Voluntary Termination Cashback?

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This topic contains 5 replies, has 2 voices, and was last updated by  Bill Peck 2 years, 8 months ago.

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  • #61454 Reply

    Dean Warren

    Hi there

    I took out a HP contract with Mitsubishi Shogan Finance and paid a set amount each month for 3 years and then I paid off the final ballon payment at the end of the contract, as I wanted to keep the car.

    I paid that off over a year ago and received aetter saying that the finance was fully paid off and the car was mine.

    Then this week I received a letter from them saying that “after a review of the annual statement of account that we sent you, we have identified that we did not remind you of your right to voluntarily terminate your contract before completion”

    They go on to say that as a consequence of there mistake they are not entitled to retain the interest paid by me after the first incorrect statement was due to be sent to me.

    They have since sent me a check for around half the whole amount of interest that I ever paid on the whole finance agreement!!!

    I’m not complaining as it was totally unexpected but I was wondering if anyone could give me some advice or have heard of companies giving customers money back under these circumstances?

    Because something tells me they may have sent this as a sweetener and maybe I’m owed more? I’m probably sounding ungrateful but you never know with these companies since the PPI scandal!!

    How would I find out if what they’ve sent me is the correct amount of what I’m owed?

    Wanted some advice before I phone them direct?

    Thanks in advance

    Dean

  • #61474 Reply

    Deano Gohil

    Hi There,

    Had exactly the same, did you get any responses?

    Thanks

    Deano

  • #61476 Reply
    Stuart Masson
    Stuart Masson
    Keymaster

    Hi guys. Sorry, don’t know where my original reply disappeared to!

    I haven’t heard of finance companies giving you money back for incorrectly calculated finance, but it is probably something which showed up during an audit. Your finance documentation should show exactly how much you were supposed to pay in total, and what your monthly increments should have been, so you should easily be able to double-check their numbers with a calculator.

  • #62224 Reply

    Craig

    Hi,

    Not exactly the same but would appreciate any advice:

    Have just received a cheque from Suzuki finance saying the omitted telling me that I had a right to voluntarily terminate the agreement and they are very sorry! I paid it off in full a couple of years ago so really out of the blue!!

    Sent a cheque for only £150 (every penny counts!!) giving an explanation but insisting I present the cheque asap and they will call me in 30 days if I don’t to check it arrived blah blah!!

    Really gives me call to think I may be entitled to much more and this is a pushy way to get it dealt with??

    Thanks

  • #62342 Reply
    Stuart Masson
    Stuart Masson
    Keymaster

    Hi Craig,

    Don’t know about them offering you a small payment in the hope you won’t chase them for a larger one, but it does sound like the FCA’s declared crackdown on car finance providers is causing finance companies to review their offerings – and pay compensation now to avoid large fines later.

  • #62794 Reply

    Bill Peck

    Voltswagen are offering a £1,500 discount on a new Scirocco if I take out a 3 year PCP agreement. With a 30% deposit is it worth me signing up to the POP agreement and then paying it off in the first month or would settlement fees make it not worth doing?

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