VT Advice

[Jamesdavenport1985]

Hi guys. Completely new to the forum but just needed some advice on Voluntary terminating a car.

I have read other posts on this over the last few days and have decided to VT my car.

I have paid over half the total of the car and it has negative equity.

I cancelled my direct debit the Friday before it was due to come out on Monday 15th August and also emailed the finance company letting them know my decision.

Since then they have phoned me and tried to persuade me not to do it and said it could affect my credit (which is nonsense). But the other issue is that he sent somebody out to inspect the car and he noted that there was a few scratches and a tiny dent on the left hand side of the car. It's hardly anything. Also he noted that the car didn't have run flat tyres on. It's a BMW 320d and he said before I VT the vehicle I would have to put four run flat tyres on it and also sort out the damage to the car. I said it wasn't damage but it was wear and tear. We disagreed on that.

Basically I would like to know where I stand regarding the run flats and if I do actually have to put them on? Also regarding the damage which is hardly anything.

In my opinion the car is in good condition and above the standard of reasonable condition that is has to be in order to VT the vehicle.

Also what would happen if I just flat out refused to pay for anything they invoiced me for after I handed it back? Where would I stand legally?

Another concern is the fact that I have already cancelled my direct debit. Can my credit be affected by this ?

Any help on this would be greatly appreciated. I was toying with the idea of part exchanging it for something else but then I would be losing out. If I can just get rid and start again it would massively help.

Sorry for the long winded message

Cheers. James.

[R0b]

Re: VT Advice

Hello James, not sure if you have read it but if you haven't it should answer most of your questions -> Guide to VT

1. As for the run flat tyres, do you mean tyres that can run whilst they are flat? If yes, then the answer is no

2. No your credit rating won't be affected but they can put a note saying account closed due to VT because thats a fact. It does not negatively affect your rating itself but some companies lenders may not want to deal with you if they think you run the risk of doing it again. That being said, i've done it a couple of times and no problem obtaining credit.

3. What's your mileage like, is it under or over the amount agreed?

4. Have you taken photos before it was collected as to the damage?

[Jamesdavenport1985]

Re: VT Advice

Hi rob. Thanks for the response mate.

He said because the tyres were just normal tyres and not run flats then I couldn't VT it. He said all bmws should have run flats on and therefore that would cost me roughly £400 in total. I'm assuming he meant tyres that run when they are flat.

My concern regarding the credit rating is that I sent in the VT email three days before a payment was due out. And I cancelled the payment so it wouldn't come out as I didn't want to pay another instalment if I was VTing it. Will that affect anything?

The mileage is at 114k but nowhere does it stipulate anything about mileage in the contract as it is on HP not PCP.

I haven't actually handed it back yet so no not yet but I will do.

[Jamesdavenport1985]

Re: VT Advice

Also rob say if I get an invoice for damages and I refused to pay anything and disputed it, what would happen? Would they likely take me to court?

[Jamesdavenport1985]

Re: VT Advice

Also rob say if I get an invoice for damages and I refused to pay anything and disputed it, what would happen? Would they likely take me to court?

[R0b]

Re: VT Advice

The CCA does not specify that the notice given would have to be a specified time, so in the absence of that you can go off the basis of postage rules. If you sent it by email then provided that the email was sent within business hours (it is common to base business hours on banking hours 9-5) then notice would have been given the same day. So provided that notice was given and received in line with one of the above options, then you can argue the payment is not owed. But if it falls after the date of payment then is more likely you owe it, but doesn't prevent you from disputing it.

As for the damage its purely subjective. If you feel the damage is reasonable then you should dispute it or negotiate or pay up, that choice is yours. Worst case it goes to court and the judge will decide meaning its out of your hands but lenders normally use the BVRLA guidelines which is used for commercial and leasing of cars not for personal use so the standard is higher than just "reasonable". The link provides more explanation of this if you have a read.

Some lenders I am aware of use debt collectors as a threat to pay up, others use solicitors but no on here who have posted (as far as I'm aware) have been taken to court.

You may also wish to keep an eye on your credit file, they are slow to update it and might put a default on if you fail to pay which is in breach of data protection being that it is inaccurate data and not a recognised debt.

[Jamesdavenport1985]

Re: VT Advice

Thanks again rob.

The email saying I wished to voluntary terminate was sent after business hours on the Friday and the payment was due on the Monday.

The main thing now I think is finding out about if I have to put the run flat tyres on but I'm pretty sure that's not the case.

Cheers.

[R0b]

Re: VT Advice

I would say no, unless they can provide an expert opinion on the fact that the car which does not use tyrs that are capable of running whilst flat makes puts it in an unreasonable condition then i don't think you have to pay it. When you read the last sentence you can already see how silly it sounds.