Money barn voluntary termination

[Sjs4819]

Hi All,

I've gone for voluntary termination with Money barn. I have paid 50% and they have sent me confirmation that I would owe nothing at this point although obviously pending an inspection. All good so far. Today I received an email to say the inspection was fine. No issues found...... brilliant. All good so far. On this letter it also included the rest of the account balance ( 4k ish) saying I should contact them to start sorting out interim payments and the car needs to go to auction before my final bill arrives!!!
I'm i missing something? Why do I have to wait for the car to go to auction?
I have all the info stating vt from all parties. I have an email today saying inspection was fine. Surely that should be end of it. I shouldn't owe anything else?

Thanks in advance for any help.

[R0b]

Finance companies argue that there are two inspections carried out, an initial one and then a further one before the car goes to auction. It is the latter report that most companies use as a means to charge the hirer for damages. I've still yet to see any explanation as to why two inspections are needed and its reasonable for you to rely on the first inspection (both inspections tend to use the same BVRLA Guidelines).

As for interim payments, absolutely not and you are no way obliged to do so. Some finance companies like Moneybarn take the car's price at auction as a measure of whether the car was in a reasonable condition. Again, this shouldn't be the case because there are various factors as to why a car might sell less at auction and it isn't always because of the condition of the car.

It will be a case of defending your position or paying up.