Cygnet and ACF, faults with car and bill of sale problems.

[postggj]

Sending Pm

[nikkikitch]

HI there

 

Sorry to mither, any luck?

[postggj]

still on this!

[nikkikitch]

Ok thanks

[nikkikitch]

Hi

Any luck?

 

Thanks

[nikkikitch]

Hi

 

I have been advised by consumer direct to air my concerns in writing first with ACf and Cygnet before i can attempt any other action.

Going off what ive read in this forum, this probably wont get me anywhere will it? PLus i dont really want to give them any info!

[buzby]

I don't really think it matters, as you;ll have to disclose your reasons for rejection/repudiation and if they agree then they may just terminate. If they don't and it comes to court, you've a dated letter outlining your case for closure. If they agree there's been errors, you are not seen as being anything other than straightforward.

[nikkikitch]

Hi

 

I bought a car on bill of sale at Christmas but am really struggling with the payments and running costs. With fuel, insurance etc it costs me £500 per month!

I was wondering at what stage i could potentially terminate the agreement?

Its on bill of sale which is different to hire purchase so would i still be able to give it back? Would i still have to pay the outstanding finance?

The cars price on purchase was £7100 and i paid a deposit of £1500 and have made payments so far of £1680 so in total, £3180 which is nearly half.

 

Can you advise please as its crippling me! I wouldnt mind even swapping it for a smaller engine as its the fuel that costs the most!

 

Thanks

[crem]

I do not believe there is any "get out clause" when a car is purchased on a bill of sale. Sorry.

 

However, unlike when using HP, you are legally entitled to sell the car as the debt is a personal debt and not directly secured on the car I think. Therefore, you may wish to look at selling the car privately then settling the finance from teh prceeds.

[nikkikitch]

Hi

 

I bought a car on finance before Christmas, but its costing me the earth to run so want to get rid! Its secured on a bill of sale rather than Hire purchase so does that mean i can sell it and pay the finance off?

 

Ive listed it for sale twice and had no enquiries so i wondered if it must show that it still has finance against it?

 

My understanding is that on bill of sale, you CAN sell the car and settle the debt?

 

N

[cctv engineer]

Hi

 

I bought a car on finance before Christmas, but its costing me the earth to run so want to get rid! Its secured on a bill of sale rather than Hire purchase so does that mean i can sell it and pay the finance off?

 

Ive listed it for sale twice and had no enquiries so i wondered if it must show that it still has finance against it?

 

My understanding is that on bill of sale, you CAN sell the car and settle the debt?

 

N

 

 

Hi nikkikitch. no you cant sell the car........ this is what will happen if you do. they will take the full value of the car (book price at time of loan) and add that to your CA and at 356apr your loan will run into 1000s

[nikkikitch]

How can they do that!?

 

Would it show on the HP register as having finance against it?

[cctv engineer]

How can they do that!?

 

Would it show on the HP register as having finance against it?

 

under a bill of sale you have past ownership of your car to lbl. lbl are the owners of your car and you are the manager of your car (gives you the right to drive it and do the upkeep of it) and it reverts back to you when bill of sale has been paid. sell the car before the end and you will owe lbl the full value of the car.

[nikkikitch]

Hi

 

Sorry, maybe ive posted this in the wrong section. I dont have a log book loan, i have a car on finance secured on a bill of sale rather than hire purchase?

 

Thanks

[cctv engineer]

Hi

 

Sorry, maybe ive posted this in the wrong section. I dont have a log book loan, i have a car on finance secured on a bill of sale rather than hire purchase?

 

Thanks

 

if you have a bill of sale then your loan is on your logbook. all bill of sales are the same.

[nikkikitch]

i mean i bought the car on finance, not took a loan out against it through a log book loans company.

 

So like i say, would the car show as having finance?

[missspeedy23]

Hi, I've got a similar agreement, with The Funding Corporation and am looking into settling/selling - mainly because the car is falling to bits and need a new one!

