Moneyway Motor Collection Options
The fee for recovery of the vehicle can be up to £330 for repossessions and up to £162 for a pre agreed Voluntary Surrender. There is no charge to collect your vehicle if you Voluntary Terminate your agreement.
However please note that in all cases, if the vehicle is a non-runner (unable to be driven safely and legally) there may also be additional charges for a recovery truck which is based upon a quotation on the day of recovery.
Voluntary Termination |
Voluntary Surrender |
Part Exchange |
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What is this option? |
A Voluntary Termination is your right under Section 99 of the Consumer Credit Act to hand back the vehicle at any point in the agreement with the requirement that you must pay, or have paid, up to half of the total amount payable which is set out in your contract under "Termination: Your Rights". | A Voluntary surrender is the option to hand the vehicle back at any point during the agreement, where it will be sold at auction by us. The net sale proceeds (proceeds after auction costs have been deducted) will be credited to your account which will reduce your account balance. You will remain liable to pay any remaining outstanding balance. | Part Exchange is something you can do at any point you wish to change the vehicle and end your finance agreement. You do this through a dealership. |
Do I have the right to do this when my agreement has already ended/been terminated? |
No | Yes | Yes |
Will my vehicle be inspected? |
Yes - in line with BRVLA Fair Wear & Tear Guidelines | No | No |
How do I take up this option? |
Send an email which must clearly state you wish to Voluntary Terminate the agreement to or you can post a letter stating the same to; Moneyway The email/letter should include your full name, address, vehicle reg, and account number. It needs to be dated. We will then make arrangements for the vehicle to be inspected and collected from you. |
Send an email which must clearly state you wish to Voluntary Surrender the agreement to or you can post a letter stating the same to; Moneyway The email/letter should include your full name, address, vehicle reg, and account number. It needs to be dated. We will then make arrangements for the vehicle to be collected from you. |
You need to request a settlement figure from us (Customer Services) We can send this to you via post or email. The settlement figure will be valid for 28 days The dealer will need this in order for for them to make payment to us within the 28 days to settle the agreement and refinance you for a new car. |
What will I be liable to pay? |
Up to the half of the total amount payable noted in your agreement & any damages to the vehicle (if you have paid half of the total amount payable but you are in arrears, you will be required to pay these). | The remaining balance after collections charges have been added and net sale proceeds deducted (refer to top for charges) | The full settlement will need to be made on the account in order for you to have settled your account. If the dealer won't satisfy the full settlement then you are responsible to make up the difference within the 28 days |
What are the charges? |
There are no charges for the inspection and collection of the vehicle. |
You have the choice to drop the car off at one of our local auctions, there is no cost for this. If you would like us to collect the car there is a fee for this. You may also be liable for a recovery truck if the car can't be driven away. See "Vehicle Recovery Charges Structure" for more information |
No charges |
Will there be an impact to my Credit File? |
Your credit file will show you have Voluntary Terminated your agreement. Any balance that you are liable to pay when the Voluntary Termination is completed will be reflected as arrears until you pay it. | Any remaining balance will be reflected as arrears | Settling your account early will not negatively impact your Credit file however until the account is fully settled the car remains your responsibility. You will need to remain in possession of the vehicle until you have had confirmation of settlement. |