The funding corporation

[Un happy consumer]

Hello,
i purchased a car from ACF, three years ago. The finance was arranged through "the funding corporation". When I purchased the vehicle I was informed I could return the vehicle to upgrade after two years of good payment history. Last year when I attempted to upgrade the vehicle I was sternly told "no", as the agreement has to be in its final year for an upgrade to be considered. I have never missed a payment and always paid on time .i have sent letters with no response, and have asked about a voluntary termination and have been refused, as I have signed the contract. The contract is 5 years long and I will be paying back three times the amount the car was worth when I purchased the vehicle. Is there any legal way I van return the vehicle and pay administration charges. I have alreadypaid over £14,000, on a vehicle that was worth £9,000. Can anybody advise.

[FlamingParrot]

Re: The funding corporation

Hi and welcome!

Sounds like one for Gravytrain, I'll see if he can pop round and take a look.

[gravytrain]

Re: The funding corporation

Hello,
i purchased a car from ACF, three years ago. The finance was arranged through "the funding corporation". When I purchased the vehicle I was informed I could return the vehicle to upgrade after two years of good payment history. Last year when I attempted to upgrade the vehicle I was sternly told "no", as the agreement has to be in its final year for an upgrade to be considered. I have never missed a payment and always paid on time .i have sent letters with no response, and have asked about a voluntary termination and have been refused, as I have signed the contract. The contract is 5 years long and I will be paying back three times the amount the car was worth when I purchased the vehicle. Is there any legal way I van return the vehicle and pay administration charges. I have alreadypaid over £14,000, on a vehicle that was worth £9,000. Can anybody advise.

We need to see the agreement, some of these commercial agreements are a nightmare, and they do thier best to contract out of all regulatory protection , sometimes the succeed sometimes they don't, It all depends on the contract.
Is it possible to scan it up ?

[Un happy consumer]

Re: The funding corporation

I can upload the contract, but it will be a photo of each page, rather than a scan or PDF is this acceptable?

[Un happy consumer]

Re: The funding corporation

upload of contract

[FlamingParrot]

Re: The funding corporation

I can upload the contract, but it will be a photo of each page, rather than a scan or PDF is this acceptable?

Yes, it is, you can just attach each image to your post. hoto:

upload of contract

I can't see any attachments on this post... :confused2:

If you have trouble uploading to the forum, you can try a free image hosting service such as: http://postimage.org or http://tinypic.com

...and link to them here. :nerd:

[Un happy consumer]

Re: The funding corporation

upload

[gravytrain]

Re: The funding corporation

Your personal info is still on there.

This is secured against a bill of sale, do you have a copy of that ?

[gravytrain]

Re: The funding corporation

Sory just spotted it

[Un happy consumer]

Re: The funding corporation

Is there any other information you require

[gravytrain]

Re: The funding corporation

No just leave it with me I will get back to you, something i need to check.

[FORCEOFONE]

Re: The funding corporation

What sort of agreement is this

Hire purchase
Fixed sum loan
Conditional sale

[gravytrain]

Re: The funding corporation

Fixed sum restricted use secured by way of a bill of sale.

[gravytrain]

Re: The funding corporation

For reference

http://www.parliament.uk/briefing-papers/sn05631.pdf

I think that there is recent legislation regarding these loans, i am trying to find and see if it is applicable.

[Un happy consumer]

Re: The funding corporation

Thank you for all the information you have supplied, is there any more progress on the search you was conducting to see
if the legislation was applicable to my case?