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

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

[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

[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?

[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

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

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

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

[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?

[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

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

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.

[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

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

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

[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