Mbfs new finance agreement

[ponski]

Hello and welcome everybody,

I’ll be grateful for your help. I’m just about to sign a new finance agreement with Mbfs and there’s one paragraph that I’m not sure what it’s about. Please see the attachment.
My other concern is the paragraph ‘Termination- your rights ‘, there’s no Voluntary Termination stated. Does that mean I’m not able to end this contract under the 50% rule?
Thank you for any advice.

[Amethyst]

Is it for a work vehicle ?

(probably you'll want to post up the rest of the agreement too )

[ponski]

Hi Amethyst,

Thank for getting back to me. The car will be used for chauffeuring but the finance is under my name, not the company. Please see the full agreement attached. Merc finance 2-5.pdf Merc finance 6-10.pdf

[Amethyst]

It is not a consumer credit agreement. It's a business to business contract.

The vehicle will be used for business purposes and presumably claimed as a business expense etc. so it likely is right to be a business contract.

There are no voluntary termination rights. If you end the agreement early you will be liable for the full £66k. There may be some rebate of interest etc, but there's no protections from the consumer credit act or any right to VT.

There is also a mileage limit of 35,000 per year plus 25p per mile if that's exceeded. If you are using it for your work driving is that enough ?

Is there another page with the total cost of credit / interest rate etc on ? or is that everything ?

I'll tag R0b for proper thoughts but he might not be on till tmw - don't rush into ( or out of ) it until he takes a look as really I know nothing about business finance/ car finance agreements so might be wrong.

[ponski]

Thank you Amethyst. There is a front page Merc finance 1.pdf . It doesn’’t say anywhere that it’s a business contract. The rest of it is the car and finance details.
35000 miles a year is enough, thank you for pointing that out.
Thank you for tagging Rob, I’’ll definitely wait for his opinion.

[ponski]

Good morning,
I will really appreciate if you could find a minute to let me know your advice, please.
Can such a declaration overwrite the Consumer Act or if I don’t want to use the Voluntary Termination right l shouldn’t worry as it's quite standard practice?

[Amethyst]

As it is a business contract and the agreement is not regulated under the consumer credit act you have no rights of voluntary termination.

[ponski]

Thank you!