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The funding corporation

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  • 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.
    Tags: None

  • #2
    Re: The funding corporation

    Hi and welcome!

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

    Comment


    • #3
      Re: The funding corporation

      Originally posted by Un happy consumer View Post
      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 ?
      Last edited by gravytrain; 16th April 2013, 11:12:AM.

      Comment


      • #4
        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?

        Comment


        • #5
          Re: The funding corporation

          upload of contract

          Comment


          • #6
            Re: The funding corporation

            Originally posted by Un happy consumer View Post
            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:

            Originally posted by Un happy consumer View Post
            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:

            Comment


            • #7
              Re: The funding corporation

              upload

              Comment


              • #8
                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 ?

                Comment


                • #9
                  Re: The funding corporation

                  Sory just spotted it

                  Comment


                  • #10
                    Re: The funding corporation

                    Is there any other information you require

                    Comment


                    • #11
                      Re: The funding corporation

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

                      Comment


                      • #12
                        Re: The funding corporation

                        What sort of agreement is this

                        Hire purchase
                        Fixed sum loan
                        Conditional sale

                        Comment


                        • #13
                          Re: The funding corporation

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

                          Comment


                          • #14
                            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.

                            Comment


                            • #15
                              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?

                              Comment

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