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

[xs2man]

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

A simple letter stating that you have received their letter and that you will not be signing it, because you have already given notice to them on X and you consider the agreement as already being terminated. They have already been given notification to arrange collection of the vehicle [and they are no longer authorised to have the vehicle on your drive] so they have until [7/14] days to collect it or you will make arranges to cancel the tax, insurance and notify the DVLA of the change of registered keeper and they shall bear any liability once confirmation has been received by the DVLA.

As for the MOT and V5C suggest that you are not willing to post this to them they can have it on collection of the vehicle as you require a signature for the V5C and do not want the MOT certificate to be lost in the post.

Great. Thanks.

I have responded with this:

Dear Sir / Madam,

In response to the Voluntary Termination Notice you have sent to me, I am writing to inform you that I have received the letter, however, will not be signing it because I have already given notice on the agreement in my letter dated the 11^th August 2016, and I consider the agreement as being already terminated under Section 99 of the Consumer Credit Act 1974.

As the agreement has already been terminated, I would appreciate if the vehicle could be removed from my property on or before the 31^st August 2016, after which date I shall be cancelling the insurance on the vehicle, the tax, and will notify the DVLA of the change of registered keeper, such that any future liabilities for the vehicle will lie upon yourselves, once confirmation has been received by the DVLA.

With regards to the V5C, I would not be willing to post this document, as it will require a signature. And so it can be handed over upon collection. There is no MOT certificate on this vehicle, as it is less than 3 years old.

The details of servicing is as follows:
19/12/2014
17819 miles

30/10/2015
36479 miles

Both services undertaken by John Clark BMW in Dundee.

[R0b]

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

Hello Rob,

I am currently in the process of VT-ing my BMW, through BMW Financial services. The agreement was a PCP.

I have sent the letter, based on the template from page 1, and started the process moving. They have responded with a letter stating the process, and a termination notice form tat they are asking me to sign and return.

I understand I should not sign and return this. My mileage is around 14,000 over the pro-rata agreed rate, and so at their 7ppm charge, I should, according to them, be due an extra £980 because of this. I am also VT-ing before the 50% mark has been met, and so I am liable for a final payment of £1985.06, which I do not dispute.

So is there a template letter I can return to them making clear that I already consider the termination process started with my original letter, and I do not intend on signing the letter they have sent? Or how to I proceed from here? I gave them 2 weeks notice, so that takes it until the 25th August (the letter was dated 11th), but they said so long as it's before the 31st, that's fine (which is also fine for me).

This is the letter they sent:



Now, I could just redraft that letter and remove the excess mileage bit, however, my initial letter should be the confirmation required by law anyway. So how do I respond?

A simple letter stating that you have received their letter and that you will not be signing it, because you have already given notice to them on X and you consider the agreement as already being terminated. They have already been given notification to arrange collection of the vehicle [and they are no longer authorised to have the vehicle on your drive] so they have until [7/14] days to collect it or you will make arranges to cancel the tax, insurance and notify the DVLA of the change of registered keeper and they shall bear any liability once confirmation has been received by the DVLA.

As for the MOT and V5C suggest that you are not willing to post this to them they can have it on collection of the vehicle as you require a signature for the V5C and do not want the MOT certificate to be lost in the post.

[xs2man]

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

Hello Rob,

I am currently in the process of VT-ing my BMW, through BMW Financial services. The agreement was a PCP.

I have sent the letter, based on the template from page 1, and started the process moving. They have responded with a letter stating the process, and a termination notice form tat they are asking me to sign and return.

I understand I should not sign and return this. My mileage is around 14,000 over the pro-rata agreed rate, and so at their 7ppm charge, I should, according to them, be due an extra £980 because of this. I am also VT-ing before the 50% mark has been met, and so I am liable for a final payment of £1985.06, which I do not dispute.

So is there a template letter I can return to them making clear that I already consider the termination process started with my original letter, and I do not intend on signing the letter they have sent? Or how to I proceed from here? I gave them 2 weeks notice, so that takes it until the 25th August (the letter was dated 11th), but they said so long as it's before the 31st, that's fine (which is also fine for me).

This is the letter they sent:

Voluntary Termination Notice

To:Vehicle Logistics DepartmentBMW Financial ServicesSummit ONESummit AvenueFarnborough, HampshireGU14 0FB
Customer Name: Mr Magoo
Vehicle Registration: Som3 plate
Agreement Number: numbers

Please accept this as my written instruction to BMW Financial Services to terminatemy agreement.I understand that as a result of my instruction:
 my agreement will be irreversibly terminated;
 I must return the vehicle to you;
 the vehicle will be inspected in accordance with the BVRLA (British Vehicle Rental &Leasing Association) Fair Wear & Tear standard;
 I may be charged for any items which fall outside of this standard; and
 an invoice will be sent to me for any excess mileage charge due in accordance with mymaximum contractual mileage, which will be pro-rated to the date I return the vehicle,(Select Agreements only).

