Choosing your new car can be exciting, and it’s important you’re happy before you drive away. Make sure you inspect the vehicle, and if you find any problems, please tell us immediately.
Can I choose a car from any dealership?
We only work with approved dealerships who are enrolled & assessed for quality and service. Our map contains the location & contact details of all our affiliated dealerships.
What do I do if the vehicle I have picked up isn’t as described?
Contact the dealership where you purchased the vehicle as soon as possible after collection. If you encounter any problems, then please contact us right away.
How do I report an issue with a dealership?
Please let us know right away, or if you would like to make a complaint, then you may do so here.
The diagram below provides some guidance of what you need to look for when inspecting a vehicle. We also advise taking a test drive to help you get a proper feel for the car.
Until you’ve made all of the repayments, it’s your responsibility to ensure the vehicle is well kept and roadworthy. This means having valid, fully comprehensive insurance at all times, taxing the vehicle when it falls due and having an MOT done before the current one expires. You can check the tax & MOT status at any time for free here.
What do I do if I have a problem with my vehicle?
If the problem arises within the warranty period, then contact the dealership as soon as possible. Their contact details can be found on the first page of your loan agreement. Once the dealer warranty has expired, you’re also responsible for any repairs to the vehicle. If you’re unsure of whether the problem is covered under warranty, then contact us. We’re happy to answer any questions you may have.
How do I apply for refinance?
If you’re approaching, or have passed the half-way point in your agreement then please apply online to receive a decision via email. Your repayments will need to be up-to-date.
What are the Dealerships responsible for?
Dealers are responsible for ensuring the vehicle is mechanically sound, and providing you with details of their own warranty and aftercare terms.
What is a Hire Purchase agreement?
If you’re struggling to find a personal loan to finance your car, a Hire Purchase agreement may be suitable for you. We pay the car dealership the full price of the vehicle, and you make fixed regular payments to us until you have paid all of the agreed finance. Unlike PCP agreements, there are no ‘balloon payments’ at the end. Once all the regular payments have been made, the vehicle is yours. If you meet your repayments on time and in full – you may increase your credit profile.
What do I do if I haven’t got a copy of my agreement?
You will have been issued a copy of your pre-contract and loan agreement via email after you signed the agreement electronically. You may request a duplicate copy by contacting us.
What do I do if I have a question about my agreement?
Please contact us. We’ll be happy to answer any questions you have.
What does flat rate mean?
Flat rate refers to the annual interest rate we charge on your principal loan. For example – if the flat rate is 25% and you borrow £1,000 over 12 months, then the total repayable would be £1,250.
What does APR mean?
APR stands for Annual Percentage Rate. The actual calculation is quite difficult to explain, but a fuller explanation can be found here.
What do I do if my circumstances have changed since taking out the agreement?
Please call us or provide us with the details using our online enquiry form, by selecting ‘General Enquiry’. We will review your enquiry and respond.
Can I cancel my agreement in the 14 day cooling off period?
You have 14 days to reject the hire purchase agreement. This is called the “Cooling off period” and under the Consumer Credit Directive it gives you the right to withdraw from the finance agreement.
You’ll need to call us asap and instruct us that you do not wish to proceed with the agreement. We can ask the supplying dealer to “un-wind” the deal and return the funds to us along with your deposit. The dealer however isn’t obliged to give you your deposit back as they may well have spent time & money preparing the car for collection. The lender also can’t force the dealer to return the funds if the car is in a roadworthy condition. If the dealer isn’t prepared to do this you’ll have to settle the finance agreement with another source of funds within the 14 days. If you believe there has been any wrong-doing by the lender or the dealer you can refer your complaint to the Financial Ombudsman Service.
What do I need to do if I change my address?
Please complete our online enquiry form, and select ‘Change of Address’ as the nature of your enquiry. We will review and confirm the update as soon as possible.
Who owns the vehicle?
Until all the payments have been made on the vehicle, it remains the property of Trax Motor Finance. Once all the payments have been made, you will own the vehicle outright.
What do I do if I want to part-exchange my vehicle?
You will need;
- A price for your existing vehicle from a dealership. Although this can be any dealership, if you also wish to refinance with Trax, please be aware this can only be done via one of our affiliated dealerships.
- A settlement quotation from us. This can be obtained by calling us (free) on 0161 759 5084
You will be required to pay to us the difference (if applicable) between the price you are offered for your vehicle, and our settlement quotation. We don’t accommodate ‘negative equity’. For example; we cannot refinance the difference between the two amounts.
If the vehicle is stolen or involved in an accident, who is responsible for paying the agreement?
You are responsible for the account at all times, however your insurance company will be responsible for paying us directly once a successful claim has been made. If there is anything remaining on the account once the insurance payment has been made, you will be liable for the outstanding balance.
What do I do if I need to make a complaint?
Please visit our complaints section, and follow any instructions.
How do you use my information?
You may read our privacy & data protection policies here.
What do I do if I need to change the payment card for my repayments?
To do this, you must call us (free) on 0161 759 5084. A member of our payments team will assist you in changing the details.
If I have a late or missed payment, what are the charges?
There is a £15.00 charge applied to your account for a late or missed payment.
Can I make overpayments against my account?
Yes you can make overpayments whenever you like. You may also settle the agreement early at any point.
What do I do if I would like to change my payment frequency?
Please contact us to discuss the change.
What do I do if I’m having trouble meeting my repayments?
Need help and advice? You can contact the following not-for-profit organisations for free, confidential and impartial debt advice, or for details of where to get such advice in your area. Contact the Money Advice Service For free. For unbiased and easy-to-access money tools, information and advice, visit www.moneyadviceservice.org.uk or phone 0300 500 5000 to speak to a Money Adviser. If you need assistance with managing your money & setting a budget, you can access more information here.
Please also call us as soon as possible so we may discuss your circumstances.
If an immobiliser is fitted to your vehicle, it may be activated in the event of non-payment. Don’t worry, we will make every attempt to contact you before this happens.
To have your vehicle reactivated you must make a payment either online, or by calling us (free) on 0161 759 5084. It may take up to 24 hours for your vehicle to be reactivated. Outside office hours this may take a little longer.
What happens to the immobiliser once my agreement is settled?
The immobiliser unit attached to your vehicle is decommissioned. It will not interfere with the running or enjoyment of the vehicle in any way.
Terms & Conditions
Each of our customers is important to us, and we believe you have the right to a fair, swift and courteous service at all times. However, if you’re unhappy with any of our products or service and want to make a complaint, please don’t hesitate to get in touch. You can contact us in a number of ways;
All complaints follow a standard handling process as outlined below. If you’d like to know the progress of a previously submitted complaint, contact us.