FAQs

1. Will I need a guarantor?

This will only be known once your proposal has been assessed, as it will depend on an individual’s personal circumstances and whether the application matches our lending criteria or, if not, one of the panel of other funders which we can put your proposal to through our credit-broking arm.

2. Can I change payment date?

You can call or email to request a payment date change. However, there are certain conditions. For example, you will only be able to change the payment date within the same calendar month. Also, the first payment needs to be made before any amendments to the agreement and the final payment cannot be changed. If there is more than one payment date change request in a 12-month period, then we will normally charge for this in accordance with the terms and conditions of your agreement.

3. Can I get a settlement quote and do I get discount?

Please call or email to request a settlement figure and once the relevant data protection questions have been answered, a settlement quote can then be generated from our system, which will calculate any interest rebate due to you if you decide to settle the agreement early.

4. Can I overpay on my agreement?

You can over pay on the agreement in lump sums and we can reschedule the agreement to accommodate this overpayment by either reducing the term down and keeping the payment the same or reducing the payment and keeping the term the same. If we do not receive confirmation and an overpayment is made, our default is to reduce the payments.  Overpaying can help to reduce the total amount of finance charges on the agreement.

5. How much interest have I paid/how is it calculated?

The charges (including interest) are stated on the pre-contract information and on your agreement and your monthly payments are calculated at the agreed rate. If you wish to know the exact details of how much capital and how much interest you have paid, please contact us and we can let you have this information. As a general rule, your monthly payment will be made up mostly of interest charges at the beginning of the agreement but you will begin to pay more capital as the agreement progresses towards its conclusion.  Your overall monthly payment will, however, stay fixed.

6. I’m selling the vehicle: can the buyer settle my finance direct with you?

Note that for HP and PCP contracts, you will not have the right to sell the vehicle before the outstanding finance balance has been settled, you will need to tell us if this is your intention.  Where you want to sell the vehicle to a 3rdparty, we need to carry out certain checks on the buyer under money laundering legislation in order to be sure that we can accept payment from them. Once settlement has been accepted by us, we will arrange for our financial interest in the vehicle to be removed so that the third party can take formal ownership of it.

7. I don’t want the vehicle anymore as my circumstances have changed/I can no longer afford the payments under my agreement.

You will need to contact us to discuss your options. If you are experiencing financial hardship, we will always treat you sympathetically and do what we can to help you.

The Money Advice Service Website (at www.moneyadviceservice.org.uk) also contains free and impartial advice on borrowing and debt, including useful loan and car running-cost calculators. You can also call them on 0300 500 5000.

8. What is the “14 day cooling-off period”?

Where you have the right to withdraw from the finance agreement, this will be specified in your pre-contract information and the agreement itself.  You can call or write to us to exercise this right and must do so within 14 days. Please note that this right this allows you to withdraw from the finance but not from your obligation to buy the vehicle from the supplying dealership: you will need to speak to them separately about this and see if they are prepared to take the vehicle back (and they may make a charge for this).  If you do withdraw from the finance, you will need to repay the credit to us in full within 30 days and also pay the daily rate of interest stated in the terms and conditions of the agreement. Once all funds are paid, the agreement will be cancelled.

9. What is the administration fee?

There is currently (as at DATE 2019) no administration fee for taking out a finance agreement with MIVF. There is typically a nominal “option to purchase” fee to take official ownership of the vehicle.  Other funders may charge you administration fees but all charges and fees should be listed in your pre-contract information and your finance agreement.

10. Can I extend my agreement term to decrease my payments?

We are unlikely to be able to do this other than in exceptional circumstances. However, if you are experiencing financial difficulty or are otherwise a vulnerable customer, we may be able to come to an arrangement to help make things easier for you.

11. What do I do if I have a PCP and exceed my annual mileage allowance?

If you exceed the annual mileage allowance stated on your agreement or think it is too low for your needs, you should contact us immediately, as this may have an effect on the value of the vehicle at the end of your agreement and we may need to adjust your monthly payments and your optional final payment to reflect this. You may also incur an excess mileage charge at the end of the agreement if you decide not to purchase it.

12. How do I tell you about a change of name or address?

This can be done simply by email, telephone or postand we will need to ensure that that the information comes from a verified source such as signed letter, personal email and you will need to answer our data protection questions if you call us.We may need to see specific evidence, such as a marriage certificate or utility bill.

13. How do I change my bank details?

If you need to change your bank details, please contact us.

14. Where can I get a copy of my agreement?

You can call, email or send us a letter requesting a copy of your finance agreement – please see our Contact page for details.

15. How do I change my registration number plate?

We can update the registration number plate once the DVLA have been contacted. We will then update the finance register and our system accordingly.

16. The vehicle has been damaged in an accident: what should I do?

You will need to notify us immediately and claim on your insurance (or, where a third party caused the damage, their insurance) to have the vehicle repaired.  If the vehicle is a write-off and the insurance payment will not cover the outstanding finance on it, you will need to pay us the shortfall separately.  If you have taken out separate “GAP” insurance, this may cover such a shortfall.

17. What level of car insurance do I need?

In accordance with the terms and conditions of your finance agreement, the vehicle must have comprehensive cover in place with a reputable insurer against all risks for its full replacement value. The insurer must be informed that MIVF are the owner of the vehicle and that we are noted on the insurance policy. You must provide evidence of the insurance and the premiums paid when asked.

20. Can I take the vehicle abroad – holiday or permanent?

If your agreement is with Mann Island Vehicle Finance you can take the vehicle abroad for a maximum of 30 days continuously. The vehicle cannot be taken abroad permanently

19. What do I do if there is a problem with the car?

You should contact your supplying dealer immediately if there is an issue with your car – for example, a mechanical problem or if it is not as described to you. Please contact us if, having spoken to the dealer, you wish to make a complaint to us and we will investigate it thoroughly: please see our complaints section for further details.

20. How can I find out more information about vehicle finance?

Further information on vehicle finance and the different kinds of finance products which are available can be found at http://www.financingyourcar.org.uk/car-finance/

21. I have had trouble getting approved before: would you still be able to help?

We use approved credit reference agencies to find out information about your credit history. If you have a poor credit record (for example, a history of arrears or defaults) it may be difficult for us to help you. However, we do have a credit-broking arm which may be able to secure finance for you from one of its panel of other funders.

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