Monthly payments!!!

[pauljack]

While we are on about finance - There is something also about just handing it back after 2/3 of the contract is paid I think and just walk away without any penalty? Might be called halves and thirds? Not sure, can't remember! It is not something that is talked about very often!
Biggee can you put me straight on this? Ta

[Bigfeet]

Lol! The oracle will step in and answer your question

With every finance agreement that is hire purchase (PCP as well) you have two important legal rights. The first is the right of repossession which states that if you have already paid a third of the Total Amount Payable (TAP) then Citroen Finance will need a court before they can remove the car. In Scotland though they may need a court regardless.

The second right is the right of termination, this states that if you have paid half of the TAP when you can end the agreement and return the goods back to the finance company. This does not mark your credit rating in any way, back most finance companies will mark their own records for future reference.

I have used the right of termination for customers in the past where they find themselves on silly long agreements where the finance out weights the value of the car, which is why I tend to refuse to write 5 year deals.

[pauljack]

Lol! The oracle will step in and answer your question

With every finance agreement that is hire purchase (PCP as well) you have two important legal rights. The first is the right of repossession which states that if you have already paid a third of the Total Amount Payable (TAP) then Citroen Finance will need a court before they can remove the car. In Scotland though they may need a court regardless.

The second right is the right of termination, this states that if you have paid half of the TAP when you can end the agreement and return the goods back to the finance company. This does not mark your credit rating in any way, back most finance companies will mark their own records for future reference.

I have used the right of termination for customers in the past where they find themselves on silly long agreements where the finance out weights the value of the car, which is why I tend to refuse to write 5 year deals.

How does this work for people on pcp deals? Where after a year of a 2 year agreement you won't have paid half the TAP due to the GFV of the car? Also, does the mileage matter when terminating?
Is that a stupid question?
Biggee?

I really don't think many people know about this clause in the contract? Anyone?

[unners]

Re the 3 years free servicing have you had any docs for it yet, I ve had my car 2 weeks and have not got any documentation re 3 years service and breakdown cover as yet.

[Bigfeet]

How does this work for people on pcp deals? Where after a year of a 2 year agreement you won't have paid half the TAP due to the GFV of the car? Also, does the mileage matter when terminating?
Is that a stupid question?
Biggee?

I really don't think many people know about this clause in the contract? Anyone?

The Consumer Credit act 1984 applies in all credit agreements where there is an asset. As you pointed out with a PCP deal the TAP does include the GFV figure which means that the termination point is closer to 2 and half years. Mileage does not matter when terminating the agreement.

On a side note your dealer should, by law, go through the terms and conditions BEFORE you sign. Page 3 of your agreements state that before you sign that you have confirmed the goods, that you are an individual and that you confirm you have read the T&C's.

[Bigfeet]

Re the 3 years free servicing have you had any docs for it yet, I ve had my car 2 weeks and have not got any documentation re 3 years service and breakdown cover as yet.

You should have signed a rather large piece of paper when you collected your car which gives you all the details and T&C's regarding the service contract.

[pauljack]

Biggee who reads t & C's lol?

[Bigfeet]

Biggee who reads t & C's lol?

Which is why I have three Ferraris and a villa in the south of France!

[Chris_Blue]

Which is why I have three Ferraris and a villa in the south of France!

AAAHHH- Best rename yerself BIGWALLET then
CBLUE

[Bigfeet]

On an extra note everybody should now be asked to sign a separate form called 'Adequate Explanation' document which basically will stop anybody doing from suing Citroen Financial Services. Again your dealer, by law, must go through this with you.

[Human after all]

Well what the fuck were you on about exactly? Its all pretty fucking obvious!

Sorry, did I come across as being a little bit dismissive? That's not what I had in my head at the time, but it's always a bit tricky on the internet without facial expressions and tone of voice to rely on.

[realOk]

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