Car Finance Trouble Urgent Help Please

Mr_Tes

I don't know of this is the right topic to place this, sorry if it is not.

I recently purchased a new car by finance. However I have encountered a couple of after-sale issues.

My previous vehicle, was still under a Hire Purchase agreement with Fiat Auto Financial Services, however I had reached the threshold whereby I was entitled to Voluntary Termination of the agreement. I therefore, in essence, had no part-exchange and entered into a new agreement with GE Finance, via Stoneacre, to buy the new vehicle.

I was told by GE Finance to simply cancel my Direct Debit, inform Fiat Auto Financial Services of my Voluntary Termination, advise them that the vehicle was in the care of GE Finance via Stoneacre, and they would look after the rest. I would not have to make any more payments on the old agreement, and I would be contacted by post with details of the new agreement. I was therefore able to drive away within hours of entering the showroom, leaving behind my old vehicle.

In the weeks since I have followed the advise; I informed Fiat Auto Financial Services straight away of my intention to Terminate my agreement for my old vehicle, as well as promptly completing and returning the relevant documentation (registration document) – both sets of correspondence were sent via recorded delivery to ensure no delay. However, Fiat Auto Financial Services have since contacted me to advise; (i) I must make this January’s payment of £116.92, and possibly next February’s payment for the same amount (on top of the finance payments agreed on the new vehicle) (ii) I have also incurred a charge of £26.00 for late payment, and if this is not settled by my next payment I will incur the same charge, (iii) failure to make these payments may affect my ability to gain credit (including mortgages) in the future, (iv) the fact I have left the vehicle in your position may jeopardise my right to Voluntary Termination.

As a company governed by the FSA I feel I’ve been so poorly financially advised. I have now found myself in a position where I will essentially be paying for two cars, one of which I am struggling to gain any sort of after-sale customer service, and the other I do not even have in my possession. It feels to me that the customer service stopped the second I signed the finance agreement.:mad:

Is there anything I can do? I feel I have been so naïve. Please I need some help to rest my mind.

LinasPilibaitisisbatman

You have been misinformed by the dealer who obviously desperate to sell the car didnt care if you had to pay for the old car for a bit longer until it was all concluded

Unfortunately that is not fiats fault.

Be more careful in future.

Mr_Tes

I kind of assumed so. Would you advise I report the Finance company to the FSA for bad practice and advise?

kaydyl22

hi, i am new to this site and using threads but i am looking for information myself and dont know how to start a thread. lol
I bought a car on finance from stoneacre about a month ago and i am paying it for 5 yrs, i have only made one payment so far of £181.00, which includes 'GAP isurance'?? i cancelled this gap insurance within the 2 wks notice they wanted and have since recieved a letter off the gap people saying stoneacre are now sorting a refund, i recaeived a check off stoneacre for £595.00, however i doo not know how they have got this figure and i am wondering if they are trying to con me?? the gap insurance is on the contract at £21.02 a month and as i am paying this for 5 yrs my calculations say that they owe me £1261.20 plus interest, as they have not sent me a new contract minus the gap insurance, does this mean my contract is now void?? and was the check a way of trying to keep a little girl happy?? thinking i would see the money and be ok? they also promised me added extras with the finance like- free valeting for a year, free first mot, free service etc and said they would send details in the post which have never arrived?? im just looking for adviice really as to where i stand now? do i cash the check? is my contract void? etc please help someone xx