Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

[R0b]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

Hello,

Nothing changes and would advise signing any of their documents. You are correct to make sure you send the V5C off to the DVLA, or take a photo of the information and you can do it online yourself at https://www.gov.uk/sold-bought-vehicle

[madden2010]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

Hi

I requested a VT from Northridge Finance they called me yesterday to confirm it was fine and will send me the paperwork in the post. I work for a group of car dealers and the place I have to take my car is the trade centre part of the group (2mins down the street) who I am assuming will also auction the car off.

Just checking the same still stands such as not signing the damage report and making sure they give me the log book back for me to send off?

Cheers!

[des8]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

I bought a used car in April 2014 with service history and 52k miles on the clock. Within 10k miles Timing chain went with cylinder 2 misfire and camshaft sensor errors. Luckily bought the 1yr warranty so Dace German Car centre had no choice but to complete the repair. Now 11k miles further on it appears the same issue has happened, this time out of warranty. I still owe£3400 of the £9700 car. It could cost a great deal to repair. Do I have any legal ground to stand on? Can I VT the car with the engine fault on? It is still drivable but not working 100%.

Thank you

Can you please advise make and model and symptoms of fault as you see it?
If timing chain had broken completely the car would be going nowhere!
Possibly stretched and faulty tensioner not taking up the slack, or sensor failure

[R0b]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

I bought a used car in April 2014 with service history and 52k miles on the clock. Within 10k miles Timing chain went with cylinder 2 misfire and camshaft sensor errors. Luckily bought the 1yr warranty so Dace German Car centre had no choice but to complete the repair. Now 11k miles further on it appears the same issue has happened, this time out of warranty. I still owe£3400 of the £9700 car. It could cost a great deal to repair. Do I have any legal ground to stand on? Can I VT the car with the engine fault on? It is still drivable but not working 100%.

Thank you

Hello, This might sound like a consumer rights issue rather than just an issue relating to VT. Your answer to the VT question it might be considered unreasonable condition if the engine fault light is on as that could be deemed a serious issue. However as I said above, there could be other potential redress in relation to the repairing of the car. If you post a new thread and tag me using [MENTION=71570]R0b[/MENTION] and [MENTION=39710]des8[/MENTION] it will keep your problem separate to VT specific questions

[pcopec]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

I bought a used car in April 2014 with service history and 52k miles on the clock. Within 10k miles Timing chain went with cylinder 2 misfire and camshaft sensor errors. Luckily bought the 1yr warranty so Dace German Car centre had no choice but to complete the repair. Now 11k miles further on it appears the same issue has happened, this time out of warranty. I still owe£3400 of the £9700 car. It could cost a great deal to repair. Do I have any legal ground to stand on? Can I VT the car with the engine fault on? It is still drivable but not working 100%.

Thank you

[Ashley500]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

Hi,

Just wondering if anyone has any experience of VT with FCA (Fiat) and if so are they good or bad?
I'm considering VT my current car but really don't want a bad experience!

Thanks,
Ashley

[Andrew 93]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

Hi, I'm currently in the process of VT my car, it's on a conditional sale agreement and I'm half way through payments, I contacted finance company last week via email and told them I wished to VT the contract, they have arranged for the car to be collected on Tuesday 23rd. The car has a few things which I feel they may pick up on, few scratches, a little ding in passenger side wheel arch, 2 alloy wheels are curbed, missing a towing eye cover, I feel they are going to try bill me for all these things, would it be better for me not to sign the damage report on Tuesday when the car is collected, the car is 7 years old and I feel other than the towing eye cover these defects are age related, where do I stand on this? Also when I purchased this car I was only given one key, will they try and charge me for that? Any advice would be greatly appreciated.

Thanks

[Gary smith]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

Thanks rob for your reply

[R0b]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

Hi Gary why don't you wait and see what they say first? Make a note of what has happened and the date and time, then if it is raised we can deal with it then. The onus is on them to prove that the car is not in an unreasonable condition.

[Gary smith]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

Help please I handed back my car Hp agreement today. Under voluntary termination over 50% paid the guy came today from rms receivables. He never looked at car gave me yellow strip from v5 not filled in. And left someone then rang from rms receivables 2hours later saying car has went into limp mode I told them the car was working fine when last used. they hung up on me . We're do I now stand as I am sure they will now bill me as I have heard bad reports about this company. Thank you in advance

[carlitobrigante]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

hi guys, thanks for helping folks like us with these queries.

I have an Audi A3 almost 12 months into a 4 year HP agreement.

total amount payable was 24,700 deposit paid 3,500. The 50% figure it quotes on the agreement is £12,371. Monthly payments are,£231 per month

Am i right in saying i have paid £3500 deposit + £2772 (12 months of 231 per month) = £6272. Meaning i would owe £6099 Audi if i tried to return the vehicle now? Will Audi refinance this amount?

Im probably better off keeping the car till ive paid the 50% figure, as the monthly payments if i paid off the remainder in installments would probably surely be a similar monthly payment to what i'm paying for the car.

However i am abit gutted ive worked out i wont be anywhere near the 50% figure even when i am at the halfway point of the duration (2 years into a 4 year agreement)!

Any advice gratefully recieved. Looks like im being made redundant, and i am looking to take some time out travelling before i get back into work and so a car wont be needed.

Am i right in

[xs2man]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

I've taken it out, and the servicing bit. And will post it this afternoon. Thanks for your help.

[R0b]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

Finance companies are a funny thing and they can do anything by delaying, or creating further problems or issues that you didn't think they would raise. As I have learnt, stick to the bare minimum and then argue it afterwards once they have collected and its gone. But if you want it in there its obviously your choice and I can only go from my own experience.

[xs2man]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

Ok, but surely the wont ask me to MOT a car where it is not required? There is still 3 months, from the end of August, until an MOT is due. And during this period, the car is under full BMW manufacturers warranty anyway. I will take out that sentence though, as well as the servicing part.

Thanks

[R0b]

Re: Voluntary Termination of a Hire purchase or conditional loan under the CCA 1974

I would advise against mentioning the mileage otherwise they might land you with a bill before they collect and then you have the argument about being invoiced before collection and that it accrued before termination etc. makes life more hassle.

You are under no obligation to give any information or do anything other than give notice to terminate and then for them to collect - play the finance companies at their own game and don't offer anything but the bare essentials unless ordered to do so by a court or unless you have a legal obligation to do so.

I also suspect that they will say as there is no MOT certificate then they won't collect and that' another argument to be had. If there is no MOT and they conduct an MOT and turns out things need doing then they might reclaim that amount back from you including all the necessary repairs tagged along with it. They will say the car is not in a reasonable condition as it did not have a valid MOT and repairs were required. However just because there is no MOT does not mean that it was not in a reasonable condition and that's up to a court to decide that point.

Just thought I'd give you a heads up as to what you might expect.