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

[nobodysdriving]

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

I wanted to thank everyone for this thread!

I am terminating my 'just add fuel' agreement with Peugeot.

I paid under 50% so I had to pay them a 'settlement figure' which I have last week.

then they told me RMS would arrange pick up of the car (which is only 19 months old with 5500 miles!), when I called them today they said they pick up monday to friday 9 to 5, I work during those hours so 'got upset' and told them 'surely I can just take it to my Peugeot dealer? I happen to live next door to them!'

they said I could drop it off at dealer so long that I gave them a 'named contact'.

I walked off to dealer, spoke to the sales manager who agreed to receive car and give his name, we called RMS and gave him his name.

Now on monday I have to take the car to dealer as RMS is collecting it from them on wednesday....I told the sales manager I will want to take photos of the car to certify it's 'condition' , he said he would do this anyway.

I have now 'drafted' a document which will me 'my report' on the condition of the car.

I have based my document on the terms and conditions set out in the contract by Peugeot where they specify what is 'normal wear and tear' down to the tiniest details...for each paragraph I have put down the statements NO (as in no damage found) and YES give details.

I will ask the sales guy to circle no or yes as applicable and get him to write down details if a yes is circled. We both will have to sign each page which has the car reg number on it and date.

I will then give him a copy of this document, I will also be happy to sign his report/document and ask for a copy.

Not sure what else to do to 'protect' myself

there are things in the T&Cs that I don't know how the guy can possibly check on 'the spot' like if the brake pads need replacing? or if the discs are scratched!

I am SO dreading this

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

Hire agreements are still regulated it is just that the protections availability for HP or conditional sale do not apply

[mark1911]

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

With no option to buy, you would not be able to VT the vehicle. If, for some reason, you are no longer able to afford the payments, then approach the hire company and tell them. They may be able to find an alternative solution.

Ok thanks guys

Mark

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

With no option to buy, you would not be able to VT the vehicle. If, for some reason, you are no longer able to afford the payments, then approach the hire company and tell them. They may be able to find an alternative solution.

[mark1911]

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

If there is an option to buy on completion of the hire period contained within the contract then it is a conditional sale or HP agreement, and the VT provisions will apply, if there isn't it would be a hire agreement ad they don't.

just reading the contract and it has no option to buy. it also says hire agreement regulated by the CCA 1974

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

If there is an option to buy on completion of the hire period contained within the contract then it is a conditional sale or HP agreement, and the VT provisions will apply, if there isn't it would be a hire agreement ad they don't.

[mark1911]

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

Are you talking about PCP?

no its not PCP. although I have no idea about the differences between the types of lease. but its called a "Finance Lease" its for a van, 3 months payment as a deposit and 60 rentals for initial period and a secondary period after that if I want to keep it. but im half way through and want to change but the van is worth less the than settlement figure. do this help?

thanks

Mark

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

Hi all,

Am after some advice if possible. We're looking at VT'ing an agreement and would like some advice on excess mileage in particular!

In August 2012 we started a HP agreement for a new Renault Twingo direct from RCI Finance. Our monthly payments are £205 and the agreement was for 4 years. Unfortunately the car is no longer suitable for my working life (I now have to do around 500 business miles a month). The original agreement had a mileage limit of 6000 miles per year, the cars mileage currently stands at 22,350 so approximately 10,500 over the allowance. They indicate a charge of 6p per mile which would equate to £621.

The total amount outstanding on the agreement is £8,082.46 and the 50% figure is £6,545.55 which equals a deficit of £1,536.91. The car is worth £4,200 at trade in and £5,350 private sale (maximum). You can see the issue I have!

We have the cash to pay off the deficit so this isn't really a problem, but I don't particularly want to be hit with the £621 mileage charge on top of this if I can help it. I'm assuming that as the mileage is within reasonable parameters (11,175 per year) this may be arguable?

Thanks in advance.

