Car Finance - Legal Duties of Dealer as Finance Broker

[Amethyst]

Re: Car Finance - Legal Duties of Dealer as Finance Broker

It's okay, when I see something so obviously unfair I tend to go off on one.... I'd guess you aren't the only customer that this has gone on with too.

SO standard VT'ing at 50% ( £3877 ) which you will have paid solely by installments over 31/32 months at £125 a month.

There don't appear to be any terms regarding mileage or condition other than 'reasonable condition'.

This is the term.


[MENTION=71570]R0b[/MENTION]
Paperwork - pre contractual http://legalbeagles.info/forums/atta...5&d=1501156237

page 2 of agreement http://legalbeagles.info/forums/atta...4&d=1501154424
terms http://legalbeagles.info/forums/atta...3&d=1501154413
invoice http://legalbeagles.info/forums/atta...1&d=1501066551
agreement http://legalbeagles.info/forums/atta...0&d=1501065748

[EwanHusarmee]

Re: Car Finance - Legal Duties of Dealer as Finance Broker

Just to confirm, are you asking [MENTION=71570]R0b[/MENTION] to check the legality of the false figures on the proposal?

Also, if [MENTION=71570]R0b[/MENTION] is the vehicle finance expert, maybe he could weigh in on "Incidentally, I have been searching through the forums for cases where people have offered to buy the car off the finance company after they have VT'd it. Given its still got some warranty on it and I know and have faith in the car and have paid for a tow bar, I would happily pay whatever Moto are likely to get for the car selling it at auction, plus a small premium. Any thoughts?"

[Amethyst]

Re: Car Finance - Legal Duties of Dealer as Finance Broker

No just the VT potential pitfalls really ... although I suspect he'll pick up on the figures too.

[R0b]

Re: Car Finance - Legal Duties of Dealer as Finance Broker

Hello,

Sorry I'm struggling to follow this thread properly and really understand the crux of the issue. The car's value was £4590 and the credit stated on the HP agreement is £5000 (because of the warranty) and the question is whether or not liability (if any) arises due to the wrong information on the agreement - does that sound about right?

[EwanHusarmee]

Re: Car Finance - Legal Duties of Dealer as Finance Broker

Exactly.

I am aiming to VT the car shortly and just making sure that there are no possible road blocks based on the amount the lender is going to lose on the deal. I am vaguely worried that they will say you were dishonest when you applied for £5000 of credit when the car was only worth £4590 and that you owe us whatever.

Also interested in your thoughts on offering to buy the vehicle after VTing it.

Thanks

[R0b]

Re: Car Finance - Legal Duties of Dealer as Finance Broker

I'm not sure they could blame you for being dishonest for applying for the credit of £5,000 it is still the true cash value - I think the warranty would be classed as credit anyway because it is a deferred credit i.e. credit is deferred if it is paid at a later date than what you would otherwise be required to pay there and then. The only difference being that it is not marked under the warranty but that is the issue for the lender I think not you.

Not come across a scenario where someone wants to buy the car following VT, though I doubt the lender would sell it to you in that way and are likely to just send it to auction. You could offer to purchase it but they might just ask for the top end price or refuse to sell you it. Alternatively you could ask the agent where the car is going to be auctioned and you might get a better deal that way. Usually Manheim deal with auctioning cars for most big lenders so if you have a local Manheim auction then it is possible that its going to be listed there.

[EwanHusarmee]

Re: Car Finance - Legal Duties of Dealer as Finance Broker

Many thanks to both you and Amethyst for your interest in my issue. I'll give it a whirl asking and let you know.

[R0b]

Re: Car Finance - Legal Duties of Dealer as Finance Broker

No problem, if you are going to VT you may wish to look at the link below (if you have no seen it already).

http://legalbeagles.info/forums/show...on-Your-rights

[EwanHusarmee]

Re: Car Finance - Legal Duties of Dealer as Finance Broker

That was the link that brought me here in the first place ��

[EwanHusarmee]

Re: Car Finance - Legal Duties of Dealer as Finance Broker

Just a quick update.

Motonovo now begin VT proceedings over the phone. The call handler would not entertain me purchasing the car for anything near the market value.

I'm a bit concerned that according to them, the VT is not effective until their handler collects the car and until then I can still drive it, whereas in the letter the contract is terminated with immediate effect. There are 14 days until the next payment is due, which according to Moto, I would have to pay if the car has not been collected, but they can not guarantee that their agents will collect the car by then.

[R0b]

Re: Car Finance - Legal Duties of Dealer as Finance Broker

Word of warning, a valid VT must be done in writing, you cannot VT over the phone and strictly speaking you would not be afforded protection under section 100. Section 99 says you must give notice to the lender and the CCA defines 'notice' as being in writing.

Secondly, upon validly exercising your right to VT, the agreement terminates when you say it terminates. So if the letter says immediately, then it is done immediately once the letter has been received in accordance with usual postal times.
They are misrepresenting the law in that respect and it is irrelevant if their agents can't collect it. There is no obligation for you to continue making the payments until collection, nothing in the CCA says that and it would defeat the object of the agreement being terminated.

[EwanHusarmee]

Re: Car Finance - Legal Duties of Dealer as Finance Broker

Phew, glad I asked! Can i still drive the car, until its collected and if so what is the liability for damage, car service (due now) etc?

Proper letter will be in the post today.

[EwanHusarmee]

Re: Car Finance - Legal Duties of Dealer as Finance Broker

The car has now been inspected and collected. Just waiting for it to be listed at Manheim so I can book a day off to go and pick it up again. The agent put a figure of £178 for the condition - 3 damaged alloys and a paint chip on the bumper, but accepted my "no way I'm paying that" countenance with good grace. He claimed that the charges were based on a government regulation and that most people paid up there and then, to avoid being hassled.

I also got a letter today form Motonovo detailing their standard charges for missing items - including service manual, hand book and spare key; none of which were provided with the vehicle on purchase. Do I send a preemptive letter now or wait for the hassling telephone calls?