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Please can somebody help / advise. I purchased a car on finance through the funding corporation. This was credit on a bill of sale. Whilst purchasing I was informed I could upgrade the vehicle after two years, two years passed and my upgrade was declined, I was then told I have to wait a further year, guess what 3 years passed and my upgrade refused again. I was told a further year and I could upgrade. My circumstances have changed I require a bigger vehicle but find my self stuck for a further two years with this vehicle. What penalty would I face if I got finance with another vendor, and returned this current vehicle to the funding corporation. Please can somebody advise me.
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Re: Can I hand my car back?
I take it that you have a fixed sum loan with a bill of sale on the vehicle acting as security ?
If you terminate the contract they will sell the vehicle and should knock the proceeds off you balance, they should then deduct the early termination allowance.
Otherwise if you contact them they may let you sell the vehicle and settle the loan.
It may be an idea to check if the BOS was registered also, if it wasn't it is not binding, and you can do what you like with the car.
This is an address i have used , i do not know if it is still active but you could try it, otherwise you will have to contact the court directly.
Lindsay.hutchinson@hmcts.gsi.gov.uk -
Re: Can I hand my car back?
If you have paid half the purchase cost of the car then you can just hand the car back with no comeback. It's called voluntary termination.
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Re: Can I hand my car back?
This is a contract via a Bill of Sale.
Although it is regulated by CCA 1974 (as amended), the security (usually the vehicle itself) is governed via the Bill of Sales Act 1882.
Unlike HP agreements, this does not usually provide the same right of VT as the Consumer Credit Act.
http://www.acfcarfinance.co.uk/_asse...BillOfSale.pdfCAVEAT LECTOR
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Re: Can I hand my car back?
Yes section 99 does not apply to these agreements nor does the one third rule. they are effectively a fixed sum agreement secured by the BOS.
Although a DN should be presented before the car is re-possessed in a case of default.Comment
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