Tom

Yes, my understanding is that as long as you have paid (or are going to pay) the 50% figure, then the legislation of the CCA overrides the contractual clauses re excess mileage. I have little doubt they will argue differently, but I believe you can walk away without paying one penny more as per the Act, assuming reasonable condition. Make sure you sign nothing unless you are totally happy with it, and get photos of the vehicle inside and out with a copy of that days newspaper in the photo to prove the date. Take particular close ups of any damage which may be mentioned as a small stone chip can become a brand new bonnet.

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

Are you talking about PCP?

[mark1911]

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

Hi, Does VT apply to a "Finance Lease" that is covered by the CCA 1974?
Thanks

Mark

[tomble22]

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

Hi all,

Am after some advice if possible. We're looking at VT'ing an agreement and would like some advice on excess mileage in particular!

In August 2012 we started a HP agreement for a new Renault Twingo direct from RCI Finance. Our monthly payments are £205 and the agreement was for 4 years. Unfortunately the car is no longer suitable for my working life (I now have to do around 500 business miles a month). The original agreement had a mileage limit of 6000 miles per year, the cars mileage currently stands at 22,350 so approximately 10,500 over the allowance. They indicate a charge of 6p per mile which would equate to £621.

The total amount outstanding on the agreement is £8,082.46 and the 50% figure is £6,545.55 which equals a deficit of £1,536.91. The car is worth £4,200 at trade in and £5,350 private sale (maximum). You can see the issue I have!

We have the cash to pay off the deficit so this isn't really a problem, but I don't particularly want to be hit with the £621 mileage charge on top of this if I can help it. I'm assuming that as the mileage is within reasonable parameters (11,175 per year) this may be arguable?

Thanks in advance.

Tom

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

Hi all

I have sent the suggested letter to Honda Finance stating that I wished to VT and that they should please collect the vehicle as the nearest auction house in nearly 90 miles away (and that they shouldn't charge me as the suggested letter said).

Honda have since called to say the the letter around the VT is fine and that their collection agency will call me to arrange a time for collection. However - they said that there is a 108.00 (inc VAT) charge for collection and that this was explained in the "pre-contract credit information" under the "costs of credit" wording. when I took out the agreement.

Is there anything I can specifically point to as my reason for continuing to dispute the collection charge?

Thanks in advance for any help on this guys!

Ryan

Yes you could point out the pre-contractual information does not mean that you are contractually obliged. (it is not part of the contract, and even if it was section 173 forbids the act to be circumvented by a contractual term). Also that the act states that there should be nothing more to pay other than the requirements of section 100, if they can point to the part of section 100 which states that they are allowed to make such a charge you will pay it, Otherwise, they must either arrange for a a convenient drop off point or collect free of charge.

[ryan85]

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

Hi all

I have sent the suggested letter to Honda Finance stating that I wished to VT and that they should please collect the vehicle as the nearest auction house in nearly 90 miles away (and that they shouldn't charge me as the suggested letter said).

Honda have since called to say the the letter around the VT is fine and that their collection agency will call me to arrange a time for collection. However - they said that there is a 108.00 (inc VAT) charge for collection and that this was explained in the "pre-contract credit information" under the "costs of credit" wording. when I took out the agreement.

Is there anything I can specifically point to as my reason for continuing to dispute the collection charge?

Thanks in advance for any help on this guys!

Ryan

[ryan85]

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

Hi all

I have sent the suggested letter to Honda Finance stating that I wished to VT and that they should please collect the vehicle as the nearest auction house in nearly 90 miles away (and that they shouldn't charge me as the suggested letter said).

Honda have since called to say the the letter around the VT is fine and that their collection agency will call me to arrange a time for collection. However - they said that there is a 108.00 (inc VAT) charge for collection and that this was explained in the "pre-contract credit information" under the "costs of credit" wording. when I took out the agreement.

Is there anything I can specifically point to as my reason for continuing to dispute the collection charge?

Thanks in advance for any help on this guys!

Ryan

[Locvez]

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

Thanks guys, much appreciated!