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

[Chris_P]

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

Hi All,

Hopefully an easy one here.

I purchased a Polo last year from a franchise dealer. All the finance was done through VWFS. It's a 3 year deal and I've not paid anywhere near 50% and want to voluntarily cancel as I don't need the car anymore.

What are my options here?

Appreciate all advice.

C

bump

[R0b]

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

bump

Pay the difference or wait until you hit the 50% mark. You can only VT if you have paid at least 50% or are able to make up the difference at the time you wish to VT.

[Chris_P]

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

Pay the difference or wait until you hit the 50% mark. You can only VT if you have paid at least 50% or are able to make up the difference at the time you wish to VT.

Thanks R0b

[martyrobster]

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

Hello after seeing all the messages... saw it after the car went away and was a bit too late...

I got to the point that the car was VT inspected and taken away.

I got a letter saying I am lability for £827.50 for repairs, I signed the inspection report. I was not sure at that time, was trying to avoid signing until the man said sign that to confirm that i got the report. i am deaf myself, i rely on sign lanugage. he wrote on the back of the report sheet "sign this to confirm that you recieved the report NOT the costs of the repairs"... am i being fleeced here or the man inspecting the car wrote the quote i have given above just gave me an upper hand?

they tried to charge me for
3 chips - would that be "wear and tear"?
secuirty loading sheet for the back of the car - I never got it when i bought the car
not full service history - the last stamped was in 2008 and I bought the car 18 months ago. i am being charged 300 for this.

there's a few other things i felt is fair and willing to pay for it. which is almost £200.

they also said i will be lability to the balance after the auction? i thought that if i VT, thats it?

"we would point out that your lability is limited to the amount required to settle the agreement. this may be further reduced after the proceeds of sale have been credited to your agreement,following sale of the vehicle. you will receive confirmation of the final amount due shortly"

also... on the letter they said i could pay the costs and have 20% taken off at the time of the car being taken away. this didn't actually happen and the person inspected the car never mentioned it, I sort of missed the chance of 20% taken off the costs?

they also mentioned this

"will result in your agreement being noted as terminated with default liability, and could affect your ability to obtain finance in the future"

but how can they actually default something when the agreement is not in force anymore?

a bit of help would be greatly appreciated

[R0b]

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

Who is the lender?

[martyrobster]

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

Motonovo

[R0b]

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

Motonovo

Hi Marty, I'll respond in full later but do you still have a copy of the report which the agent wrote on to say you received the report but don't agree with the charges?

In short they can't charge you for any that you have stipulated with exception to the £200 you say is reasonable, what costs are these for ?

[martyrobster]

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

Hi Marty, I'll respond in full later but do you still have a copy of the report which the agent wrote on to say you received the report but don't agree with the charges?

In short they can't charge you for any that you have stipulated with exception to the £200 you say is reasonable, what costs are these for ?

Hello Rob.

the report - Damage Assessment

Document - Service history - incomplete - recharge £300 (last stamped in October 2008)
Right Rear Door - dent - PDR up to 75mm £48 (chip) wear and tear?
Rear Seat - soiled - valet £50 (it is just a very little bit of paint on it, it was there before I bought it - however don't have proof for that - will pay for it)
Load Compartment - missing - £50 (I never got this when I bought the car)
Left Rear Door - dent - PDR up to 75mm £48 (chip) wear and tear?
Left front Door - dent - Repair and refinish 1 - £213.50 (very small dent) - maybe liability for that despite it was there before when I bought the car
Left front wing- dent - PDR up to 75mm £48 (chip) wear and tear?
Front bumper scratched - through paint - £70 (it was an accident which I am happy to pay)

the total for above are £827.50

I didn't sign on the device until the person wrote on the back of the report sheet "ONLY SIGN TO SAY WE HAVE GAVE YOU REPORT NOT (not got two underlines) AGREE TO COSTS ON REPORT"... When the man wrote, I had a witness, a friend who was with me saw him writing on it and I felt this part may be in my favour?

