Finance agreement benefits

[Mandarin]

Having bought a caravan with about 20% on finance with Black Horse we're now in a position we could pay this off.

However I'm just wondering if there's a benefit to keeping a thousand or so active just for the protection if anything goes seriously wrong with the caravan.

I would appreciate thoughts from anyone with experience of this.

 

[otherclive]

Having bought a caravan with about 20% on finance with Black Horse we're now in a position we could pay this off.

However I'm just wondering if there's a benefit to keeping a thousand or so active just for the protection if anything goes seriously wrong with the caravan.

I would appreciate thoughts from anyone with experience of this.

Keep it active would be my view.

 

[Buckman]

Having bought a caravan with about 20% on finance with Black Horse we're now in a position we could pay this off.

However I'm just wondering if there's a benefit to keeping a thousand or so active just for the protection if anything goes seriously wrong with the caravan.

I would appreciate thoughts from anyone with experience of this.

No need to keep it active. We paid ours off but still had the "cover". At 5 years old we were successful with a claim. I think the finance company put pressure on the dealer and manufacturer to resolve the issue.

 

[Hutch]

I have often wondered about this. If you have repaid the finance, surely the finance company have no longer any interest in the item bought.

 

[Buckman]

I have often wondered about this. If you have repaid the finance, surely the finance company have no longer any interest in the item bought.

The finance house is the supplier of the goods and not the dealer. They buy it from the dealer and then "sell" it to you. CRA 2015 is between the finance house and yourself.

This the transcript from an email from Which legal Services "I can confirm that settling the finance will not effect Black Horse's liability in this matter and therefore we continue to pursue them to resolve this issue.

Ultimately we are arguing that Black Horse are liable for the cost of the repairs/replacement under CRA 2015 for failing to supply goods which were of satisfactory quality. Therefore it does not necessarily matter what the cost of this is."

 

[Mandarin]

Interesting, thanks for the input, does it matter how much of the van was bought using finance, in out case 80% was part exchange and 20% finance?

 

[Buckman]

Interesting, thanks for the input, does it matter how much of the van was bought using finance, in out case 80% was part exchange and 20% finance?

No difference at all. We paid over 80% cash with 5 year finance plan paid off after 3 years. You could pay it off after 3 months and still have the same cover for the duration of the 6 years.

There is a possibility that it could be longer than 6 years as other legislation regarding financing instead of CRA 2015 could apply? Only a lawyer could confirm.