I have enclosed: payment for £1985.06.
 the V5C (minus yellow section 9); and
 a valid MOT certificate, which expires on .

I have decided to voluntarily terminate my agreement because: (optional)

I confirm that the vehicle has/has not* been involved in any major accident.*delete as appropriate: if the vehicle has been involved in a major accident and/or hadany modifications made, please provide full details overleaf including dates, extent ofdamage/change, approximate/actual repair costs and repairers’ details (where applicable).

Date last service completed: Mileage at last service:Servicing dealership:
 If a service has been completed but the service light was not reset, I have attached allsupporting documentation to verify servicing is complete and up to date.

Please contact me using the details below to arrange the inspection and collection of the vehicle.
Phone (daytime):
Phone (alternative):
Email address:

By signing below, I confirm that I have read and understand the consequences ofending the agreement.

Name:Mr Magoo
Signature:
Date:

Now, I could just redraft that letter and remove the excess mileage bit, however, my initial letter should be the confirmation required by law anyway. So how do I respond?

[Kellster]

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

Brilliant, thank you again. All the advice is really appreciated

[R0b]

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

Yes blackhorse and their address as listed on your agreement

[Kellster]

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

Ok, and do I just put black horse as the new keeper? Sorry for all of the questions

[R0b]

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

Privately

[Kellster]

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

https://www.gov.uk/sold-bought-vehicle

Bangers

Thank you, do I put it under sold to a motor trader? Or privately?

[bangerdemon]

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

Hi guys, quick question. Car is finally being collected tomorrow. Just wondering what I do with the V5? Unsure which part I should fill in or keep. Thanks

https://www.gov.uk/sold-bought-vehicle

Bangers

[R0b]

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

Fill n section 6 and get them to sign it then you sign it and date it and send in the post. Or you can do it online Google notify registered keeper it's the first link on Google

[Kellster]

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

Hi guys, quick question. Car is finally being collected tomorrow. Just wondering what I do with the V5? Unsure which part I should fill in or keep. Thanks

[R0b]

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

Hi @R0b.

Unfortunately, heard from them again today (via phone - they hadn't clicked on to the email stating I would prefer all contact to be via email or letter). So I am awaiting their response - in the meantime, it reminded me that you requested images of the invoice section of the letter. These are attached; let me know if you wanted any of the other sections?

The 35 days I stated previously is how long they have to issue the bill, not how long I have to pay it (unfortunately!).

Thanks!

******

With that evidence there, I can see no way in which they can prove any damage to the car. Have they sent you photos too or was that just it?

[billydane9]

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

An update on this. Northgate responded to my letter asking me to send them my photos to compare with their condition report.

On receipt of my photos they wrote to confirm that in light of the photos I sent I had nothing further to pay and my account was closed.

Overall, by having clear photo evidence it was a relatively painless process to VT my agreement.

[JMET91]

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

Sorry ******, thought your name was Tia.. now realising you meant thanks in advance :tsk:

Well if you think the car was returned in a reasonable condition then the onus is on RMS to prove otherwise. It is unlikely as the car is probably sold at auction by now and without proper evidence I can't see how they can reclaim the monies.

If you haven't heard anything back it might be a good idea just to follow up your previous email before the end of the 35 day period and mention you have not heard from them.

I'm not aware of anyone on here being taken to court but that is still a possibility so you have to be aware of that at the back of your mind, but again proof is necessary and no proof = no claim.

Also keep an eye on your credit file in case they place a default marker on your file. If they do then you can take action against them for breach of data and seek damages.

Hi [MENTION=71570]R0b[/MENTION].

Unfortunately, heard from them again today (via phone - they hadn't clicked on to the email stating I would prefer all contact to be via email or letter). So I am awaiting their response - in the meantime, it reminded me that you requested images of the invoice section of the letter. These are attached; let me know if you wanted any of the other sections?

The 35 days I stated previously is how long they have to issue the bill, not how long I have to pay it (unfortunately!).

Thanks!

******

[bangerdemon]

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

Hi Rob,

many thanks for the reply.

Do Advantage Finance try anything on once you hand the vehicle back

Yes, after the vehicle has been sold at auction, they will try and get you to pay for repairs that hadn't been carried out!!!

Make sure you have plenty of photo's of ALL damage and of the general condition of the car.

Bangers