 

I had an agreement with them a few years ago on the same setup and rang them to arrange to return the car halfway through as I didn't realise it wasn't HP. They told me I couldn't return the car as it wasn't a HP agreement - it was a motor loan. I specifically asked the question "is the loan secured on the car" and they said NO. Even though it was showing on a HPI check - I got them to send me confirmation in writing that the finance wasn't secured on the car. My buyer was happy enough to accept this.

[nikkikitch]

Hi

 

I bought a car from Cygnet before Christmas, but its absolutely crippling me in finance and fuel. Ive actually now paid for over hald the original cost, but as its on bill of sale rather than HP, can i hand it back?

Ive also tried to sell it to be able to pay off the remaining finance, but it shows as having finance against it so nobody is interested. Please help as i cant afford this mistake anymore and dont want to be left with a ridiculously high debt but no car to show for it!

 

Thansk

[nikkikitch]

Hi

 

I bought a car on finance from Cygnet before Christmas which is secured on a bill of sale rather than hire purchase.

 

The car costs me a fortune in fuel and is far too big for my needs. (it was a rush purchase as my other one died!)

 

Im really struggling affording the £240 finance payment along with £200 a month in fuel! Can i reduce my payments or even better, change the car? I dont want to be stuck with this car for the next 3 years!

 

Including my deposit and monthly payments, ive nearly paid for half the original price of the car, so does that give me any leeway?

 

Any advice would be appreciated. Thanks

[dx100uk]

it will tell you on the agreement surely?

 

dx

[crem]

If it's a bill of sale rather than HP, then I doubt there is any "get out clause" contained within the agreement.

 

On the plus side, it also means, I think, that you "own" the vehicle and can therefore sell it without the finance company's approval.

[nikkikitch]

No ive looked into selling it and its registered as having finance against it......

[postggj]

is it a hp agreement

conditional sale

fixed sum loan

[wheelergeezer]

Part exchange it for something else. Sounds to me like there is nothing wrong with the sale, finance or the car. Just you bought a thirsty car and later realised that it is too expensive.

 

I would certainly go to the same company who should give you the best trade in in theory - they cannot pick faults as they would have to fix them if you kept it!

 

Do not expect the same money back. ie, if you bought it for £15k, part ex 9 months later would be around £9k as a guess. BUT at least you get rid and can start again. You could even buy a cheaper car and get cash back.

 

If the outstanding finance is less than the value you can sell the car for, you can sell it and repay the finance company. No private buyer will do this if they have any sense because if you decided not to hand over the money to the finance company, the new owner would lose the car. However all dealers will do this, settling the finance and giving you the balance. So, again if you paid £15k, now owe say £10k and the car is worth £11k trade, you would walk away with £1k and owe nothing at all.

 

Balance it up. It is sometimes better to pay a little more in fuel and have a really nice car. My car is a 3.0v6 and drinks fuel like it is going out of fashion. BUT, it is a top of the range car with every toy you can think of and costs nothing else all year. It is also VERY fast and lovely to drive.

 

Think about it. Why did you choose that car in the first place?

[nikkikitch]

Hi There

 

Ive posted a few times already but am still a bit unclear about where i stand.

 

I have a car on finance, secured on a bill of sale. Its not with LBL its with TFC/Cygnet. I was convinced that the BOS and CCA were innacurate but after sending the papers to my local CAB, they returned them as ok.

With all due respect, im not sure the lady at CAB knew quite what she was looking for so ive since been trying to find out info on what seems to be an incredibly complicated issue.

My BOS is signed by the man who sold me the car and organised the loan and weirdly enough also has my signature, even though i didnt sign it on the day! The documents are registered on 28th and the car was purchased on 21st, so im not sure how that works in terms of the 7 day rule? Is it 7 clear days or does it include the day you made the purchase? There are also some inconsistencies in the figures.

 

After reading all the information on this thread, its still not clear, what happens if the BOS is void? Are you still liable for the remaining debt? And which bit of the debt, the cost of the car or the overall finance arrangement? If the BOS is void, does that mean they cant take your car and if so, can you sell the car to pay off any outstanding arrears with TFC?

 

Someone on here asked me to send my papers so they could look at them but but i never got a response, so not sure if they actually worked for the companies in question!

 

Sorry if im going over old ground, but im still a bit confused!

 

Thanks