MotoNovo Finance - Jaguar on HPi with mileage discrepancy

[yogibear1]

Hi

i did read your post but ive had the loan for 6 months and i wondered when i would have to pay the 50% is it immediately or will they hold until the car sells at auction?

[dx100uk]

after

they'll write and tell you some ole baloney that this and that had to be done costing £1000's but you don't have to pay anything extra

neither collection if you opt for that. as long as the distance is reasonable they cant charge you.

likewise they cant demand YOU take it 100's of miles away to xxxx place

[yogibear1]

thanks for the info its an option.

i wonder how much less the car would fetch at auction due to the recorded mileage discrepancy?

[dx100uk]

I doubt that would ever be revealed.

[yogibear1]

1 minute ago, dx100uk said:

I doubt that would ever be revealed.

Hi

Auctions have to declare mileage discrepancies as the vehicle is being auctioned.

Dealers will hear that the car has a mileage discrepancy, this would put a lot off unless the car was cheap.

Edited April 29, 2019 by yogibear1

[Peterbard]

5 hours ago, yogibear1 said:

If this was an option i would be liable for 50% of the complete loan inc the whole terms interest?. For argument's sake, say i would owe £8k. if the car goes back and i no longer have the car do i still owe £8k?

 

4

No.

 

If you VT all you pay is 50% of the Total price of the goods( no interest). If for instance, the total price is £2000(and you have paid £1000 including your deposit, there is nothing more to pay.

 

I believe are at the beginning of your loan so you would have paid very little off the value of the goods. In your case, I would guess no more than £700.

If you just returned the car or it has defaulted they would be looking at £1300 to settle on top of what you have already paid.

If you got the car back, which is by no means certain, you would have paid about £21kor a car which was not worth £18K in the first place. Then, of course, there is the matter of where is the£13k coming from.

 

Are you going to sell the car which has cost you £20k + and make a profit? or even be within spitting distance of breaking even, not on your life..

[Peterbard]

There is something else to consider, seems like a lifetime ago now, but didn't you say bailiffs had a warrant on your goods?

If so you could not sell the car anyway. they would be bound.

[ReasonableRon]

10 hours ago, Dodgeball said:

No.

 

If you VT all you pay is 50% of the Total price of the goods( no interest). If for instance, the total price is £2000(and you have paid £1000 including your deposit, there is nothing more to pay.

 

 

Sorry but this is wrong.  The liability to the borrower upon VT is 50% of the total amount payable, including interest and any balloon payment (if applicable).  There is also no credit given for any proceeds the lender receives from the sale of the vehicle against this liability.  The actual amount payable will be set out on the agreement, from which you simply deduct any payment already made plus the original deposit.

 

It is for this reason that it is sometimes not economical to VT very early in the agreement, because the resultant liability will often be quite excessive.  Because no credit is given for the value of the vehicle and if the vehicle is worth roughly around the actual settlement figure then VS may be the cheaper option.

 

 

[yogibear1]

i don't know what to believe here?

the car cost £18000 minus £4k deposit.

£14k finance

paid £1800 already.

interest for the full 5 years is £4k

 

car is worth £17k trade

No missed payments.

 

i am just trying to understand how the vt works.

Edited April 30, 2019 by yogibear1

[dx100uk]

doesn't matter what they get at auction not your problem

all you have to do is meet payment to the 50% mark

[Peterbard]

Yes sorry, I thought I had edited it, but it seems not.

AS DX says

The auction was in reference to a surrender of the vehicle, not the VT. This is set at 50% The advice was that any proceeds in excess to the sum remaining after the voluntary surrender was sent to the hirer, this has been challenged lately, I think I inferred that in the previous post.

 

The OP paid a large deposit it has to be remembered. Also, the idea is to limit the loss to 50%, I have difficulty in seeing how this would be beneficial later in the agreement when the 50% mark had been passed.

Are you saying that a debtor should terminate when he only owes ten per cent at 50% to take advantage of this protection?

 

The whole point is to protect the debtor from having to purchase a car which, but for this section, she would be contractually obliged to pay, this is precisely the situation the OP finds herself.

 

 

As I think I said, at the being of a loan there is very little paid off the principle so a surrender figure would be high. However the further you go, the nearer the two figures get and at some point voluntary surrender is actually a more attractive option, although not in the OPs case.

 

surely it makes sense that the longer the contract runs the more of the contractual sum is paid to the creditor, this is hardly beneficial to the debtor.

Edited April 30, 2019 by Dodgeball

[Peterbard]

3 hours ago, yogibear1 said:

i don't know what to believe here?

the car cost £18000 minus £4k deposit.

£14k finance

paid £1800 already.

interest for the full 5 years is £4k

 

car is worth £17k trade

No missed payments.

car. ypu npw say it is worth £1700 trade, which means about 19k resale. Hard to see , off this what your lossses are?

i am just trying to understand how the vt works.

6

 

You are not the only one.

