The Law Relating to Motor Finance

Working within a specialist area of consumer credit such as motor finance, inevitably creates its own unique challenges and issues, which need to be dealt with on a daily basis. The motor finance industry is not only faced with compliance with the Consumer Credit Act 1974 (as amended) and regulatory guidance published by the OFT, but also with other various pieces of legislation specific to individual business activities.

Course aims and intended learning outcomes

The course aims to assist members and non-members alike to meet those unique challenges and issues and will provide the necessary technical information to review their current practices and procedures in order to ensure compliance by providing:
• a review and update on the relevant provisions of the Consumer Credit Act 1974
• a review of other legislation relevant and applicable to the motor finance industry

Course Content

Morning Session

Choice of Agreement, covering a practical review of the statutory nature and the advantages and disadvantages of each type, including:
• hire purchase
• conditional sale
• loans and credit sale
• Bills of Sale by way of security
• consumer hire agreements.

Enforceability of Agreements, which includes:
• improper execution
• copy of documents requirements.

Default, Termination and Enforcement:
• contents and effect of a ‘default notice’
• evidence of adverse detention of goods
• judicial control – orders of the court.

Afternoon Session

Transfer of Title by Non-Owners, which includes a practical review of the statutory provisions and common law position in relation to:
• buyers and sellers in possession (including mercantile agents)
• legal liens – the common law position
• potential loss of title under part III, s27 of the Hire-Purchase Act 1964
Breach Contract and Defective Goods under:
• S75 of the Consumer Credit Act 1974
• Sale of Goods Act 1979 as amended by the Sale and Supply of Goods Act 1994, and the Sale and Supply of Goods to Consumers Regulations 2002
• Supply of Goods (Implied Terms) Act 1973
• The Supply of Goods and Services Act 1982.

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