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Next month I will have paid 24 months of a 48 month agreement. I have been trying to get myself back on my feet financially so I bought an old van for cash and have decided now to give my car back as I will have paid half of it next month.
I have been checking through my documents and can only find a copy agreement from the finance company that is not signed by either party. Is this normal? Does this mean that the agreement is not enforceable and I can effectively give the car back now?
I have written to them and asked them for a settlement figure for the car and also to send me a copy of the signed agreement.
Any help would be great. I know all about the CCA letter requesting executed copy of agreement but does this apply to cars too? If so, it may mean that I can give it back now and not wait another month.
Re: Conditional Agreement - Want to give car back!!!!
You should receive a copy of the "unexecuted" agreement once you have signed it, and a further copy of the "executed" agreement when it is signed by you and the finance company. The fact you can only find an unsigned copy does not necessarily mean the agreement was not correctly made and therefore unenforceable. See what the finance company send you as a copy of the agreement.
The agreement should contain a statement showing the third and half amounts, after which (third) the car can only be repossessed with a court order, or (half) returned to the finance company. Default charges and PPI payments (if any) do not count towards the half.
You also want a statement showing the payments made, so that you can determine whether you have paid 50% of the price, rather than a settlement figure, which assumes you are paying the full price less a rebate of the charges for early settlement.
Re: Conditional Agreement - Want to give car back!!!!
Thank you. I will wait to see what comes back from the finance company. The agreeement I have does have the relevant figures ie third and half but is not signed either by me or by the lender.
I really want to take this car back as it is costing me a lot of money sitting in the driveway!!!!!!!
Re: Conditional Agreement - Want to give car back!!!!
Hi there
I received a settlement figure yesterday which astounded me!!!! I have been paying the agreement for 2 years and yet the settlement figure is more than half the amount. I am sure there are charges added!!!
Should I have received a Breakdown of how they work this figure out? They didnt send the signed copy agreement with the settlement figure so am going to query why not today.
Re: Conditional Agreement - Want to give car back!!!!
Just been on to the finance company to query the settlement figure and their agreement is different to the one I have ie their figures dont match up. They also said that I got a phone call on a specific date and bought their gap insurance. I have everything to do with my car in a folder and have not received any letters or policy documents regarding gap insurance. Ive asked them to send me a copy of the letter and also a copy of the signed agreement. What do I do if their figures arent the same as the ones I have? Im really confused about this.
They also have given me an insurance rebate which is less than 24 months rebate. I would have thought if I only had the agreement for 24 months out of a 48 month agreement then I would be due 24 months rebate. Am I wrong?
Re: Conditional Agreement - Want to give car back!!!!
I guess it will depend on what date of the month they consider a completed month but at least 23 months I would've thought. Someone suggested to me that they are by law required to record and archive all telephone conversations so perhaps you could ask them if they can provide the recoding of the phone call when you accepted this cover and a copy of the letter they sent to you confirming this conversation has taken place. Like setting up direct debits over the phone, they can only do it if they can reproduce the actual phone call, I'm pretty sure of that.
Re: Conditional Agreement - Want to give car back!!!!
There is a difference between requesting a settlement figure, which means that you are paying off the full price of the car plus interest charges less the statutory rebate for early settlement (ie you keep the car having paid for it), and your right under section 99 of the CCA to terminate a conditional sale or HP agreement by giving the car back.
Your liability in the case of termination is to pay half of the total price due under the agreement including any arrears due at the time of termination, but obviously you no longer have the vehicle. Any PPI etc complicates things, because it will be a separate part of the contract and is not terminated when you give the goods back.
Assuming you want to just give the car back, ignore the settlement amount and request a copy of the agreement and a statement of the account under section 77, which will show how the payments have been applied to your account. You should then be able to see if you have paid more than half the total price, or if the finance company have used some of your payments for insurance, default etc. The fee for the s77 statement is £1.
Re: Conditional Agreement - Want to give car back!!!!
Hi again
They said they would send me a copy of the tape - not arrived!!!! They told me they would send me a copy of the original agreement - not arrived!!!! They did send me statements which clearly shows Gap insurance on it and I did not order that. I know I didnt. I dont have a letter from them and I have no policy documents.
I think there is something very fishy going on here. Will keep you updated as to progress.
Conditional Agreement - Want to give car back!!!!
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