Finance Voluntary Termination

[Sarah T]

Good Evening,

I used your voluntary termination letter to lender template and sent it to my PCP lender 14 days ago tomorrow (28/12/16). How long should I wait for a responce ? If I don't receive a reply what would you recommend as the next steps ?

Many Thanks

[R0b]

Re: Finance Voluntary Termination

Good Evening,

I used your voluntary termination letter to lender template and sent it to my PCP lender 14 days ago tomorrow (28/12/16). How long should I wait for a responce ? If I don't receive a reply what would you recommend as the next steps ?

Many Thanks

Morning, does the lender have an email address you can send it to? I would send an email to them following up and attach a copy of the letter that you sent.

If you sent the letter by post did you keep a postage receipt as proof?

[Sarah T]

Re: Finance Voluntary Termination

Good Morning Rob,

Thanks for the quick response.

I do have an email address for them. What should I word in my email ? Yes I also have proof of postage.

Many Thanks
Sarah

[R0b]

Re: Finance Voluntary Termination

If you have a copy of the letter retained or a word version of it, attach the letter in PDF format and also if you can scan or take a photo of the proof of postage receipt and email it over to them.

The contents of the letter will depend on what you want to do next and how much of a hurry you are in. Is the car on your drive (if you have one)? Are you using another car at the moment which is perhaps restricting access to the drive due to the current car being there? Are you still paying tax and insurance on the car?

It would be helpful to know who the lender is but if they are failing to reply, then you have a couple of options.

1. Inform them that they have a further 14 or more days to collect the vehicle otherwise you will cancel the tax/insurance if not already done so and the car will remain on a public highway. Any liability from that day forward rests with them due to their failure to collect the car. You can also notify the DVLA of a change of registered keeper online now if you want to do that too at https://www.gov.uk/sold-bought-vehicle though you will need to V5 Form to complete it.

2. The other option which some people have used on here to get results is to threaten to sell the vehicle at a car auction. Under the Tort (interference with goods) Act 1977, where the goods ar in your possession and the owner does not come to collect them despite being notified, you can give them a final notice to collect the car within a reasonable period of time and if they do not then you will consider the car as abandoned and you then have the legal right to sell the car but the proceeds must be returned to the owner. You can deduct costs from the proceeds for storage of the car and any auction fees that may be applicable. You can find a sample letter on this thread (at post #6) -> http://www.legalbeagles.info/forums/...s+interference

[Sarah T]

Re: Finance Voluntary Termination

Hi Rob,

The finance company is FCA Group. It is still taxed not insured as it is sitting on my driveway taking up space as I now have another car. I had a look over your Torts template and that is mentioning after a number of attempts. I have only sent them that one letter. Do you think its wise to email them with the original letter attached and a photo of my proof of postage and wait? Do I have to give them another 14 days legally ?

Many Thanks

[R0b]

Re: Finance Voluntary Termination

14 days is what is generally considered a reasonable time, the letter is tailored to that particular person's circumstances but allowing 28 days for example means they have had almost a month and a half to collect the car and that is more than a reasonable amount of time. If you want to send an email to them first, then you can do so but the choice is up to you.

[Sarah T]

Re: Finance Voluntary Termination

Hi Rob,

FCA have confirmed this morning that the VT has been accepted and I am now to cancel my DD. I have arranged the collection of the vehicle for 12/01/17. I have taken photos of the car today. Is there anything else you would advise me to do between now and the 12th? Also I read on another thread about not signing any documents from the collection, is that correct?

Thanks

[charitynjw]

Re: Finance Voluntary Termination

Hi Sara

I'll give [MENTION=71570]R0b[/MENTION] a nudge for you.

[R0b]

Re: Finance Voluntary Termination

Hi Rob,

FCA have confirmed this morning that the VT has been accepted and I am now to cancel my DD. I have arranged the collection of the vehicle for 12/01/17. I have taken photos of the car today. Is there anything else you would advise me to do between now and the 12th? Also I read on another thread about not signing any documents from the collection, is that correct?

Thanks

Hello, I generally advise against signing any documents as they generally state that you agree to pay for any damages that they discover on the inspection. If you do sign it, then your going to make things more difficult for yourself and they will claim you already agreed to pay it.

[Sarah T]

Re: Finance Voluntary Termination

Good Evening,

I used your voluntary termination letter to lender template and sent it to my PCP lender 14 days ago tomorrow (28/12/16). How long should I wait for a responce ? If I don't receive a reply what would you recommend as the next steps ?

Many Thanks

Hi,

Could someone get back to me asap please?

Thanks

- - - Updated - - -

Hi

Could someone get back to me asap please

Thanks

[R0b]

Re: Finance Voluntary Termination

What steps do you want to take? You have a couple of options to either cancel the tax/insurance and put on a public highway if its on your drive or give them 28 days notice to remove the car or you will treat it as abandoned and will have the legal right to sell and transfer the proceeds to them minus any costs incurred and/or storage charges.

[Sarah T]

Re: Finance Voluntary Termination

I take it I am well within my rights to refuse to sign any documents ?

What is the normal protocol on the day they come to collect the car ? Sorry I have never done this before.

Thanks

[R0b]

Re: Finance Voluntary Termination

They will usually carry out an inspection of the car and make any notes. That is usually an initial inspection and they may make further notes of 'damage' when it goes to auction. In addition, the collection agent may ask you to sign documents in paper or electronically, I would advise against as it usually states that you agree to pay for any damages following inspection.

A letter will then usually tell you that you owe X for damage to the car beyond a reasonable condition.

Make sure to take plenty of photos both inside and out before you hand the car over as evidence of its condition.