Car HP: Voluntary Termination Vs Surrender

antrobus

keithrgj wrote: »

TOTALLY AGREE ON THE ABOVE STATEMENT

use the CCA 1974, or i should say 2006 now

Depends. The 2006 act amended the 1974 act, but most of the CCA 1974 is still on the books, whilst s lot of the CCA 2006 is subject to commencement orders i.e. it's not yet in force.

dingobingo

"
I think if you check other threads on this forum, you will find that if you have broken any of the conditions of the agreement, ie missed payments, then the loan company is within its rights not to accept a Voluntary Termination. "

***

This is basically what they're saying. Thanks for the advice everyone. Seems like it could be a yes or a no then :-)

dingobingo

Hi guys,

I'd like to check my logic with you please. Eventually this firm sent me all the paperwork.

In the section entitled 'Termination, your rights', it describes my right to VT. Fine.

In the section entitled 'Our right to end the agreement', it says that they may chose to end the agreement if I breach any of the following clauses: 1,3,5,7, or 15.

Now here's the thing - they're saying I broke the agreement by missing one month's loan payment of £22 (loan split into £278 car and £22 personal loan). 'Failure to pay on time' is covered by clause 2!

Clause 1 entitled 'Payment' only mentions the initial payment, the acceptance fee, and GAP insurance.

Am I right in saying then that by their own contract they can't chose to terminate the agreement because the clause I've broken(clause 2) is not included in the section about their rights to terminate?

FYI clause 2 does not mention anything other than I have to pay interest on missed payments.

And here's clause 1 in full:

"1. Payment
The Initial payment, including the Acceptance Fee and the single cash payment relating to any GAP insurance selected by you, is payable on or before the date of this agreement.
By signing the agreement you agree to make the payments set out above by their specified dates."

Looking at this I still have the right to do a voluntary termination and NOT have to pay them the difference between auction sale price and outstanding settlement figure?

Thanks!!!

gilly33

I've just terminated my car with Toyota Financial services in January. My 3 year agreement runs out in June. The car was given back in pristine condition with just 28,448 miles which meant it would never of reached the 45,000 allowance. When I sent in my notice of voluntary termination, Toyota did not mention any money to pay or pick up costs. The notice was sent to them on 20th December and they only picked it up on 16/01/2013. I thought I had cancelled my direct debit which went out to them on the 17/01/2013 and I'm now having trouble getting it refunded. Credit control are now saying they are ASSUMING that I owed money on the early termination. I've requested to see my terms & agreement and back statements and still waiting 3 weeks later. I get a call from Toyota customer services two weeks ago telling me they were reimbursing me because nothing is owed on the account and yet credit control are not coming up with a full explanation. I'm extremely confused at what is going on here nothing is adding up. Please advise?