SeanG79
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AP/AR Markers are usually treated in the same manner as defaults and that can be an "auto-decline" within their underwriting procedures. With active AR/AP markers, it is likely you will have to use a "sub-prime" lender. I would try a different dealer that has a wider range of lenders on their funding panel. With a sensible deposit and sensible term, I would expect you would be approved via a vehicle finance provider, especially that you have a mortgage and credit cards that are being paid on time.
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Probably not what you want to hear but: 1. They don't have to produce a signed copy of the agreement, only a reconstituted copy. So all the dating etc. is irrelevant, your son wanted the car, signed the paperwork, took the car AND most importantly made payments without objection. 2. On the balance of probabilities, he accepted the finance as he started making payments and didn't lodge any complaint before losing his licence and consequently his job. 3. The fact he made the first payments will indicate that he could indeed afford the payments if he had kept his job, and you now want the lender to agree to let him carry on with the payments because he has another job. 4. I would guess hasn't got his licence back so suddenly after losing it to drink-drive, so who will be driving the car? 5. If a default notice and notice of termination was issued by Motonovo then they are within their rights to repossess the vehicle. Motonovo are not at fault here, your son lost his licence to drink driving and the repercussions of this is that he lost his job and subsequently couldn't afford the monthly payments. There wouldn't have been a complaint if he had not lost his job and continued making payments.
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I would suggest, if you can, waiting until Friday and getting the marker removed before selling on the vehicle as this could save you headaches in the long run.
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OK...you can sell it privately, provided that buyer doesn't do an HPI check. Why would you not wait until the marker is removed on Friday and then proceed with the original intention of selling to the dealer and getting the other vehicle? Unless of course you can sell it privately for more...
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You can sell the vehicle, however no dealer will buy it and many private individuals will HPI before buying the vehicle. As mentioned above, if you can show you paid market value for the vehicle and were lead to believe this provided clear title when purchasing the vehicle, you will not be deprived of the asset. I know a lot of Barclays Partner Finance agreements are written on Fixed Sum Loan Agreements (Personal Loan) not secured on the vehicle. I also know of lenders that still put a marker on HPI even though they don't have an interest in the vehicle. It might be worth confirming with Barclays Partner Finance that the finance is indeed a PCP/HP agreement, as if it isn't, you can insist they remove the marker. If it is an HP/PCP agreement, I would write a formal complaint to Barclays with your receipt, quoting legislation, etc. giving them a deadline to respond to and then taking the complaint to the Ombudsman and FCA (Financial Conduct Authority) if they do not respond to the complaint. (I think they have 40 days to respond, but it may be less).
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With the "finance company" being Cash Capital, it sounds more like a log book loan than a Hire Purchase Agreement.
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The main problem you will find with Motonovo is that the vehicle wasn't insured by your father. Even if he had been driving the vehicle and the police seized the car, Motonovo would look to repossess if they took the car from the impound. Car finance companies almost always include an insurance clause in their T&C's, they insist the vehicle is insured fully comprehensive. What would have happened if the car was stolen or caught fire, it would not have been insured. If he had a fleet policy covering all his vehicles, that would suffice, alternatively the specific vehicle would need to be included on his policy. If the only insurance on the vehicle was in your name, with your dad not mentioned on the insurance, then this would be a breach of terms as it would suggest your dad had financed the car on your behalf, which would be considered accommodation/fronting. Probably not what you wanted to hear, but Motonovo are not likely to be very helpful.
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Nobody ever told it it was fraudulent
SeanG79 replied to sirbob10's topic in Vehicle retailers and manufacturers
Fronting/Accommodation is not allowed - this is a situation where somebody obtains finance for someone else where that person would normally be declined the finance, thus obtaining finance by deception. Many car finance providers will terminate the agreement and repossess the vehicle when they learn of the accommodation/fronting. The way around this is obtaining finance with a guarantor or the guarantor obtaining a personal loan and using that to purchase the vehicle. -
The top of the first page of the agreement will normally state what the agreement is. A personal loan is usually referred to as a "Fixed Sum Loan" in this type of arrangement
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Barclays Partner Finance - are you sure this was a Hire Purchase agreement and not a Fixed Sum Loan agreement (personal loan), if the latter, then I am not sure you can use Section 75 if you took a personal loan
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Lombard North Central /vehicle hire agreement/none regulated?
SeanG79 replied to jonyd's topic in Financial Legal Issues
The agreement was non-regulated, because it was in the name of the limited company. It did not need to be signed on trade premises. Only regulated finance agreements needed to be signed on trade premises. -
Do not mention voluntary repossession, it is voluntary termination. Your credit file will be marked with a "VT" marker, but this is not adverse. It will have no future bearing on personal loans. It shouldn't have any future bearing on vehicle finance either, however Close MF may offer a shorter term on future finance and/or a higher initial deposit to avoid future losses.
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As the others have said, and I would complain to the FCA (Financial Conduct Authority), they are pushing for fair treatment of customers.
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They don't share any similar directors
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Hi Garage, thanks for your reply. I have spoken to her and after the diagnostic, the dealer agreed that she should take the vehicle to BMW to get the coil pack(s) replaced.
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