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  • FIRST POST
    • FordyceE
    • By FordyceE 17th Jun 17, 4:16 PM
    • 1Posts
    • 0Thanks
    FordyceE
    Miss-Sold Car finance?
    • #1
    • 17th Jun 17, 4:16 PM
    Miss-Sold Car finance? 17th Jun 17 at 4:16 PM
    Looking for some advice, around 10 months ago i purchased a car from a local garage using finance. At the time i wasn't fully aware of the ins and outs of the deal, should have done my homework. However due to a change of job im going to have to get rid of the car and i have been advised i may have grounds to return the car as the finance deal doesn't appear to have been set up correctly.

    By that i mean i was never told my APR rate, i have no paperwork of my own at all, all i was told was a monthly repayment. I contacted the garage to speak to the guy who i dealt with and was told that he left the company shortly after i purchased my car however i told them that i felt i had not been dealt with correctly and somewhat duped into the deal as if id have known the APR i could have gotten a better rate from my bank. I was also never informed that i would have a balloon payment at the end. I had great difficulty gaining access to any finance details as all the emails passwords ect were set up by the salesman and never given to me.

    Whilst on the phone the garage admits that they know the way the salesman set up the deal was not correct.

    Im essentially looking to see if id have a leg to stand on with regards to handing the car back in exchange for them settling the finance agreement.
Page 1
    • jonesMUFCforever
    • By jonesMUFCforever 17th Jun 17, 5:00 PM
    • 23,981 Posts
    • 11,290 Thanks
    jonesMUFCforever
    • #2
    • 17th Jun 17, 5:00 PM
    • #2
    • 17th Jun 17, 5:00 PM
    I doubt it.
    Add up all payments you would make under the agreement - do they come near to the true value of the car? Or is it obvious that they do not?

    If you had not needed to change jobs would you be any the wiser to all this?

    Can you not apply for a cheaper loan to clear this?
    What goes around - comes around
    give lots and you will always receive lots
    • molerat
    • By molerat 17th Jun 17, 5:00 PM
    • 17,009 Posts
    • 11,186 Thanks
    molerat
    • #3
    • 17th Jun 17, 5:00 PM
    • #3
    • 17th Jun 17, 5:00 PM
    The only thing that would really count in a complaint would be a document signed by you. How did you get finance if you did not sign a document which would have all the relevant figures on it and if the dealer / finance co can produce that then it would be assumed by an ombudsman / court that you actually read what you were signing.

    Ask the garage for a copy of the agreement, they should have one or read the factsheet here https://www.nationaldebtline.org/EW/factsheets/Pages/getting-information/credit-agreement-advice.aspx

    It is amazing how a shiny bit of tin with wheels can switch someone's brain off
    Last edited by molerat; 17-06-2017 at 5:04 PM.
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    • takman
    • By takman 18th Jun 17, 9:14 PM
    • 2,623 Posts
    • 2,178 Thanks
    takman
    • #4
    • 18th Jun 17, 9:14 PM
    • #4
    • 18th Jun 17, 9:14 PM
    Looking for some advice, around 10 months ago i purchased a car from a local garage using finance. At the time i wasn't fully aware of the ins and outs of the deal, should have done my homework. However due to a change of job im going to have to get rid of the car and i have been advised i may have grounds to return the car as the finance deal doesn't appear to have been set up correctly.

    By that i mean i was never told my APR rate, i have no paperwork of my own at all, all i was told was a monthly repayment. I contacted the garage to speak to the guy who i dealt with and was told that he left the company shortly after i purchased my car however i told them that i felt i had not been dealt with correctly and somewhat duped into the deal as if id have known the APR i could have gotten a better rate from my bank. I was also never informed that i would have a balloon payment at the end. I had great difficulty gaining access to any finance details as all the emails passwords ect were set up by the salesman and never given to me.

    Whilst on the phone the garage admits that they know the way the salesman set up the deal was not correct.

    Im essentially looking to see if id have a leg to stand on with regards to handing the car back in exchange for them settling the finance agreement.
    Originally posted by FordyceE
    So you signed the agreement without even reading it or even asking what the interest rate was or how the repayments worked. It has now taken you 10 months to even start questioning it.

    But your saying that if you had been told the APR you would have tried to find a better deal elsewhere, rubbish!. If you weren't even interested enough to ask the APR there is no way you would have gone to the effort of looking for a loan at a lower rate.

    The fact that you say "a better rate from my bank" shows that you don't even know when shopping around you should look at every bank and financial provider for the best rate.

    You went into the garage saw the car and decided you wanted it and would were happy to agree to anything and sign anything to get it. That isn't the garages fault!
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 19th Jun 17, 9:47 AM
    • 4,992 Posts
    • 5,142 Thanks
    poppasmurf_bewdley
    • #5
    • 19th Jun 17, 9:47 AM
    • #5
    • 19th Jun 17, 9:47 AM
    Every week someone comes onto this and other forums, claiming to have been mis-sold a car loan or finance.

    In the end, they all end up being cases of mis-buying.

    For some reason, when inside a car showroom, all common sense seems to disappear to be replaced by an overwhelming desire to get behind the steering wheel of that chrome fitted lump of steel whatever the cost.

    And then a few days, weeks or months later, the truth gradually beginning to dawn that said same chrome fitted lump of steel does nothing more than other chrome fitted lumps of steel except cost more money.
    There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O.S. Nock
    • Caz3121
    • By Caz3121 19th Jun 17, 10:17 AM
    • 10,780 Posts
    • 7,022 Thanks
    Caz3121
    • #6
    • 19th Jun 17, 10:17 AM
    • #6
    • 19th Jun 17, 10:17 AM
    i was never told my APR rate, i have no paperwork of my own at all, all i was told was a monthly repayment.
    Originally posted by FordyceE
    there would have been an APR on the paperwork you signed
    You say you were given a monthly payment, you can multiply this by the number of months and work out the total repayable
    Proving the finance deal was not set up correctly does not get you out of paying for the car. If you get the finance voided (unlikely) how will you pay what is still due for the car?
    It sounds like miss-bought without understanding what you were signing for
    • davidwood123
    • By davidwood123 19th Jun 17, 4:02 PM
    • 450 Posts
    • 1,124 Thanks
    davidwood123
    • #7
    • 19th Jun 17, 4:02 PM
    • #7
    • 19th Jun 17, 4:02 PM
    Another chancer
    • sourcrates
    • By sourcrates 19th Jun 17, 4:23 PM
    • 11,926 Posts
    • 11,412 Thanks
    sourcrates
    • #8
    • 19th Jun 17, 4:23 PM
    • #8
    • 19th Jun 17, 4:23 PM

    I have no paperwork of my own at all, all i was told was a monthly repayment. I contacted the garage to speak to the guy who i dealt with and was told that he left the company shortly after i purchased my car.

    Whilst on the phone the garage admits that they know the way the salesman set up the deal was not correct.
    Originally posted by FordyceE
    If this was a standard hire purchase agreement, then you should have been given an agreement to sign, on the premises, which was then co signed by the garage.

    You should then of been handed a copy of the agreement, specifically, the customer copy.

    Are you suggesting that you walked out of the dealership having signed paperwork for a car, but not having received a copy of said paperwork ?

    If, that were the case, you could be looking at a potentially improperly executed agreement, an agreement is either compliant, or it is not, there is no middle ground.

    However, the law surrounding credit agreements is extremely complex, and you would need to take legal advice on how best to proceed, who was it told you you had grounds for complaint in the first place ?
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
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