Finance Terms & Conditions

Sample Finance Terms and Conditions (Full details on application)

1. AGREEMENT AND PARTIES

1.1 This Agreement is made between us, the company within The Funding Corporation Group named on the first page of this Agreement and you the Customer named on the first page. It is made on the date we sign it, which is shown beside our signature on the first page.

1.2 In these Terms, "the Schedule" means the Schedule on the first page of this Agreement, and words and phrases with capital initial letters which are also used in the Schedule have the meanings given there; " CCA 1974 " means the Consumer Credit Act 1974; "Balance Outstanding" means the Advance Payment (if unpaid) plus the Instalments which remain unpaid (whether or not accrued due); "Event of Default" means as described in Clause 5.1; "Statutory Rebate" means a rebate equal to the minimum rebate of total charge for credit required to be allowed under the Consumer Credit Act 1974; "the Goods" means the Goods described as such on the first page of this Agreement, any substitute for them, and all accessories and replacements fitted to them (whether by us or you or another); "Good Repair and Condition" means as described in clause 5.6; and "Hire Period" means as described in clause 2.1.

2. HIRE, INSTALMENTS AND DELIVERY

2.1 Hire to you: We shall let the Goods to you, and you will hire them from us from the date of delivery until the due date for the last Instalment ("the Hire Period").

2.2 Payments by you: You will pay the Advance Payment to the Supplier immediately. You will pay the Instalments to us by direct debit at the times specified in the Schedule. It is essential each payment to us is paid on its due date.

2.3 Your option to purchase the Goods: Provided that you have paid all the Instalments and performed all your obligations, on the last day of the Hire Period you will have an option to purchase the Goods for the Purchase Fee exercisable by you paying the Purchase Fee to us.

2.4 Ownership & risk: Property and ownership in the Goods will remain in us until such time (if any) as you validly exercise the option to purchase. Risk in the Goods passes to you immediately on the date of this Agreement (or on earlier delivery).

2.5 Delivery: You are responsible for taking delivery of the Goods from the Supplier at its premises. We are not liable for any delay in delivery. Before taking delivery you must inspect and test the Goods and only accept them if they are satisfactory. If we ask you to do so, you will give confirmation that you have taken delivery in satisfactory condition.

2.6 Insurance Premium Finance

We shall make a loan to you to finance payment of any Payment Protection Insurance and Motor Warranty Insurance Premiums shown in the Schedule. You will repay the loan with interest by the Insurance Payments at the times shown in the Schedule. If an Event of Default shall occur or if this Agreement shall be terminated, then (subject to CCA1974) we shall be entitled to demand that you shall pay immediately the whole of the balance of the Insurance Payments outstanding (whether or not otherwise accrued due) less a Statutory Rebate at the time of full payment.

3. YOUR OBLIGATIONS

3.1 Insurance of Goods: You must insure the Goods comprehensively for all usual risks for the full replacement value without unusual excess or restriction and pay all premiums. On demand you must give to us evidence of the insurance and payment of premiums.

3.2 Insurance claim: You will notify us of any damage to the Goods and allow us to conduct negotiations with the insurer and to settle any claim.

3.3 Total loss: If the Goods are a write-off (total loss), then the Balance Outstanding will become due and you must pay this to us; the insurance money will be used to pay all sums owing by you to us; when we receive all sums owing to us, this Agreement will terminate but otherwise any loss or damage to the Goods will not affect its continuation or frustrate it. You will pay the Instalments until we have received the whole Balance Outstanding; if the insurance money received by us shall exceed the sums owing to us then we shall account to you for the excess; but if it is less, then you will pay to us the shortfall;
3.4 Repair, Maintenance and Outgoings: You will keep the Goods in Good Repair and Condition and regularly serviced to the manufacturer's standards. You will be responsible for all risks, of whatever kind, affecting the Goods. You will not be entitled to withhold payment of any Instalment for any period when the Goods shall be unserviceable or unusable. You will pay promptly all rents, taxes, fines, duties and outgoings for the Goods or their use.

3.5 Permitting Access: You will allow us to inspect the Goods and enter any premises. Normally we shall do so only to see that you have complied with your obligations. You will tell us the location of the Goods on demand.

3.6 Restrictions on use: You will not:

3.6.1 Use the Goods(or permit them to be used) for a purpose for which they were not designed, or for hire or reward, or otherwise than for your own social domestic and pleasure purposes, or while they are unroadworthy or by an unqualified driver or otherwise contrary to law;

3.6.2 Abandon or part with possession of the Goods;

3.6.3 Take the Goods outside Great Britain without our prior written consent other than for holidays not exceeding 21 days in any calendar year;

3.6.4 Hold yourself out as the owner of the Goods, sell, assign or charge the Goods or this Agreement, create or permit any lien or encumbrance on the Goods (or in Scotland any lien pledge hypothec or other security), hire out the Goods, pledge our credit for repairs or any other purpose, or attempt to do any of such things;

3.6.5 Alter or modify the Goods without our prior written consent.

4. INDEMNITY

You will indemnify us in respect of any claims made against us in connection with this Agreement or the Goods or their use, and all costs incurred by us in preparing and sending reminders, termination and demand letters, default notices, statements of account, copy documents, settlement quotations or otherwise; and costs incurred by us in enforcing this Agreement, and in tracing you and locating or repossessing the Goods (including costs paid by us to lawyers and collection agents, and the cost of our own staff and resources including the cost of telephone calls and letters). We shall charge such costs in accordance with our standard tariff from time to time details of which are available to you on request. We may vary the rates of costs in the standard tariff by notice to you, to reflect changes in the costs of running our business and inflation.

