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Car Finance Query


BiGaD09
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Hello all,

A friend of mine currently has a car on finance. The basic terms are;

 

Purchase price - £9000

Amount of Credit - £5000

Final Payment - £4000 (or return car)

 

Despite requesting it, she has never received a copy of the agreement and the finance company is now saying she will be charged a fortune in any excess mileage above 50,000 although there is nothing to document this.

 

My main questions are therefore;

 

Does this fall under the CCA rules (ie. no agreement/no enforcement)?

Can they repossess the car (she has paid it for 22 months, the term is 24)?

 

Thanks in advance for your help.

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If she has paid more than 1/3 of the price of the goods (i.e. the total charge) then they would need a court order to repossess the goods.

 

If this is a hire purchase agreement then it should be regulated credit agreement under the CCA 1974.

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