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Hi,
I am in the process of doing a voluntary termination with Close Motor Finance.
I am over the 50% mark and have never missed any payments.
To be honest, the whole process has been very quick to this point - I'll give a brief summary of my VT experience so far...
I sent a letter by recorded delivery to Close Motor Finance just last week advising them that I was terminating the agreement (I ensured it was clear that this was a Voluntary Termination and not a voluntary surrender) - and they got in touch the very next day to confirm they would arrange for an inspection and for collection of the vehicle.
It was then only a couple of days until we heard from the inspection company and they have been out to inspect and collect the vehicle today.
During the inspection there were a few "damages" that were raised which, to be honest, I can't argue with (a few scratches, a cracked tail light and a dent in the front bumper). Realistically I didn't go into the inspection with the expectation of nothing being picked up . Overall the car is in good condition but it does have a few cosmetic issues. I had hoped to fix these before the inspection took place but they only rang last night to say they would be with me at midday today! That gave me enough time to wash and valet it, but not enough time to fix the minor issues.
Anyway, Close Motor Finance then contacted me to say that the inspection company had confirmed the value for the damages which i was liable for, and I accepted that amount.
To me it seemed a fair valuation of the work that needed done, and in my head I thought it was going to be much worse that it was! (probably because i fear the worst in these situations)
I signed the paperwork which confirmed that the inspection had taken place and i also signed the paper accepting to pay the value for damage to the vehicle. The inspector then took the car and that was that.
So far, my experience of the VT process has been pretty good. It's been done extremely quickly and its gone smoothly so far, which may be why i am anticipating troubled waters ahead (that may be just me being cautious, but who knows!)
I just have a couple of questions, which I'm hoping someone could help with.
1) I've signed a document that says i agree to pay £X amount for the damages to the vehicle. Can the finance company increase this amount now that the car has been collected? I don't anticipate any other damage being picked up but I just want to ensure that if something else was found that they can't add this to the amount i've agreed to pay. I ensured I was present at the inspection but if they find anything else now I can't say that I was there to witness it.
2) Should I be concerned that I've not yet had anything in writing from Close Motor Finance regarding the VT? I had assumed it would take a while to process but the whole thing has happened in less than a week. When they called to confirm the VT i asked for it in writing but i'm yet to receive anything. I do, however, have a copy of the letter i sent to them and printed confirmation from the Royal Mail that it was delivered and signed for. I guess until I receive something in writing I can rely on the recorded phone calls (for which I have noted dates and times - and names of who I spoke to)
3) Lastly, this is probably a daft question, but now that the car has been collected I am OK to now cancel my direct debit? I have spent a few years rebuilding my credit score and I don't want a mark put on my credit file. I would usually have done this by now but should I wait for confirmation of the VT in writing before I proceed with cancelling the DD?
I'm probably just panicking a bit too much, but it would be great if i could get clarification on any of the above points so I know where I stand. After reading some of the other posts I feel lucky that my VT process seems to have gone quite smoothly. Close have said they'll be in touch to sort out the payment i'm liable for and I'm hoping that will be that!
Thanks in advance for any clarification you can give me.
Many thanks,
I am in the process of doing a voluntary termination with Close Motor Finance.
I am over the 50% mark and have never missed any payments.
To be honest, the whole process has been very quick to this point - I'll give a brief summary of my VT experience so far...
I sent a letter by recorded delivery to Close Motor Finance just last week advising them that I was terminating the agreement (I ensured it was clear that this was a Voluntary Termination and not a voluntary surrender) - and they got in touch the very next day to confirm they would arrange for an inspection and for collection of the vehicle.
It was then only a couple of days until we heard from the inspection company and they have been out to inspect and collect the vehicle today.
During the inspection there were a few "damages" that were raised which, to be honest, I can't argue with (a few scratches, a cracked tail light and a dent in the front bumper). Realistically I didn't go into the inspection with the expectation of nothing being picked up . Overall the car is in good condition but it does have a few cosmetic issues. I had hoped to fix these before the inspection took place but they only rang last night to say they would be with me at midday today! That gave me enough time to wash and valet it, but not enough time to fix the minor issues.
Anyway, Close Motor Finance then contacted me to say that the inspection company had confirmed the value for the damages which i was liable for, and I accepted that amount.
To me it seemed a fair valuation of the work that needed done, and in my head I thought it was going to be much worse that it was! (probably because i fear the worst in these situations)
I signed the paperwork which confirmed that the inspection had taken place and i also signed the paper accepting to pay the value for damage to the vehicle. The inspector then took the car and that was that.
So far, my experience of the VT process has been pretty good. It's been done extremely quickly and its gone smoothly so far, which may be why i am anticipating troubled waters ahead (that may be just me being cautious, but who knows!)
I just have a couple of questions, which I'm hoping someone could help with.
1) I've signed a document that says i agree to pay £X amount for the damages to the vehicle. Can the finance company increase this amount now that the car has been collected? I don't anticipate any other damage being picked up but I just want to ensure that if something else was found that they can't add this to the amount i've agreed to pay. I ensured I was present at the inspection but if they find anything else now I can't say that I was there to witness it.
2) Should I be concerned that I've not yet had anything in writing from Close Motor Finance regarding the VT? I had assumed it would take a while to process but the whole thing has happened in less than a week. When they called to confirm the VT i asked for it in writing but i'm yet to receive anything. I do, however, have a copy of the letter i sent to them and printed confirmation from the Royal Mail that it was delivered and signed for. I guess until I receive something in writing I can rely on the recorded phone calls (for which I have noted dates and times - and names of who I spoke to)
3) Lastly, this is probably a daft question, but now that the car has been collected I am OK to now cancel my direct debit? I have spent a few years rebuilding my credit score and I don't want a mark put on my credit file. I would usually have done this by now but should I wait for confirmation of the VT in writing before I proceed with cancelling the DD?
I'm probably just panicking a bit too much, but it would be great if i could get clarification on any of the above points so I know where I stand. After reading some of the other posts I feel lucky that my VT process seems to have gone quite smoothly. Close have said they'll be in touch to sort out the payment i'm liable for and I'm hoping that will be that!
Thanks in advance for any clarification you can give me.
Many thanks,
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