Moneyway Welcome Pack - Procedure Guide - Flipbook - Page 17
Cancellations and
Withdrawals
Agreement.
•
The vehicle must only be delivered to
the person named on the Hire Purchase
Agreement.
•
You must not release the vehicle to a 3rd
party.
•
You must take reasonable precautions
to ensure you are delivering to the right
person and retain copies of evidence of
their ID such as a driving licence, which is
taken at the time of delivery.
•
Proof of delivery must be made available on
request by Moneyway within 14 days of the
request. Failure to provide this information
could result in claw back of the loan amount
paid.
Compliance with the VAT Margin Scheme
The dealer will ensure that, in respect of
vehicles supplied under the VAT Margin
Scheme for second hand cars and other
vehicles (“the Scheme”), the conditions of the
Scheme are met. In particular, the following
information must be included in all invoices
(whether received or issued) for those vehicles,
as set out in Her Majesty’s Revenue and
Customs Notice 718/1 (December 2009) and
on GOV.UK published January 2016. https://
www.gov.uk/guidance/the-margin-schemeon-second-hand-cars-and-other-vehicles-vatnotice-7181
See section regarding invoices for
confirmation of what is to be included on
the invoice. Send all required documents to
motorfinance@moneyway.co.uk
Cancellations and Withdrawals
You are required to inform us if the customer
wishes to exercise their right to reject the
vehicle for any of the following reasons:
• Vehicle is not in full working order;
• Vehicle is not roadworthy;
• Vehicle is not fit for purpose or
• Vehicle is not of satisfactory quality.
You must inform us the same day of such
cancellations or returns to ensure Moneyway
do not request a payment from the customer.
Moneyway will require prompt return of loan
advance funds paid.
Customer Withdrawal from Credit
If the customer wishes to exercise their right to
withdraw from the Hire Purchase Agreement,
you must not accept the customer’s notification
of their intention to withdraw. You must
advise the customer to notify Moneyway of
their intention to withdraw, as set out in the
Hire Purchase Agreement and the Important
Information Document.
Where a vehicle is a VAT qualifying vehicle,
the dealer will issue a full VAT invoice to
Moneyway in relation to the sale of that
vehicle to Moneyway.
17