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

[gavnav]

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

The amout to terminate will normally be written on the agreement under termination rights

That is 50% on the total liability of the agreement

Well i believe i have paid 50% then. But when i called up and asked for a settlement figure today i asked how much i had paid so far and was told £15000 something (can't remember the exact figure). I then asked does that include the deposit and was told no. The girl on the phone seemed a bit vague when i was asking her for a total amount i had paid, would they be trained to answer in this way? I didn't mention anything about a VT?

[judgemental24]

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

The amout to terminate will normally be written on the agreement under termination rights

That is 50% on the total liability of the agreement

[gavnav]

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

Yes the amount is there in black or white, it is £21685.12. If i can add in the advanced payment of £5547.87 then i am pretty much there as i have paid another 15000 something in payments The only thing is that deposit was partly a contribution by audi themselves, and £1000from me, does that matter? The deposit is the deposit surely?

[R0b]

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

Your deposit would normally be deducted from the total amount payable i believe so it would be worked something like this:

Cash Price of Car = £25,000
Less deposit = £5,000
Admin = £500
Interest = £3,500
Total amount payable = £24,000
half of total amount = £12,000

to be absolutely certain, check your agreement. You will usually see a box on the front which stipulates half the amount (your pre-contract information sheet) payable to terminate. Or you might find it in the terms and conditions under termination section.

[gavnav]

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

Hi guys,

I have been reading through this thread and it is really helpful as i am looking to hand back a car that i don't now need. I need to pay £21685.12 before i can hand the car back in. I have paid £15000 something already to audi finance, but that is not including the advance payment of £5547.87 (part deposit from myself and part centre contribution). My question is, can i add that onto the total amount paid? If so, i've already (or very nearly) hit the required amount.
On the total amount payable which is £43370.23 they have included the advanced payment, so the £21685.12 is half of that. Can i hand it back now? I'm thinking yes, but i don't want to call up until i'm sure, as i doubt they will be very helpful

Thanks in advance

[judgemental24]

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

You can request at any time for a settlement figure from the creditor under section 99 CCA 1974

[taylorm840]

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

hi

is it possible to put forward a VT to a lander for the purpose of getting a sum lawfully due for consideration

[WAL]

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

I am trying to find out what my liabilities are for excess mileage if my car was returned prior to end of agreement.

[Buddy8912]

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

Thanks very much Rob, much appreciated mate

[R0b]

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

£400 seems to be an unreasonable amount to charge for replacement of a service book and doubt they could charge that much - as you only have to pay 50% of the total amount payable and if you have paid more than this, then you could argue that as you've paid more than 50% the additional sums received will cover any costs of replacing the service book and other any other damage to car etc.

[Buddy8912]

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

Excellent . Thanks for your reply , to be fare it did have a service and history when I bought it !

[judgemental24]

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

No they cannot unless it is in the original finance agreement you signed

Many cars purchased from a garage were straight from auction houses anyway and did not include service books

Ask them under what terms and conditions you have to pay the penaly charge and get them to send you those terms and conditions where referenced

That should shut them up

[Buddy8912]

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

Hi, not sure if this is in the right section......
I'm awaiting collection of my vehicle I have VT'd. The finance company have wrote to me and stated that if there isn't a service book present I will have to pay £400 ....... Guess what , I can't find the said service book !!
can they in force this ?

[travellinggirl]

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

Hi there,

I too have been stung by mileage charges (mine was capped at 500 per year!) and am looking to dispute this as only part of what my car company have screwed me over on. is anyone able to point me in the direction of a letter template I could use to dispute this please?

I have also written to the financial ombudsman because I was not given the opportunity to take my contract away and look at it, but was encouraged to sign it there and then or 'miss out' on the 'deal'. I originally went into the garage just to book a service for my previous car and was sold a newer, same model car as he told me that I would not have to pay my service that way and this was limited because it was the end of the month. At the time I told my dealer I was leaving the country in 18 months and he advised me that I could hand back the car after 18 months and incur no additional fees. He also advised my partner of this when I brought him along because I wanted support. The garage refuse to comment on what he did or did not say and he no longer works there. So my 'free service' has cost me £950 in termination fees and £440 in mileage charges!

[Strett]

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

Many thanks, much appreciated