Close Motor Finance

[BumbleBee]

I bought a used GS a year ago using Close Motor Finance. One of the fees was a "Vehicle Protection Fee" of £70. I have just received my first annual statement & the fee has changed names to "Option To purchase Fee". Should I be worried?

 

[Deleted account 190920001]

That sounds like a lease arraignment where you have to pay a final payment at the end to own the bike. Have you worked out your payments to see how they compare with the purchase price? Added together they should be significantly more than the purchase price (unless you got 0%), if not your in a lease agreement and not a purchase agreement.

 

[BumbleBee]

It's quite a lot more & not a lease agreement. I think maybe a phone call & ask the question.