fixed sum loan agreement and bill of sales

[carldaw]

hello everyone

i bought a car through a contract leasing company at the cost of £141 p/week by an fixed sum loan and a bill of sale,
anyway i have tried to get out of this after 7 months and the finance company want to charge me £10,000 to keep the car and it was originally £9,995 and over 3 years i will have to pay 11,200 interest.
is there anyway i can get out of this agreement ?

the dates i have signed against on the paperwork do not all match up for some reason and on the bill of sale the date has not been entered and the printed year is 2011 and i took this out in feb 2012.
do you think i have any way out of this?
cheers

[miliitant]

Re: fixed sum loan agreement and bill of sales

is their a clause on the agreement to end the agreement early

is their any early termination clause on the agreement

is the agreement covered under the cca 1974

a bill of sale is only the security, it has no bearing on any credit agreement you signed

[carldaw]

Re: fixed sum loan agreement and bill of sales

it says its regulated by cca 1974
early repayment is under section 94 of cca of which i have no idea what this is
it says nothing about any penalty clause about handing the vehicle back nor did they offer any sort of payment protection or insurance like for if i got into trouble finacially
they fitted a payment reminder key code to the car and did not inform us of this untill they had taken our old car from us.
this code shuts down the car if pyment is missed which was not installed on our car with them.
the greement does not say that we could not return the car if in trouble now say we cant and i was advised to (1) sell car privatly to pay them back the £10,000 (2)enter into a lower weekly payment but a longer term meaning the car would be worthless at the end (3) dont pay and let the finance people reposess and incurr charges and be chased for the balance i would have thought that if they took it back that would cover the finance is this not true?
carl