V12 Procedure Guide - Flipbook - Page 19
Procedure Guide
Where a vehicle is a VAT qualifying vehicle, the
dealer will issue a full VAT invoice to V12 Vehicle
Finance in relation to the sale of that vehicle to
V12 Vehicle Finance.
See section regarding invoices for confirmation
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.
of what is to be included on the invoice. Send all
required documents to newbusinessprocessing@
v12vf.co.uk
You must advise the customer to notify
V12 Vehicle Finance of their intention to
withdraw, as set out in the Hire Purchase
Cancellations and Withdrawals
You are required to inform us if the customer
Agreement and the Important Information
Document.
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.
Where a customer exercises their right to reject
the vehicle under the Consumer Rights Act
2015, they have the right to a refund of all their
payments already made, minus a sum to cover
depreciation / and or wear and tear. Where this
deduction is appropriate, we will use a calculation
of 25p per mile for each mile over the original
mileage recorded when the vehicle was sold to
the customer, and you will not assume or apply
an amount exceeding this. No deductions are
permitted if the customer withdraws within the
first 30 days from the sale of the vehicle.
You must inform us the same day of such
cancellations or returns to ensure V12 Vehicle
Finance do not request a payment from the
customer. V12 Vehicle Finance will require
prompt return of loan advance funds paid.
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