The regulated activity of “credit intermediation” also covers exempt leases and falls under the provisions of the CSF on “unfair relations”. A customer who has a regulated contract must be notified of their rights and obligations. Agreements should include details on customer, automotive and financing agreements and clarify all contractual conditions, in particular: unregulated agreements have been concluded for those who use cars for commercial business or for high net worth individuals who benefit from exemptions to qualify for such a contract. When the customer concludes the credit agreement, the Consumer Credit Act determines when and how many copies of a contract the customer must receive and prescribes in detail the information that must be included in a contract. If an individual entrepreneur enters into a lease agreement with another company in the United Kingdom, the contract is likely subject to the provisions of the Consumer Credit Act 1974 (“CCA”) and certain provisions of the CCA. However, one of the complexities associated with regulated leases is that some of the CCA rules put in place in 2010 do not apply to them, which could pose a problem for some rental companies and brokers. The Consumer Credit (EU Directive) Regulations 2010 meant that £60,260 loans were not covered by all consumer credit rules, so for many lenders, loans on this amount are not regulated automatically. However, some lenders offer the guarantee of a regulated agreement for much larger amounts (later). Yes, since the car only costs £49,000, you should have been treated and informed of the right installation, and a consumer-regulated lease agreement is what you should have been told. Here you can be asked to sign and legally declare that the car is used for mileage production, renouncing your still important consumption rights and allowing the lender to apply unregulated conditions.

In the case of an unregulated agreement, you do not have the right to terminate the agreement prematurely or get a discount on interest charges, although some lenders may recover a small amount or generally accept a heavier penalty for you. Under an agreement governed by the Consumer Credit Act, you have the right to terminate the contract prematurely and benefit from a legal discount on interest charges and, as a rule, a penalty of approximately 58 days of interest charges. An exemption agreement is an agreement that would normally be regulated, but falls under one of the exceptions. The customer does not get the same level of protection as if the contract were regulated, but he still enjoys some protection under the unfair relationship provisions set out in sections 140A to 140C of the Consumer Credit Act 1974. . . .