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my partner took out a car loan with BCT earlier in the year. He had around 2500 worth of negative equity wich has been loaded on to the new car. due to work issues we may not be a position to continue paying for the car as we need to pay the mortgage, the bills and food and fuel costs. I have. been looking at the agreement to check if thare are any flaws that would enebale us to hand back the car without repercussions. I am aware that the law changed in 2007 and that all finance agreements should have certain things written in. looking at mine it is very difficult to follow as it makes no reference to the vehicle we traded in. I thought that the agreement should at least have a Breakdown of everything, including the vehicle we traded in, the amount we were given for it, the negative equity amount and the balance to finance. I would be very grateful if anybody could give me any advice on where i standand what the agreement should contain.
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I am unaware of the need to include details of a traded in vehicle on a HP agreement, although any p/x allowance should be included as part of the total deposit.
If your partner had negative equity, however, then there would not be a deposit to show.
The amount of finance should match the figure quoted on the vehicle sales invoice and it is the invoice that shows the Breakdown of various figures used to come up with the balance required from the finance company.
Had to ask dealer to send me the copy of his invoice as we did not seem to have one. The figures on his invoice are completely different from my finance agreement, does this have any affect on the agreement
the difference on the invoice could be through bct doing a mark up on the cost
i believe they buy the vehicles first and then sell them to the customer
hp car finance
, the bills and food and fuel costs. I have. been looking at the agreement to check if thare are any flaws that would enebale us to hand back the car without repercussions. I am aware that the law changed in 2007 and that all finance agreements should have certain things written in. looking at mine it is very difficult to follow as it makes no reference to the vehicle we traded in. I thought that the agreement should at least have a Breakdown
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