5. TERMINATION OF THIS AGREEMENT AND DELIVERY UP OF THE GOODS

5.1 Events of Default: The following will each be an Event of Default:

5.1.1 if you breach any term of this Agreement;

5.1.2 if any other agreement between you and us shall be terminated for an event similar to an Event of Default;

5.1.3 if you have given false information to us;

5.1.4 if you shall be unable to pay your debts when they become due;

5.1.5 if the Goods are destroyed or treated by the insurer as a total loss in response to a claim;

5.1.6 if you repudiate this Agreement.

5.2 Termination by us following an Event of Default:

5.2.1 Subject to CCA1974, after an Event of Default we may terminate this Agreement by notice to you or by the act of retaking possession of the Goods. Termination will not affect your liability to us under these Terms.

5.3 Termination by the you the Customer: You may terminate this Agreement (relating to the Goods) as explained in the statutory notice headed "TERMINATION: YOUR RIGHTS" in the Schedule. This will not affect your additional liability under clauses 2.6 and 4.

5.4 Amount Payable on Termination: On termination of this Agreement by us, you will pay to us at once the Balance Outstanding by way of agreed compensation for loss; but we shall allow credit to you for the following amounts:

(1) the Statutory Rebate calculated on that amount at the time of actual payment by you; and

(2) either (a) if we have repossessed and sold the Goods, an amount equal to the actual net sale proceeds of the Goods received by us after deduction of the costs of repossession and sale; OR (b) if we have repossessed the Goods but not sold the Goods, an amount equal to their trade value at that time as estimated by a valuer appointed by us less the costs of repossession, storage and insurance, and of such valuation.

This payment will be in addition to damages for any breach of obligation by you prior to termination of this Agreement not reflected in clause 5.4 and payments under clause 4.

5.5 Delivery up of the Goods on termination: On termination of this Agreement you will return the Goods, in Good Repair and Condition, to us at such place as we may specify. If you do not, we shall be entitled to repossess the Goods from you (subject to CCA1974).

5.6 To be in Good Repair and Condition, the Goods must comply with the following:

· the service records must be returned with the Goods which must record that the Goods have been fully serviced by a franchised dealer

· the Goods must have a current MoT certificate if required by law, and require little or no work for the issue of a new certificate

· the Goods must require no refurbishment to be ready for retail resale, be free from mechanical or body damage, in their original paintwork and trim, with the interior to original specification free from damage.

If the Goods are not in Good Repair and Condition when they are returned to us, you must pay to us the amount needed to put them in Good Repair and Condition.

6. MISCELLANEOUS

6.1 If you are more than one person then your liability will be joint and several and in clause 5.1 "you" means either or both of you. Subject to CCA1974, notice given to or by one of you will be good notice to or by all of you. For the purpose of sending written notices, you and we may send to the addresses shown on the first page of this Agreement. You will notify us in writing promptly if you change your address.

6.2 If you do not pay any sum when due, you will pay interest calculated on a daily basis on that amount from the due date until actual payment, at a rate equal to the Annual Percentage Rate. Such interest will accrue after as well as before termination of this Agreement and any judgment.

6.3 If at any time we do not insist on our strict rights under this Agreement or allow any time or show any indulgence, this will not prevent us doing so on another occasion. Any variation of the terms of this Agreement must be in writing in a form of agreement which complies with regulations under the CCA1974 as a modifying agreement which is signed both by you and on our behalf.

6.4 CCA1974 makes the Supplier our agent for the purpose of antecedent negotiations and so this is not a distance contract. Otherwise no person involved in negotiations is our agent.

6.5 We may assign (transfer) our rights under this Agreement to such person ("the Assignee") as we wish; for example we may assign to a funder in the context of our own funding arrangements. If we assign, and either we or the Assignee give written notice of this to you, then from that time:

· you will make payments under this Agreement to the Assignee, at such bank account as the Assignee may notify to you, and

· the Assignee may enforce this Agreement against you instead of us.
However, the assignment will not affect your rights or increase your liabilities.

6.6 English law applies to this Agreement and the English courts have jurisdiction (or if your address shown on the first page of this agreement is in Scotland then 'Scottish' will apply instead of 'English' and reference to any English expression will be understood as equivalent or nearest Scottish expression

Contact Us:
8am - 7pm
Touring: 01278 751235
Hiring: 01278 752100
Caravan Sales: 01278 751602
Email: admin@hru.co.uk
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