Moneybarn voluntary termination

Reece_

I’m considering voluntary termination on a vehicle financed via moneybarn. It’s more than 50% paid off, my main concern is whether they like to over scrutinise condition in order to ask for further payments? It’s a nearly 10 year old vehicle but condition is good and realistically very similar to when I got it as it’s been garaged and not had much mileage put on, so I’m not concerned personally about the condition just whether they take it, scrutinise it and I’m stuck. 

Has anyone had experiences with them and know how easy they make it? I’ve heard different accounts as to whether they arrange collection or ask you to take it somewhere yourself, I presume once they take it, if they came back and say there’s X amount of repairs needed that you’d have little recourse? 

Ayr_Rage

Exactly what type of finance agreement do you have?

Mildly_Miffed

When you say "overscrutinise", yes, they're going to hold you to the standard (almost certainly the BVRLA wear and tear guide) that you agreed to be held to when you took the car on.

I presume any pre-existing damage is documented from when you took the car on?

https://issuu.com/bfwsn67/docs/bvrla_fair_wear_and_tear_standard_-_cb6bf45bb50403?e=2001091/30897824

Reece_

Ayr_Rage said:

Exactly what type of finance agreement do you have?

It’s a conditional sale agreement 

Reece_

Mildly_Miffed said:

When you say "overscrutinise", yes, they're going to hold you to the standard (almost certainly the BVRLA wear and tear guide) that you agreed to be held to when you took the car on.

I presume any pre-existing damage is documented from when you took the car on?

https://issuu.com/bfwsn67/docs/bvrla_fair_wear_and_tear_standard_-_cb6bf45bb50403?e=2001091/30897824

Obviously the agreement states to keep it in good working order and condition, that’s fine if there’s some sort of standards that they would be applying to it, my contract doesn’t specifically state that. I’m more concerned with actual over scrutiny as I’ve seen people comment on how the vehicles been taken and they’ve claimed an unfair appraisal. 

There’s no documents of vehicle condition when I bought it but there equally isn’t and wasn’t any damage to really speak of. 

Mildly_Miffed

Reece_ said:

...I’ve seen people comment on how the vehicles been taken and they’ve claimed an unfair appraisal.

Almost always because they haven't bothered to read the FW&TG.

It's amazing how often people seem to think that damaged rims, dented panels, torn seats are perfectly acceptable when returning a car after even as little as three years and 30,000 miles...

Goudy

Most will work to the industry standard, the BVRLA standard Mildly_Miffed has linked to.

They won't make stuff up just to chase you down, but they will apply the standards of the BVRLA and charge you for anything outside of this fair wear and tear scope as they know they have a good chance of success.

Obviously if they work to this framework (Moneybarn are a member of the BVRLA) and try to charge you for made up stuff, you can take the case to the BVRLA yourself and let them decide or mediate.

You don't have to go through with this though. 
You are making the decision to VT it (or in the case of it being on a PCP, and you decide to hand it back rather than pay the GFV).

If you are worried about this don't do it, the finance company aren't making you do this.
It's your choice and you will have to abide by their terms.

There will be a section on the contract paperwork for voluntary termination, but in case you don't have it anymore, read this.
How Does Voluntary Termination Work? - Moneybarn



 

DrEskimo

Have you checked the value of the car from a range of local garages/dealers or online brokers (WeBuyAnyCar/Motoroway)? Have you compared this against the finance settlement figure?

If it's worth the same or more then this route would be far simpler than VT.

Reece_

DrEskimo said:

Have you checked the value of the car from a range of local garages/dealers or online brokers (WeBuyAnyCar/Motoroway)? Have you compared this against the finance settlement figure?

If it's worth the same or more then this route would be far simpler than VT.

Yeah I have, it’s a bit short of the settlement figure but in a few months will probably balance out so I am tempted to just leave it for a bit and do that. 

DrEskimo

Reece_ said:

DrEskimo said:

Have you checked the value of the car from a range of local garages/dealers or online brokers (WeBuyAnyCar/Motoroway)? Have you compared this against the finance settlement figure?

If it's worth the same or more then this route would be far simpler than VT.

Yeah I have, it’s a bit short of the settlement figure but in a few months will probably balance out so I am tempted to just leave it for a bit and do that. 

Remember to get a range of quotes - I sold my EV in September and trade in prices from garages/dealers/brokers ranged from £3,000-£4,500...in the end I sold privately for £6,500.

Private sale isn't completely out of the question but buyers will likely be wary of outstanding finance, so if you have the means of settling before sale that would be best.