Continuous Payment Authority (CPA) Terms
Continuous Payment Authority and how it works
A Continuous Payment Authority sometimes also called a ‘recurring payment’, authorises LoanOnYourCar.com to take an agreed amount from your bank account to repay you loan.
We will ask you for the card number from which you wish us to collect your payments.
Continuous payments applied by LoanOnYourCar.com
LoanOnYourCar.com will always agree the amount to be collected with you. The first amount is the 1 month after the date of agreement. If you wish to change this date to one that is more appropriate to your needs, please contact us on 0333 577 5000 option 2
We will never apply to take money from your account or vary the amount where you have not agreed this with us in advance.
What happens if sufficient funds are not available on the agreed date
If sufficient funds are not available from your account on the agreed date, your card issue may decline the Continuous Payment Authority request. If your card issuer declines a payment, we will make further attempts to take the payment a day later. If declined again, we may cancel any future Continuous Payment Authority requests and you should contact us to agree an alternative repayment option.
Cancel Continuous Payment Authority
You can cancel your Continuous Payment Authority at any time simply by telephoning us and asking us to stop the payments. You can also stop the payments with your card issuer.
You will need to set an acceptable alternative payment method.
Alternative repayment options
Alternative repayment options are available. These include; standing order and bank transfer. For further details please contact the office on 0333 577 5000 option 2.
Due to the nature of the transaction, no refunds are given. If you wish to cancel you must repay the capital and pay the ‘option to purchase fee and the interest accrued until the date the loan is settled.
If you borrow £1,000 over 18 months at a flat rate of 60% per annum [fixed] with a Representative 147.5% APR you will make 18 monthly payments of £105.56, making a total amount repayable of £1,900.00. The total charge for credit is £900.00. Your car is at risk if you fail to keep up repayments.
Loan repayment length from 18 to 60 months. The maximum APR is 389.1%.
The loan on your car will be subject to affordability, suitability and the provision of a final assessment of income and expenditure.