park motor finance

[munty030]

has anybody had any dealing with park motor finance?

we want to end an HP agrement we have with them & return our car to them. they want to charge us £141.84 for this when it says in the HP argeement(If you have already paid at least 1/2 plus any over due instalments, And have taken reasonable care of the good you will not have to pay any more.) which we have done.

What do they mean by reasonable care? i have serviced it myself there are some problems with the car this is from wear & tear which you would get on a car that has done over 100K miles

[goodman]

Looks like Munty030 want’s to return a car under what is commonly referred to as the ½ rule and he is completely entitled to do so as I understand it, as long as he has paid at least ½ of the outstanding sum due in the contract he entered into with the finance company (not all contract are the same and he will need to look carefully to see that the provision is clearly stated in the contract, beware some companies seek to remove this right from their contracts and it is NOT present in any agreement that is a personal loan, we will not go into the morality of using a provision that was first put into the legislation to assist those who were in “financial difficulty” to often be used by garages to sell a new car, anyway we need not go there.

I used the word contract above and this is exactly what you sign when you agree to the finance company buying the car for you and then renting it back to you (you only become the owner after you have paid the full number of payments stated in the contract along with a “purchase fee” in some instances). As said the contract sets out your obligations to the company and the companies obligations to you, in the case of a ½ surrender most contract’s will say you will need to establish that you have taken good care of the goods, goods that are actually not your property and belong to the finance company, what that means is you will often be required to prove things like proper service, for instance if the car required a CAM belt replacement at say 50,000 miles and your car has done over 50,000 miles it would only be reasonable for the finance company to expect that you had replaced it, also if other defects exist that may be other engine problems or say damage caused accidentally then again they may well require you to have this repaired (or pay the cost of repair). Items like minor stone chipping or minor scratches should be accepted as consequential of use on normal mileage cars (use common sense, none on say a car with 2,000 miles on the clock, lots on one with 100,000 ,a good document that may help you can be found on the BVRLA web site this details what has become the industry standard regarding damage or defects to cars), unfortunately you need to purchase this at a cost of £10, Other web sites make similar documents available free but the BVRLA document is seen as the “standard”. All good companies will offer you a route where if your car fails inspection you can seek arbitration this however usually requires you to get an independent report on the condition of your car and you will need to pay for this yourself (you may well if successful be able to reclaim this from the finance company) but be aware that should this report detail defects that were missed on the finance inspection you may actually provide the finance company with additional reasons to reject the car so be careful! Always remember you have rights but the finance company also has rights and most finance companies follow the law to the letter you also need to do this, stand firm if you believe you are in the right but yield if you know you are not, a small scratch the size of your small finger nail that is on the surface should be OK but a longer one down to the undercoat is likely not to be.

Hope this helps

[goodman]

Looks like Munty030 want’s to return a car under what is commonly referred to as the ½ rule and he is completely entitled to do so as I understand it, as long as he has paid at least ½ of the outstanding sum due in the contract he entered into with the finance company (not all contract are the same and he will need to look carefully to see that the provision is clearly stated in the contract, beware some companies seek to remove this right from their contracts and it is NOT present in any agreement that is a personal loan, we will not go into the morality of using a provision that was first put into the legislation to assist those who were in “financial difficulty” to often be used by garages to sell a new car, anyway we need not go there.

I used the word contract above and this is exactly what you sign when you agree to the finance company buying the car for you and then renting it back to you (you only become the owner after you have paid the full number of payments stated in the contract along with a “purchase fee” in some instances). As said the contract sets out your obligations to the company and the companies obligations to you, in the case of a ½ surrender most contract’s will say you will need to establish that you have taken good care of the goods, goods that are actually not your property and belong to the finance company, what that means is you will often be required to prove things like proper service, for instance if the car required a CAM belt replacement at say 50,000 miles and your car has done over 50,000 miles it would only be reasonable for the finance company to expect that you had replaced it, also if other defects exist that may be other engine problems or say damage caused accidentally then again they may well require you to have this repaired (or pay the cost of repair). Items like minor stone chipping or minor scratches should be accepted as consequential of use on normal mileage cars (use common sense, none on say a car with 2,000 miles on the clock, lots on one with 100,000 ,a good document that may help you can be found on the BVRLA web site this details what has become the industry standard regarding damage or defects to cars), unfortunately you need to purchase this at a cost of £10, Other web sites make similar documents available free but the BVRLA document is seen as the “standard”. All good companies will offer you a route where if your car fails inspection you can seek arbitration this however usually requires you to get an independent report on the condition of your car and you will need to pay for this yourself (you may well if successful be able to reclaim this from the finance company) but be aware that should this report detail defects that were missed on the finance inspection you may actually provide the finance company with additional reasons to reject the car so be careful! Always remember you have rights but the finance company also has rights and most finance companies follow the law to the letter you also need to do this, stand firm if you believe you are in the right but yield if you know you are not, a small scratch the size of your small finger nail that is on the surface should be OK but a longer one down to the undercoat is likely not to be.

 

Hope this helps

[PKea]

has anybody had any dealing with park motor finance?

we want to end an HP agrement we have with them & return our car to them. they want to charge us £141.84 for this when it says in the HP argeement(If you have already paid at least 1/2 plus any over due instalments, And have taken reasonable care of the good you will not have to pay any more.) which we have done.

What do they mean by reasonable care? i have serviced it myself there are some problems with the car this is from wear & tear which you would get on a car that has done over 100K miles

 

 

Do they state what the £141.84 is for?

Is this in writing or from a telephone conversation?

Ask them wht this figure relates to,

 

Paul