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motor loan plus agreement

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  • motor loan plus agreement

    hi ,i need help , i was under the impression when i got the car from Arnold clark* fiat that i was on a pcp agreement , i wanted to hand the car back after completing 50%of the payment , but it transpires that im on a motor loan plus agreement , this is the reply i had off fca automotive*You have a Motor Loan Plus agreement which is like a personal/bank loan and not a PCP.
    *
    We do not hold a financial interest in the vehicle, you are the legal owner of the car from the point of sale. The finance is secured against yourself rather than the vehicle. On these types of agreements you do not have the option to Voluntary Terminate and return the car to us after paying 50% of the finance like you would on other types of agreements.
    *
    What you can do is, sell the vehicle and clear the finance or part exchange, but, handing it back to ourselves is not an option throughout the term of the finance.
    *
    At the end of the agreement, you may have the option to hand the vehicle back but it is discretional and the decision is made by the End of Contracts Manager. They will review the mileage and condition of the vehicle and make the decision based on this.
    * please help if you can , thanks derek dewhurst* *email degsy42@hotmail.co.uk
    Tags: None

  • #2
    Could be a misrepresentation if you were given documents that it was going to be PCP agreement and weren't told that it no longer is. I'm sure there is a Financial Ombudsman decision about this, possibly with Barclays or Black Horse and the Ombudsman decided in favour of the debtor.
    If you have a question about the voluntary termination process, please read this guide first, as it should have all the answers you need. Please do not hijack another person's thread as I will not respond to you
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    Please be aware that this is a public forum and is therefore accessible to anyone. The content I post on this forum is not intended to be legal advice nor does it establish any client-lawyer type relationship between you and me. Therefore any use of my content is at your own risk and I cannot be held responsible in any way. It is always recommended that you seek independent legal advice.

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    • #3
      Hi mate I have exactly the same problem how did you get on with yours? Mine was with Stoneacre

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      • #4
        Hi BANZAI BILLY

        I would start your own thread in the correct section of the site.

        Just some general info in the meantime - https://www.financial-ombudsman.org....DRN0499429.pdf

        Comment

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