreement you will need to pay: 1. The outstanding arrears on your account (applicable if already paid 50% of the total amount payable) = £14.75 2. At least one half of the total amount payable as stated on your Hire Purchase Agreement. This sum takes into account payments you have already paid, any deposit you paid at the start of the agreement and any arrears not shown in (1) above = £0 3. Any outstanding collection charges = £36 The total you will need to pay under this section is £50.75 If you purchased any insurance products, other than GAP insurance, at the same time as your motor finance and they have not already expired, they will be cancelled upon termination and a pro-rata refund will be applied to your account. In the case of GAP insurance the policy will be cancelled upon the termination of the agreement and a pro-rata refund will be applied, which will mean that no further sums will be payable (other than arrears) in respect of the policy. Any other outstanding sums (e.g. payments for expired policies and/or any overdue installments) will remain payable under the terms of your insurance agreement. In order to settle the insurance element of your agreement and claim any rebate to which you are entitled, you need to pay the amount set out below. This will also ensure that you have no further liability under the insurance element of the contract. The amount required to do this is £0 Less Rebate £0 Total amount payable under this section £0 Condition of Goods The goods must be returned in a condition commensurate with their age and mileage, both mechanically and cosmetically. Should the goods not be in this condition when returned you will be required to pay to us the amount required to return the goods to such condition. This amount will be in addition to any sums detailed above (please refer to the terms and conditions of your Hire Purchase Agreement). Our definition of good repair and condition is that the vehicle must: Require minimal refurbishment to be ready for resale Have a current MOT certificate or require little or no work for the issue of a new certificate Be free from mechanical or body damage Be in its original paintwork, trim and specification (as at the time of purchase) If you are in any doubt as to the condition of the vehicle, you may choose to obtain an independant report from an organisation such as the RAC or AA to confirm the above. The goods must be returned to us within 21 days of this email to complete the Voluntary Termination. In order to obtain details of our nearest agent to you please contact us on 01472 570610. Alternatively, we can arrange for the goods to be collected from your address. An upfront fee of £80.00 will be payable for this. We look forward to hearing from you. Yours sincerely, Advantage Finance Ltd.

So to me I have to pay the £50.75 and return the truck to the local agent which I'm yet to find out where that it,wlso do I need to pay this £50.75 upfront or wait till after the process is done ?

So after reading the guide on here,
I return the car to tbe agent and they will do a condition report but I don't sign this report? If I don't sign it will I still get. A copy of legally still. Off him/her and what evidence will I get that I have returned tbe car ?

Also the car only has Mot on it till middle of march 2019 but as far as I'm. Aware there is nothing major needed to my knowledge for an new mot to be issued.

There are a few age related chips and scratches on tbe car a few were there when I bought it but don't have photo evidence to back this up unfortunately, so am I best to take time. Stamped photos of my own ?

Also with regards to the servicing of the vehicle it's been serviced once a year but I have done all. Of the work myself and I have misplaced the receipts for the bits I have bought to do it will this matter should I write in the service book its been done at home?


Thanks for any advice and help in this matter

[Gazza1591]

Sorry just to add to this, if the koacal agent is to far away can I ask them to collect it? They say that they want £80 up front for this but have read they can't charge for collecting it?

[Gazza1591]

rob not sure if you can advice a little you seem to knkw a lot about it all

[R0b]

Hi Gazza1591

You can terminate at any time but you are then liable to pay the remaining amount which I believe advantage are saying is £50.75.

As for the condition report, I tend to say no because it usually contains certain wording that says you agree to pay for all and any damage that is recorded or words to that effect. If, however, the report is in your favour such as there being no damage recorded, then you could sign and ask for a copy or take a photo of the document itself as proof.

Photographs are an absolute must, it's not an absolute necessity to timestamp your photos because the metadata sitting behind the photo will prove the date and time of it. However and for argument's sake, timestamped photographs are just easier and resolves any disputes as to the authenticity of the photo and when it was taken. Videos as well as photos are helpful.

I suggest you take a read of the VT guide I put together as it answers all of your questions so you can anticipate what might happen.

Link: A guide to voluntary termination

[Gazza1591]

Hi rob


I have just had a phone call off advance and they have advised me that my local agent is 40 miles away from me,also only open till 5pm Monday to Friday. I can't get up there in this time as work till 5pm each day and no holidays to take.

He did say they will collect from my home address but there is an £80 fee that needs to be paid upfront, now £80 isn't much I guess but just wondering if they are correct in charging it to collect the car? Or should they collect it for free from me

[Gazza1591]

Anyone advice on the above before I pay tbe £80 fee

[R0b]

The link I provided you in post #4 gives you the answers you need. If you are unsure or don't know if you should pay it, I would suggest you pay the £80 fee and get it over with.

[Gazza1591]

Right quick update they just come to take car away, walked around it and marked down a few scratches, no warning lights interior wasn't checked. He hasjed me to sign it but said I wouldn't be doing that as not legally obligation to do so, he asked why and I said cause all you have marked they will charge me for it, he said they will if I do or don't sign it anyways, I said won't be so he out customer won't sign where I should have, and the truck is gone. So let's see what amount they try and charge me for the damage etc and go from there cheers R0b so far all. Is going OK

[Gazza1591]

R0b hi can you take a look at this

I found the website where my truck is gonna be auctioned off and at the bottom is a report for damage on this report they have just picked up on a poor colour match to a door repair which was on the car when I bought it a few years back.

Do you think this is the final report as it says its off advantage in it.

Here is the Web link

https://livebid.newarkmotorauctions....s?ref=7441QWFK

Let me know what u think