Mis Sold HP

Options
MK1984
MK1984 Posts: 2 Newbie
in Loans
Hello Everyone,

I hope someone can lift some light on recent issues I have had with a well know dealership.

Recent issues have lead me to find out I have been sold the wrong car deal.

I explained my millage would be at least 20K as I drive around the country for work, when I've looked at getting a settlement I am on a 10K per year deal.... to my absolute shock I am now in negative equity. The guy that sold me the car had been there 2 days and I was his first sale and that was what he was focuse on. I feel very disappointed as he clearly was not trained correctly and now I am left with the financial burden

I've emailed the company with other issues I've had with the car and they have ignore it each time I chased.

Where do I stand, please help?

Thanks

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Options
    Onus is on you to read and sign the contract before signing it. Mileage condition is very clearly stated and not buried in the small print.
  • saverbuyer
    saverbuyer Posts: 2,556 Forumite
    Options
    Did you sign an agreement with 10k miles?
  • Johnnytwostep
    Johnnytwostep Posts: 854 Forumite
    Options
    mis-bought HP as didnt read what I signed, would probably be more accurate.
  • Silver-Surfer_2
    Silver-Surfer_2 Posts: 1,850 Forumite
    Options
    Is this the same car you've also voided the warranty on?
  • CHR15
    CHR15 Posts: 5,193 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Absolute shock you are in negative equity?
    What on earth did you think finance on a car was going to do? If it made profit we'd all be doing it.
  • Nearlyold
    Nearlyold Posts: 2,289 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    edited 8 February 2016 at 7:41PM
    Options
    Is this a PCP? I assume that it is as these have a mileage limit, straightforward HP does not. If you are handing the car back at the end of the agreement then you will pay mileage charges if you are over the mileage stated in your agreement, however if your PCP had been set at 20,000 miles pa your monthly payment would have been higher anyway so high mileage costs you either way. If you are looking to sell the car and settle before the end of the agreement you will only get what the car is worth (based on market demand, mileage and condition) and if that's less than what you still owe you will be in negative equity - if your PCP had been set at 20,000 miles pa the negative equity would be lower but only because your monthly payment would have been higher (thus more of the loan paid off) so high mileage still costs you either way.
  • bris
    bris Posts: 10,548 Forumite
    First Post First Anniversary Name Dropper
    Options
    Everyone is in negative equity with a car the minute you drive it out the dealership.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    Silver-Surfer wrote: »
    Is this the same car you've also voided the warranty on?
    Posted numerous threads about too….
  • MEM62
    MEM62 Posts: 4,754 Forumite
    First Anniversary Name Dropper First Post
    Options
    MK1984 wrote: »
    I explained my millage would be at least 20K

    when I've looked at getting a settlement I am on a 10K per year deal

    The guy that sold me the car had been there 2 days

    clearly he was not trained correctly

    Clearly it is you that is not correctly trained to read a contract to which you are putting your signature. You stand nowhere and will have to live with the consequences of your oversight.
  • SeanG79
    SeanG79 Posts: 977 Forumite
    First Anniversary Name Dropper First Post
    Options
    PCP and HP with a balloon can both have mileage restrictions.

    The paperwork will have been clear and the lower monthly payments are reflective of the lower mileage.

    You can look into Voluntarily Terminate the agreement once you reach the 50% mark, which will be stated on your agreement. There is no mileage linked to that statutory right, but I have heard of some lenders trying to enforce excess mileage charges at VT stage
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards