Welcome Car Finance Error on Agreement

petermb_2

Some of you guys are real charmers.
Back to the point. Obviously there is an issue on default as the lender will not be able to repossess a car you do not and never possessed.

However, to give you advice as to whether you could challenge the loan requres more mundane information

It is obvious that you acquired the loan through a broker.
Did you include PPI?

budley_2

thanks petermb.

No i didnt take out PPI, what sort of information is required and who should i speak with?

Thanks

standupguy

Budley, in your last paragraph you call the Finance a loan?

If it is a genuine loan then Welcome have no legal interest in the car anyway.

Of course, if it is a HP agreement then that is a different matter.

budley_2

sorry for the confusion it HP

standupguy

I am wondering if the chassis number on the agreement relates to the 51 plate or the V plate? If it relates to the car you have then it does tie the car in to the agreement to some extent?

What usually happens in cases such as these is that the finance company asks you to sign a modifying agreement - this then basically gives them title to the 51 plate under the existing agreement.

If you intend to sell then the easiest option is just to px/sell the car and settle the finance outstanding on the agreement - this leaves your credit profile on this agreement intact.

Otherwise, to take issue now will cause you more grief in the long run. It looks like they may not own the 51 plate but they have advanced monies and you have made many repayments - so whilst the error may cause an issue should Welcome want to repossess the car, they can still prove advance of monies and your acknowledgement of the loan advance by making the repayments.

Assuming you have made your repayments on time will be a positive benefit on your credit file and may help get you loans in the future with more mainstream and lower rate lenders - why risk spoiling that?