Thanks for the quick response. The point that puzzles me in all of this is that in section 99 of the CCA, it clearly explains the following; 2. The termination of an agreement covered in Point 1 does not infringe liability under the agreement that was born prior to termination. That`s what they`re trying to catch up with me and it sees everything a little confusing to me, BMW`s formulation is that any pre-execution liability is not affected by termination and that means they can recover excess mileage costs??? They also say that my car is not considered “good condition” due to mileage, although the inspection report said otherwise and the car honestly mint/fully maintained/fully spoken, etc. If it is a personal loan, you have no right to terminate. Check your financial documents – if you have VT rights, they are clearly formulated in a particular clause. A private loan is not protected against the vehicle, so the financial company is not interested in the car – you simply owe them the money you borrowed – interest and fees. Voluntary termination only applies to secure financing agreements such as PCP or HP. Hey, Stuart.
My wife bought a car on the 13th this month through HP dealers. We have decided that the refunds are too high and we want to pay the car with our savings. The car cost $6,000, and we paid $1,000 in bail and we allowed 1,500 $US, ex on our old car. Can we terminate the HP contract and pay directly for the car, and if we do, we will have other costs from the financial company? Once Moneybarn has approved a funding application, the next step in this process is to find the car or carrier that is with you. This allows us to create an offer for you that tells you exactly how much the deal will cost you monthly and in total. If your contract is terminated voluntarily, you are responsible for paying half of the total amount set out in your contract. The total amount is the amount you borrowed, plus the interest. In some cases, it may also include the price of the guaranteed future value. About 9 months ago, I pulled out a used car with rotten loans, and the repayments are stupidly high. I wonder if I could terminate the contract after 16 months, which is halfway through the deal and poorly paid money. Hello Stuart, I was advised by the car sellers to vt my PCp, because my car is going to be much less otherwise.
My car has a small scratch on the bumper and it was a new car. I was wondering if they were going to reload me for the scratch. Hello Stuart – If you are familiar with Porsche`s leasing purchase agreements, they are defined as a type of HP and I want to make sure, before I commit, that VT is applicable, because I know that pure leasing contracts are exempt from the regulatory rule. If you are having trouble maintaining repayments for a rental purchase or a conditional sales contract, it may be best for you to terminate the contract yourself. This limits the amount you owe. Once you are late with repayments, the lender can terminate the contract and you may end up having to pay more. The standard message informs you of pending payments and gives you a date when you can make up for your arrears. If you cannot pay the arrears within the allotted time, the total balance may be automatically due and the contract can be terminated. However, some agreements require the creditor to send you a notification before the contract is terminated. Be clear in your language and don`t be sidelined by something that has nothing else to do. In particular, please note that you will exercise your legal right to voluntarily terminate your auto financing contract under your contract and the Consumer Credit Act of 1974.