Do I Return the V5 to the Finance Company?

[lesleywilkie]

I am returning my car and was chasing the Finance Company to acknowledge my letter notifying my intention to use my rights to terminate.

They say they are in touch with British Car Auctions to come get it but want me to send the V5 to them. Shouldn't I get a signature from them on this? What date goes on It? The letter was dated 11th January and I stated 14 days so do I date it 25th January?

Any guidance is appreciated.

Thanks
Lesley

[R0b]

Re: Do I Return the V5 to the Finance Company?

I would advise against it, there's no reason why it can't be handed over when the car is collected, but it's up to you.

If you have proof of the letter you sent terminating the agreement then that should be enough to say its terminated.

[lesleywilkie]

Re: Do I Return the V5 to the Finance Company?

Hi ROb

Thanks for your comments. They have confirmed receipt of the letter (I sent it special delivery) but I had to call yesterday to get this confirmation as I had had no communication from them until then. This is when I was told they wanted me to send the V5. I didn't include it with the termination letter as there was no mention of doing so on this site.

I have read through the V5 and it needs the signature of the Motor Trader and the date of car changing hands. My feeling is that as I have no ideal what date they are coming to get the car, how can I put this on the declaration? I am not compromising by signing a legal document incorrectly just to keep the Finance Company happy!

[R0b]

Re: Do I Return the V5 to the Finance Company?

You can also update the registered keeper online by going to https://www.gov.uk/sold-bought-vehicle

But once again, there is no reason why it can't be done at the same time of collection since they have to come and collect the car anyway. I would personally hand the document over when they collect the car but as I said previously it's your choice whether you choose to or not - There is no legal obligation to send it to them first and one of the consequences of doing so is that if they don't sign it and then simply pass the V5 to the new owner once it has been auctioned off, you will be liable for any penalties or charges such as speeding until the DVLA have been notified.

If you haven't received information on when they are collecting the car then I would suggest you chase that up.