The only thing I felt I agree with is Valet, Repair and Refinish1 and Front bumper which would cost in the region of £330?

[R0b]

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

thanks for that and what age is the vehicle? new or old?

[martyrobster]

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

thanks for that and what age is the vehicle? new or old?

its a 2003 Land Rover Discovery

[R0b]

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

Hello Rob.

the report - Damage Assessment

Document - Service history - incomplete - recharge £300 (last stamped in October 2008)
Right Rear Door - dent - PDR up to 75mm £48 (chip) wear and tear?
Rear Seat - soiled - valet £50 (it is just a very little bit of paint on it, it was there before I bought it - however don't have proof for that - will pay for it)
Load Compartment - missing - £50 (I never got this when I bought the car)
Left Rear Door - dent - PDR up to 75mm £48 (chip) wear and tear?
Left front Door - dent - Repair and refinish 1 - £213.50 (very small dent) - maybe liability for that despite it was there before when I bought the car
Left front wing- dent - PDR up to 75mm £48 (chip) wear and tear?
Front bumper scratched - through paint - £70 (it was an accident which I am happy to pay)

the total for above are £827.50

I didn't sign on the device until the person wrote on the back of the report sheet "ONLY SIGN TO SAY WE HAVE GAVE YOU REPORT NOT (not got two underlines) AGREE TO COSTS ON REPORT"... When the man wrote, I had a witness, a friend who was with me saw him writing on it and I felt this part may be in my favour?

The only thing I felt I agree with is Valet, Repair and Refinish1 and Front bumper which would cost in the region of £330?

Hi Marty,

I would say everything on there could be disputed and the ball would be in the court of the lender to argue this. Even if you want to pay £70 for the front bumper everything else would amount to fair wear and tear. The vehicle is 12 years old and would be completely unreasonable not to expect a car of that age to have had some bumps and scratches along the way. You do not need to pay for valet and certainly not the load compartment they will need to prove it was not there in the first place when the vehicle was first taken out.

Bear in mind, if the lender wants to recover any of these charges, they would need to go to court and get a court order - something they are unlikely to do as it would end up in small claims court and more than likely not commercially viable to recover. Plus they will sell the vehicle at auction and not even repair it so there is no loss to them.

Personally dispute it or at least everything but the bumper. Did you take any photos of the vehicle before it was handed over?

A VT does not affect your credit rating and their threat of a default is all puff. In fact if they attempted to default your credit report then you would arguably have a case of incorrect information, defamation and/or malicious falsehood enabling you to claim compensation through the court if you chose to do so.

I'm hoping to put some information up on VT tomorrow so may be worth a read if you get the chance.

[svkl]

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

hello,

looking to Vt my car this week, have contacted finance company through email for the address to send vt letter to and ask for a balance to get to 50%, have received the balance and they have said i can Vt through email stating why i want to VT, has anyone heard of doing it this way or would it be better sending letter special delivery and i take it i also do not need to give them a reason, any help appreciated

[R0b]

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

hello,

looking to Vt my car this week, have contacted finance company through email for the address to send vt letter to and ask for a balance to get to 50%, have received the balance and they have said i can Vt through email stating why i want to VT, has anyone heard of doing it this way or would it be better sending letter special delivery and i take it i also do not need to give them a reason, any help appreciated

If they have accepted that you can VT by email that should be fine, I would double check your agreement as well just in case there is a formal way to do it such as in writing by post.

There is no obligation to give a reason why you want to VT and they cannot prevent a VT from happening if you choose not to give any reasons.

[svkl]

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

Thanks R0b, i'm sure all the agreement states is to contact them but will check when i get home.
Their reply to my email asking for the address to sent Vt letter so looks as if email will be fine and also means i have a copy aswell

Yes you can send the letter in to the address below or we can accept this through email.

[R0b]

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

That should be fine then