V12VF | Consumer Duty | April 23 - Flipbook - Page 25
10.
Appendices
10.1 Partial Early Settlements
A customer can make overpayments at any time. If they request a partial early settlement, they may be entitled to a rebate of
interest on their account. Section 94 of The Consumer Credit Act 1974 and The Consumer Credit (Early Settlement)
Regulations 2004 lay out a formula to calculate any interest due.
The customer has 28 days from requesting the partial early settlement to make the overpayment. The overpayment plus any
rebate of interest due will reduce the outstanding balance of the customer’s account. The length of the agreement remains
unchanged, and future monthly repayments will be reduced accordingly.
There are no charges for a partial early settlement.
10.2 Returning the car to V12VF at the end of agreement (PCP)
The customer will be asked three months before the end of the PCP agreement (and again at one month) whether they wish
to return the car or part exchange at a dealer, instead of making the final payment. If the customer chooses to hand back the
car, they must inform V12VF of their intention to avoid a Direct Debit call for the full final payment. The customer is then not
required to pay the final payment (which is the Guaranteed Minimum Future Value and option to purchase fee). The
customer is responsible for ensuring all payments have been made in full (with the exception of the final payment).
Damage and Excess Mileage costs may be charged.
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