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No that is not correct.
If the vehicle was yours you are taking finance out on the vehicle.
If there is a surplus it belongs to you.
Or the person who signed the finance agreement.
Close Asset should provide a full statement of account.
This will include the balance owing, any charges, the price at auction, auction fees etc.
Then you are due back the balance from this sale.
Can I clarify anything for you about this today please?
Close Asset claim there is a clause in the contract which entitles them to all profits. Is this really enforcable if such a clause exsited?
This is something, if it does exist you could challenge as being unfair.
It can't be right, in effect they are entitled to double profit from this.
First the repayment and second the profit on any sale that you have paid.
Lets assume the finance was £24,000
That is what I thought and have argued with them
And you had paid £23,000 and £1000 was owing
If they sold it for £20,000 they would have made £19,000 profit.
That can't be right
What would you advise my next step to take?
First write and complaint.
Second take it to the financial Ombudsman
Their website is: www.financial-ombudsman.org.uk
And then finally sue to claim that the agreement is unfair.
Can I clarify anything else?
Thank you very much for this advice. I am going to forward this on to Close Asset and see where it leads from there.
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