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I purchased a car from a garage, and received documentation from the finance company. I contacted them, ( having paid 29 installments out of 48 ) wishing to terminate the contract, in accordance with section 99 of the Consumer Credit Act 1974. I requested this termination having read that I was entitled to on each of my annual payment statements. In reply to my letter requesting to end the agreement under the above act. I received a reply stating the following.
1 The agreement entered into by you is a Credit Agreement attached to a Bill Of Sale ( or Chattel Mortgage ) The goods ( the vehicle ) are pledged as security for the loan, under the Bill of Sale.
2 As such the agreement is not a Hire-Purchase or Conditional Sale Agreement or Conditional Agreement and is not covered by section 99 of the Consumer Credit Act.
3 Accordingly, you not able to terminate the agreement under the provisions of sections 99 of the Consumer Credit Act 1974.
4 However the vehicle may be to the Finance Company for re-sale.
5 Once sold, the proceeds will be credited to your account.
6 You will be liable for any shortfall on your account following the sale of the vehicle
(This in despite the fact that they had stated that I was able to end the agreement under the provisions of the above mentioned Act, on each of the Annual Statements. ) Please can anyone offer advice on the above.
1 The agreement entered into by you is a Credit Agreement attached to a Bill Of Sale ( or Chattel Mortgage ) The goods ( the vehicle ) are pledged as security for the loan, under the Bill of Sale.
2 As such the agreement is not a Hire-Purchase or Conditional Sale Agreement or Conditional Agreement and is not covered by section 99 of the Consumer Credit Act.
3 Accordingly, you not able to terminate the agreement under the provisions of sections 99 of the Consumer Credit Act 1974.
4 However the vehicle may be to the Finance Company for re-sale.
5 Once sold, the proceeds will be credited to your account.
6 You will be liable for any shortfall on your account following the sale of the vehicle
(This in despite the fact that they had stated that I was able to end the agreement under the provisions of the above mentioned Act, on each of the Annual Statements. ) Please can anyone offer advice on the above.
