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TOPIC: Consumer Credit Act

Consumer Credit Act 10 months 1 week ago #450701

  • ProfJohnL
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chrisn7 wrote:
Isn't there a potential issue here for the purchaser if things don't work out and the van is rejected? In the OPs example would the purchaser only receive the £10,000 accepted trade in price, when it was actually worth £13,500 as initially agreed?

An interesting point, but ignoring the tax point issue at the moment, legally the value of the goods is determined by what the customer paid, both in cash and goods if a PX is involved. Apparently if a full refund were to be made, the dealer is only obliged to refund the cash as cash, and the goods involved as a part exchange. If the goods have been otherwise sold on or disposed of by the dealer, I'm not certain if the dealer is obliged to refund the value of the goods used as PX.
Unless I use quotes, All advice and opinions given are my own and are given in good faith. Never act on anything you read on a forum unless you can validate and verify its source and content.
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Consumer Credit Act 10 months 1 week ago #450703

  • Dustydog
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ProfJohnL wrote:
chrisn7 wrote:
Isn't there a potential issue here for the purchaser if things don't work out and the van is rejected? In the OPs example would the purchaser only receive the £10,000 accepted trade in price, when it was actually worth £13,500 as initially agreed?

An interesting point, but ignoring the tax point issue at the moment, legally the value of the goods is determined by what the customer paid, both in cash and goods if a PX is involved. Apparently if a full refund were to be made, the dealer is only obliged to refund the cash as cash, and the goods involved as a part exchange. If the goods have been otherwise sold on or disposed of by the dealer, I'm not certain if the dealer is obliged to refund the value of the goods used as PX.
The SoGA and subsequent CRA are both very clear here Prof. I agree with you.
You should receive a full refund of the total transaction value.
You are entitled to the return of your traded in vehicle, but if that is no longer possible you should be given its value as agreed at the point of sale deal. Ie cash or finance plus
Px = total purchase price. The seller cannot wriggle :cheer:
Sir Dustydog (BAR) TS .Woosie Round Table
Properly trained, man can be dog's best friend.
Last Edit: 10 months 1 week ago by Dustydog.
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Consumer Credit Act 10 months 1 week ago #450735

  • Raywood
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I agree with the Prof here. The claim would be the invoice value including any allowance for a trade in.
Ray
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Consumer Credit Act 10 months 6 days ago #450794

  • ThePlotter
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If the finance house pays before completion then they take a risk usually a satisfaction note signed by the customer is required before payment.
If there are problems then the finance house should be contacted under Section 75,additionally if the deposit was paid by credit card (a minimum of £100 paid on card) then the card company is jointly and severally liable under the act to get it sorted ,so always pay at least £100 on your card to give extra protection.
I worked in the finance industry for most of my working life but now retired but don't think the rules have changed.
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