Key Information About Your Credit Agreement
– Please Take Time To Read This Carefully!

Thank you for choosing AutoMoney to help you with your credit needs!

The following is written in plain English to explain what this means for you. However, this information sheet is not a comprehensive guide and independent legal advice should be obtained if you are unsure of your rights or liabilities under a bill of sale. This document is provided as guidance to you and does not form or amend any loan agreement we enter into with you.

We are a straightforward lender and we are dedicated to providing you with key information about how your loan agreement works, and the risks you should be made aware of. This is an information sheet for borrowers who may offer their vehicles as security for a loan. AutoMoney ("we" or "us") is regulated under the Financial Services and Markets Act 2000, the loan agreement under the Consumer Credit Act of 1974, the security is offered by a Bill of Sale under the Bills of Sale Act 1882. We have signed up to the Industry Code of Practice that can be found on our website at www.auto-money.co.uk/borrow-with-confidence.

  1. AutoMoney's loans are designed to help people with a variety of credit needs. This type of loan is not for everyone and you should consider whether or not it best suits your needs. PLEASE DO NOT BORROW MORE THAN YOU NEED. IF YOU HAVE FINANCIAL PROBLEMS THEN FURTHER BORROWING MIGHT NOT BE THE RIGHT SOLUTION FOR YOU AND YOU SHOULD CONSIDER GETTING INDEPENDENT FREE DEBT ADVICE.
  2. ABILITY TO REPAY. Ensuring that you have the ability to repay your loan is most important to us. In your loan application you were asked to provide detailed information regarding your monthly income and outgoings. Whether or not we can grant you a loan and the amount you can borrow is determined in part by the information you provided to us in your application. It is important, therefore, that you check the information provided and sign below to certify that this is correct and that you can afford the loan repayments. It is also important that you have fully discussed your financial situation with us so that we can advise you on the suitability of our products for your needs.
  3. The loan documents you will be asked to sign include a Bill of Sale that grants us an interest in your motor vehicle to secure your loan. IF YOU DO NOT REPAY YOUR LOAN AS AGREED, WE MAY REPOSSESS AND SELL YOUR MOTOR VEHICLE. This can be done without a court order. Further, unlike a hire purchase (HP) agreement, this can be done even if you've paid off a third of your loan. You should note that you have no right to voluntarily terminate your loan agreement under the Consumer Credit Act of 1974, although you may voluntarily surrender your motor vehicle as explained in the loan agreement.
  4. THIS IS A MORE COSTLY WAY TO BORROW MONEY THAN SOME OTHER ALTERNATIVES. YOU SHOULD CONSIDER WHETHER THERE ARE LESS EXPENSIVE LOANS AVAILABLE TO YOU BEFORE YOU SIGN YOUR LOAN AGREEMENT.
  5. RIGHT TO WITHDRAW. You have up to 14 days to withdraw. If you want to withdraw from or cancel the loan (undo it), just notify our office within 14 days of when you signed the loan starting with the day after the loan was signed. You will need to return the amount of credit we provided you pay the £25 bill of sale registration fee, and pay any interest that accrues before you make the repayment. Your Pre-Contract Information form and your loan contract contains the per day interest rate applicable to your loan so that you can calculate exactly how much would be due upon your withdrawal.
  6. FAIRNESS. We will always strive to treat our customers fairly. You deserve nothing less! We hope this explanation demonstrates our dedication to fairness. If at any time you feel you're not being treated fairly or have any cause for complaint, feel free to contact the manager of the store where you received your loan or email us at customerservice@auto-money.co.uk and let us know your concerns. It is important that we get your feedback so that we can put things right.

CCTA Consumer Credit Trade Association

BILL OF SALE BORROWER INFORMATION SHEET


This is an information sheet for borrowers who are offering their vehicles as security for a loan. AutoMoney ("we" or "us") is regulated under the Financial Services and Markets Act 2000, the loan agreement under the Consumer Credit Act of 1974, the security is offered by a Bill of Sale under the Bills of Sale Act 1882. We have signed up to the Industry Code of Practice (you can find the full Code of Practice on our website).

The following is written in plain English to explain what this means for you. However, this information sheet is not a comprehensive guide and independent legal advice should be obtained if you are unsure of your rights or liabilities under a bill of sale. This document is provided as guidance to you and does not form, or amend, any loan agreement we enter into with you.
 

WHAT IS A BILL OF SALE?

A Bill of Sale is what gives us our security over your vehicle. This means that:

Until you have repaid your loan we are technically the legal owner of your vehicle. However, you can still keep driving it and once you have paid off your loan the ownership goes back to you.

The Bill of Sale will be registered with the High Court in London and the register is open to public inspection.

If you default on the payment of your loan, or other terms within the loan agreement, we will have the right to serve a Default Notice on you under the Consumer Credit Act 1974. If you do not make good the default, within the time stated in the notice, we will be entitled to take possession of your vehicle and sell it. You should note that we do not need a court order to repossess your vehicle.

If your vehicle is repossessed and sold for an amount of money that is insufficient to pay off the money you owe us you will still have to pay the shortfall. The sale of the vehicle does not put an end to the loan.
 

WHAT CAN YOU EXPECT FROM US?

We will:

  • Lend responsibly and treat our customers fairly and with due consideration.
  • If we apply charges to your account we will only do so where such charges are reasonable and to recover costs we have incurred.
  • If you have a material change of circumstances we will take this into consideration and may agree to reduce your repayments until such time as you are able to continue with your original contractual repayments.
  • If you have a complaint we will take it seriously and deal with it properly and promptly.
  • Until we have terminated the loan agreement you may return the vehicle to us in full settlement of the debt to us, provided that instructions have not already been issued to an authorised person to recover the vehicle and you act in good faith and the vehicle has not been maliciously damaged.
  • We will only repossess a vehicle after we have taken reasonable steps to obtain contractual payments from you by other means.
  • If we do repossess your vehicle we will provide you with a 14 day period in which to repay the debt and re-purchase it or we may reach an alternative suitable agreement with you. If we do have to sell the vehicle we will endeavour to obtain the best price for it. If the vehicle is sold for an amount more than you owe then we will pay the excess amount to you.
  • Repossession is an expensive process. If we are forced to recover the vehicle on which your loan is secured significant extra costs may be added to your account.
     

WHAT DO WE EXPECT FROM YOU?

We require that you:

  • Make your payments on time and in the right amount.
  • If your circumstances change you should contact us immediately to discuss any problems that you may have with keeping your payments up to date.
  • We expect you to look after and maintain the vehicle to the same condition (subject to reasonable wear and tear) as it is now (i.e. at the time you borrow from us), and keep the vehicle insured in accordance with our agreement with you, until you have repaid all amounts due to us, unless we agree to waive these requirements.
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We are PROUD MEMBERS of The Consumer Credit Trade Association. AutoMoney were forerunners in the creation of The CCTA Lending Code of Practice and we adhere strictly to its principles. Click here to view. ALWAYS MAKE SURE THE LENDER IS A MEMBER.

350.5%APR Representative
Representative example: Loan amount £1000. Duration 18 months. Repayable by 16 monthly repayments of £170.42 and one of £198.42 (includes Bill of Sale registration fee of £28) commencing two months from the date of the loan. Total amount repayable £2925.14. Rate of interest 187% per annum fixed. Representative 350.5%APR. LOANS ARE SECURED ON YOUR CAR. The vehicle may be repossessed if you do not keep up the repayments.