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stevew87

VT Advantage finance - taking a long time?

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Hello,

 

I recently VT'd my car with advantage finance. I got in touch with them regarding it, after which they sent me a letter with the outstanding amount available.

 

The letter was dated 01/02/16, and it stated that I needed to return the car within 21 days in order for the letter/sums to still be valid.

 

The car was returned to their "drop off" point (transportation company) on the 22/02/16.

 

I am still to date waiting for them to complete their "inspection" and send me a final sums due.

 

A number of things have seemed a little "off" with the whole process, is this typical AF?

 

  1. They offered me a drop off point that was about 70 miles away, or a pickup for £80.
  2. I was able to be present for an inspection with the transportation company, in which we both agreed that the car was in good condition. AF have said they do not accept a conditon report from the transportation company, so how am I able to be present?
  3. Thier communication is TERRIBLE. They literally reply once I mail them 2 or 3 times with a vauge "its not done yet"
  4. They will not accept me paying off the remaining HP sums, and then whatever damages separately. I want this so I can get it in writing from them that the agreement is over.

 

It all seems very unprofessional to me, I mean sure they are losing out here ultimately - but I would expect to be replied to in the very least, and a degree of urgency so they can sell the car on.

 

My next step if I don't get anything back by tomorrow is to follow up with a formal letter, would this be wise?

 

I did opt for a drop off point even further away in the end as it was local to where I picked my temporary car up from.

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How much have you paid for the car? How much do you have left to pay?

 

How voluntary termination works

 

As long as you repay 50% of the Total Amount Payable (not the total amount borrowed, as you need to include interest and fees), you are entitled to terminate the agreement and return the car to the finance company. As long as there are no “damages if you have failed to take reasonable care of the goods (over and above normal wear and tear)”, you have nothing further to pay.

 

The total amount payable (which is the total amount borrowed plus interest and fees, and also includes the Guaranteed Minimum Future Value on a PCP) must be clearly shown on any car finance quotation and contract, so you should be able to find it easily enough. You must pay off half of this figure to be able to voluntarily terminate your PCP or HP.

 

It makes no difference if you bought your car new or used; the law is exactly the same for both.

 

[How do I voluntarily terminate my PCP or HP?

 

 

There are a few problems that people run into when trying to exercise their termination rights.

 

Firstly, the finance companies and car manufacturers hate voluntary termination and would prefer that the clause be removed from the law, so they will not be interested in helping you one little bit. Usually, they will try and drag the process out as long as possible and try to make you do a lot of running around, as they are still charging you until the termination is exercised. Luckily, there are some good resources around like this one from Legalseagulls, which contains a template letter to send to your finance company. Be very clear in your language and do not get sidetracked by anything not related. You don’t have to sign forms or other documentation; simply send them your letter (e-mail is acceptable but recorded delivery is better) and stick to your guns.

 

Image © Aston Barclay plc

Image © Aston Barclay plc

Secondly, the clause is a little vague in that it states that there must not be any “damages if you have failed to take reasonable care of the goods (over and above normal wear and tear)”, but there is no definition of what that means. This gives the finance company an opportunity to try and claw back some money from you by charging you for damage that would not be considered “reasonable care”. Usually this involves threatening letters, large invoices for minor scratches or excess mileage, and various forms and legal jargon to try and scare you into paying up as much as they can get from you. The Legalseagulls link has some excellent advice about ensuring that you document the car’s condition with dated photographs to prove it is in “reasonable” condition when you hand it back. You cannot be billed for excess mileage, although you can be sure the finance company will try to charge you for it.

 

Thirdly, if you have previously defaulted on your loan, they can refuse to allow you to voluntarily terminate the agreement. If you want to terminate your PCP or HP, plan it in advance and keep paying your monthly bills until you are able to exercise your termination rights. The rules are very different if you are terminating the agreement from a position of strength rather than the finance company trying to terminate the agreement and claim costs because you have missed payments. If your financial position is wobbly, then it is better to act decisively and early before your situation collapses and you are no longer able to pay your bills or terminate.

 

Source: http://www.thecarexpert.co.uk/car-finance-voluntary-termination-pcp-hp/


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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£453.81 left to pay according to the letter sent, 2366 paid according to credit report.

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Send a formal complaint to their Head/Registered office.


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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

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Would you say its an unreasonable amount of time then?

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you should not have to pay anything to return the car anywhere!!

 

 

did YOU send the correct VT letter under section 90

 

 

you sure they are not spoofing you with VS?

 

 

never ever trust them


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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No I did not, I had done some research, but not enough to know about sending the VT letter stating section 90.

 

All correspondence, except the VT statement from them was done via email and clearly states the VT right being excerised.

 

There was never any voluntary surrender discussed by us.

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