This topic contains 2 replies, has 2 voices, and was last updated by Chris Wheeler 1 year, 1 month ago.
- 22 September 2016 at 1:06 pm #95974
Sorry, this relates to motorbikes not cars, but I assume the legalities of the thing are the same?
We took out a PCP agreement with Honda Finance Europe in 2013. We paid our monthly amount religiously.
We received the notification that the agreement had come to its natural end and that we could either pay the final amount owing, or give the bike back with no penalty.
We decided, at the end of May 2016 to give the bike back and filled in a form to say so. The company arranged a collection (through a third party) for the bike, and we agreed, However, the company has tried and failed 3 times to collect. Each time I have had to take time off work to go home to make this happen.
We have now decided to keep the bike, and advised Honda Finance Europe that we would simply like to pay the outstanding amount on finance and keep it. But, they say that this is not possible. They say that the time between agreeing to send the bike back and now is too great! But they have failed in their duty to collect. In the final form it states:
‘Where we are unable to collect the bike within 14 days, or you fail to deliver, the outstanding amount becomes payable in full’. Well we are outside of this time because of their failure, and we are offering to pay in full. What would happen if we sold the bike anyway – for more than the outstanding amount? Would that be illegal?
Any assistance would be greatfully received.
- 22 September 2016 at 1:17 pm #95977
Hi Chris. I suspect that if you pay up, they will take your money.
I would suggest writing to them, quoting the clause from the contract and explaining the failure to collect, and notifying them that you intend to pay the outstanding amount.
Because the bike still belongs to the finance company, you need to notify them that you are planning to sell it and settle the amount as it’s not legally yours to sell.
- 22 September 2016 at 7:42 pm #95990
Thanks for the advice Stuart. It is much appreciated