V12VF | Consumer Duty | April 23 - Flipbook - Page 27
10.5 Full Early Settlements - customer
A customer can settle their V12VF HP or PCP agreement at any time by paying their outstanding balance. They can request a
Full Early Settlement figure, which may include a rebate of interest on the outstanding balance. 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 full early settlement to make the settlement payment. On making the settlement
payment in full (including any payments due in the 28 days), the customer will own the car.
There are no charges for a full early settlement.
10.6 Full Early Settlements – part exchange at dealer
A customer can ask a dealer at any time for a part-exchange valuation. At the discretion of the dealer, they can make the
payment to V12VF on the customer account to cover the settlement amount in full (or in part, if for instance their valuation of
the car is less than the settlement). The customer must request the Full Early Settlement figure (9.7) in the first instance and is
responsible for the payment of the full settlement figure within the 28 days, making up the difference between the settlement
figure and dealers part exchange valuation if applicable.
There are no charges for a full early settlement.
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