Tweet
Good morning,
I am a new member and hope that I have posted this in the correct forum. On Tuesday 2nd June 2020 I issued the below letter to Audi Finance.
Dear Sir or Madam,
Re: Termination of hire-purchase agreement pursuant to section 99 of the Consumer Credit Act 1974 (“CCA 1974”)
I am writing to inform you that I am exercising my right to terminate the above hire-purchase agreement with immediate effect in accordance with Section 99 of the CCA 1974. You will be aware that I have to date paid an advance payment of £409.62 and 34 instalments of £632.52 totalling £21,915.30. I understand that I will owe you the difference of the amount calculated under the formula in Section 100 of the CCA 1974 which I believe to be £778.12.
I have also inspected the vehicle and I am of the opinion that it is in a reasonable condition given its age whilst accounting for fair wear and tear. Photographic evidence has been taken in the event of any future dispute as to the state of the vehicle.
Finally, I would remind you that as a consequence of terminating the agreement under Section 99 of the CCA 1974 and having met the relevant criteria under S.100(1) of the CCA 1974, my liability is limited to one half of the total price payable. Any additional costs, expenses, compensation or otherwise relating to a breach of the agreement are irrecoverable. The vehicle is available to collect, and arrangements should be made at your own cost. Although, I am prepared to deliver the vehicle to a local auction site at my own expense. If, however, you prefer the vehicle to be delivered elsewhere, then I will require an undertaking from you agreeing to pay my reasonable costs and expenses prior to it being delivered to your preferred location.
I would appreciate if you could contact me on ########### within the next 14 days to discuss the next steps.
In addition to this email I have also sent the attached document via Royal Mail First Class Signed For.
On the 4th June I received and conducted security clarifications and then on Monday 8th June 2020 I received the below.
Good morning Mr Murray,
Thank you for contacting Audi Financial Services regarding your voluntary termination.
I replied with the below and have heard nothing back. What should my next course of action be?
Good morning,
Please note that my letter dated 2nd June 2020 – sent via both email and recorded delivery – satisfies the law. I am not required by law to sign any further documents or the “form” you refer to. To clarify; the letter sent was not a request to voluntary terminate, the letter was exercising my statutory right to voluntary terminate.
The vehicle is available to collect, and arrangements should be made at your own cost. Although, I am prepared to deliver the vehicle to a local auction site at my own expense. If, however, you prefer the vehicle to be delivered elsewhere, then I will require an undertaking from you agreeing to pay my reasonable costs and expenses prior to it being delivered to your preferred location.
Finally, I would remind you that I have also inspected the vehicle and I am of the opinion that it is in a reasonable condition given its age whilst accounting for fair wear and tear. Photographic evidence has been taken in the event of any future dispute as to the state of the vehicle.
I have had PCP for a number of cars, however, this is the first time i have VT'd a vehicle. The car has a couple of small scratches but other than that is in showroom condition with no dents or even paint swirls from poor washing techniques.
Really looking forward to receiving advice from experts and people with past experiences.
Best
Wayne
I am a new member and hope that I have posted this in the correct forum. On Tuesday 2nd June 2020 I issued the below letter to Audi Finance.
Dear Sir or Madam,
Re: Termination of hire-purchase agreement pursuant to section 99 of the Consumer Credit Act 1974 (“CCA 1974”)
I am writing to inform you that I am exercising my right to terminate the above hire-purchase agreement with immediate effect in accordance with Section 99 of the CCA 1974. You will be aware that I have to date paid an advance payment of £409.62 and 34 instalments of £632.52 totalling £21,915.30. I understand that I will owe you the difference of the amount calculated under the formula in Section 100 of the CCA 1974 which I believe to be £778.12.
I have also inspected the vehicle and I am of the opinion that it is in a reasonable condition given its age whilst accounting for fair wear and tear. Photographic evidence has been taken in the event of any future dispute as to the state of the vehicle.
Finally, I would remind you that as a consequence of terminating the agreement under Section 99 of the CCA 1974 and having met the relevant criteria under S.100(1) of the CCA 1974, my liability is limited to one half of the total price payable. Any additional costs, expenses, compensation or otherwise relating to a breach of the agreement are irrecoverable. The vehicle is available to collect, and arrangements should be made at your own cost. Although, I am prepared to deliver the vehicle to a local auction site at my own expense. If, however, you prefer the vehicle to be delivered elsewhere, then I will require an undertaking from you agreeing to pay my reasonable costs and expenses prior to it being delivered to your preferred location.
I would appreciate if you could contact me on ########### within the next 14 days to discuss the next steps.
In addition to this email I have also sent the attached document via Royal Mail First Class Signed For.
On the 4th June I received and conducted security clarifications and then on Monday 8th June 2020 I received the below.
Good morning Mr Murray,
Thank you for contacting Audi Financial Services regarding your voluntary termination.
- Voluntary terminate
- To voluntary terminate your agreement; you would be liable to pay up to 50% / 80% of the total amount payable, plus any arrears on the agreement.
- The shortfall to reach 50% / 80% is: £778.11 this will reduce as you make your monthly payment; in 2 months there would be no shortfall.
- You will remain liable for any shortfall or refurbishment/excess mileage costs.
- If you wish to voluntarily terminate your agreement, you can do so by requesting a form from us.
I replied with the below and have heard nothing back. What should my next course of action be?
Good morning,
Please note that my letter dated 2nd June 2020 – sent via both email and recorded delivery – satisfies the law. I am not required by law to sign any further documents or the “form” you refer to. To clarify; the letter sent was not a request to voluntary terminate, the letter was exercising my statutory right to voluntary terminate.
The vehicle is available to collect, and arrangements should be made at your own cost. Although, I am prepared to deliver the vehicle to a local auction site at my own expense. If, however, you prefer the vehicle to be delivered elsewhere, then I will require an undertaking from you agreeing to pay my reasonable costs and expenses prior to it being delivered to your preferred location.
Finally, I would remind you that I have also inspected the vehicle and I am of the opinion that it is in a reasonable condition given its age whilst accounting for fair wear and tear. Photographic evidence has been taken in the event of any future dispute as to the state of the vehicle.
I have had PCP for a number of cars, however, this is the first time i have VT'd a vehicle. The car has a couple of small scratches but other than that is in showroom condition with no dents or even paint swirls from poor washing techniques.
Really looking forward to receiving advice from experts and people with past experiences.
Best
Wayne
Comment