 

You say you paid £18 for the car now you say it is worth 17k trade, sounds to me like you got a good deal. So what are your loses? Or is this whole thread just an elaborate shaggy dog story.

If this is the case you do not want to terminate at all, why would you? just pay the agreement and bill the dealer for work done, if you feel it unjust.

[ReasonableRon]

On 30/04/2019 at 19:28, Dodgeball said:

Yes sorry, I thought I had edited it, but it seems not.

 

AS DX says

The auction was in reference to a surrender of the vehicle, not the VT. This is set at 50% The advice was that any proceeds in excess to the sum remaining after the voluntary surrender was sent to the hirer, this has been challenged lately, I think I inferred that in the previous post.

 

The OP paid a large deposit it has to be remembered. Also, the idea is to limit the loss to 50%, I have difficulty in seeing how this would be beneficial later in the agreement when the 50% mark had been passed.

 

Are you saying that a debtor should terminate when he only owes ten per cent at 50% to take advantage of this protection?

 

The whole point is to protect the debtor from having to purchase a car which, but for this section, she would be contractually obliged to pay, this is precisely the situation the OP finds herself.

 

As I think I said, at the being of a loan there is very little paid off the principle so a surrender figure would be high. However the further you go, the nearer the two figures get and at some point voluntary surrender is actually a more attractive option, although not in the OPs case.

 

surely it makes sense that the longer the contract runs the more of the contractual sum is paid to the creditor, this is hardly beneficial to the debtor.

Each case should be looked at on its merits as there can be pros and cons either way.  An example of what I was referring to about the danger of VT'ing too early in the contract is as follows:

 

Cash Price of car: £15000

Deposit paid: £3000

Amount of finance £12000 payable over 60 months at £300 per month (i.e. total interest charge of £6000 - not too unusual if a customer's credit rating is less than perfect)

 

Customer decides that they want rid of the car after 4 months, having made £1200 in payments.

 

Everyone advises the customer about their VT rights and that VS is some sort of lender encouraged fiddle, however at this point the amount payable to VT is £6300 ((£18000+£3000)/2-£3000-£1200) whereas the car is actually worth say £11000 trade and the actual settlement figure is around £11500. 

 

Clearly the problem with VT is that no credit is given for the sale of the vehicle meaning that the remaining liability is fixed, however on a VS, providing that the customer is able and willing to take advantage of early settlement rebates and actually pay off any remaining balance at the time, the only balance remaining is whatever is outstanding after the vehicle has been sold.

 

In the case in question on this thread, we simply need to know the actual VT figure stated on the agreement, how much has been paid to date (including deposit), and the approximate value of the car and we can then advise accordingly.  From the figures provided it would seem that to VT would cost the OP around £5200 (total amount payable including deposit £22000/2 - £4000 deposit - £1800 already paid.  Seems a very expensive way of getting rid of the car to me!

[yogibear1]

i had a call from the finance company telling me they are not upholding my complaint as i was aware of a mileage issue via a phone call.

 

they told me they are looking into a mileage issue before they released funds and they are investigating to be sure.

 

Today they said today the car is not flagged on the hpi register. they have done one.

 

while she was on the phone i did a new check with hpi and the car is flagged on the hpi register as a mileage discrepancy.

 

i asked why she told me a lie?

i said it's in front of me the report shows a mileage discrepancy.

 

i said i was told you were looking into a mileage issue before i bought the car and you said you were satisfied, i was not told its on the hpi report.

[BankFodder]

I've been keeping away from the thread because it is seriously going all over the place. However, I haven't kept track – what do you say in response to the information that you had been told about the mileage issue on a telephone call? Which telephone call – from who to whom?

 

[yogibear1]

When i was going through the finance they said to me they are looking into a mileage issue relating to the car but once they are satisfied they will release the funds

[BankFodder]

Do you have a call recording that says that? Do you have any evidence?

[yogibear1]

Hi

they claim to have a call recording

[BankFodder]

Then send them an SAR. Do it immediately.

By the way it have you been speaking to them on the telephone? Are you recording your calls?
When did they make this claim that they had this recording? Did they do this on the telephone or do you have this in writing?
 

[yogibear1]

5 minutes ago, BankFodder said:

Then send them an SAR. Do it immediately.

By the way it have you been speaking to them on the telephone? Are you recording your calls?

 

what is a sar

 

subject access request

how do i get this to them

[BankFodder]

I'd be grateful if you would answer the other questions in my post.

I don't know if you are selectively ignoring questions – but this thread is becoming extremely difficult and it would be helpful if you would deal with points that are being asked. Thank you

[yogibear1]

sorry. no i am not recording calls as i dont have the facility

[BankFodder]

What about the other questions I have asked?

[yogibear1]

Hi

i don't have a call recording that says that.

[BankFodder]

9 minutes ago, BankFodder said:

Then send them an SAR. Do it immediately.

By the way it have you been speaking to them on the telephone? Are you recording your calls?
When did they make this claim that they had this recording? Did they do this on the telephone or do you have this in writing?
 

Please look at the questions which are being asked in this post above and please answer each question