I am posting here to find out if someone can help me. Two and a half years ago a purchased a car on a hire agreemt from mercedes smart value of finance was £8k. The agreement was in my limited companies name but with myself as a guarantor and wasn't explained what a non regulated contract or agreement was.
I am currently in the process of paying of the finance agreement and have subsequently found out that as the agreement is non regulated theycan charge me 4 months interest as an early repayment charge. Nowhere in the contract does it state they can do this nor does it outliine what a non regulated contract is.
I have advised the dealership that the loan value is below £25k so it should be regulated and their response was that limited companies are not covered by the CCA, is this correct? Surely my company is covered if I am guarantor and if my company has less then 5 employees?
Also if the agreement does not highligh there is a 4 month interest charge penalty for an early repayment can they charge it?
I would appreciate any help on this and advice on what to do to resolve my issue in trying to retreive the four months of interest back. Oh and when I approached the finance company they are accepting no liability for the miss selling of the dealership.