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Please can anyone help ?
We purchased two vehicles from MB Finance on a finance lease witha balloon payment at the end ( £347 x 36) plus £3995 final payment. The 36payments have ended and we sent a template letter asking if we could return thevehicles under the half rule as they aren’t worth the £4k final payment whichis due.
MB Finance have replied by stating
We are referring to The Hire Agreementregulated by the Consumer Credit Act 1974 as per page number 1.
Under consumer law the 50% return option wouldhave to be included in the Terms & Conditions under Your Rights. Asthe agreement is a lease the 50% ruling is not included, and therefore youremain liable for the arrears on the agreement
Is this correct or are they justtrying to have me over ?
Many Thanks
We purchased two vehicles from MB Finance on a finance lease witha balloon payment at the end ( £347 x 36) plus £3995 final payment. The 36payments have ended and we sent a template letter asking if we could return thevehicles under the half rule as they aren’t worth the £4k final payment whichis due.
MB Finance have replied by stating
We are referring to The Hire Agreementregulated by the Consumer Credit Act 1974 as per page number 1.
Under consumer law the 50% return option wouldhave to be included in the Terms & Conditions under Your Rights. Asthe agreement is a lease the 50% ruling is not included, and therefore youremain liable for the arrears on the agreement
Is this correct or are they justtrying to have me over ?
Many Thanks
