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Car loan help
We've found ourselves in a bit of a pickle.
We owned a small van bought on finance. At the begining of the year we "sold" the van and replaced it with a renault espace. The Espace came from a local car dealer and no money changed hands, in effect we "swapped" the van for a vehicle of the same value.
Unfortunately we didn't realise we needed to say anything to the the finance company and continued to pay the monthly payments. The car we swapped it for has been a lot of trouble, but unfortunately the car dealer suddenly closed after about 3 weeks of swapping and we have had no way to contact him.
He turned up at our home today, to explain that he couldn't do anything with the van because we still had finance on it. He basically made it clear we needed to pay the outstanding finance so he could sell the van. I know now that we should have told the finance company what we had done, but honestly didn't realise that until today. I now don't quite no what to do. We can't afford to pay the outstanding finance in one go. The Espace we "swapped" the van for has had numerous problems and is now off the road and will cost more than we can afford to repair.
We seem to be in the position now where we have a van (still registered to us at the DVLA) which we owe finance on, but which we have swapped for a car which is faulty. Can anyone tell us what to do. Happy to hold our hands up and I know now that we are in the wrong with the finance, but we seem to be in a loose loose situation.
We owned a small van bought on finance. At the begining of the year we "sold" the van and replaced it with a renault espace. The Espace came from a local car dealer and no money changed hands, in effect we "swapped" the van for a vehicle of the same value.
Unfortunately we didn't realise we needed to say anything to the the finance company and continued to pay the monthly payments. The car we swapped it for has been a lot of trouble, but unfortunately the car dealer suddenly closed after about 3 weeks of swapping and we have had no way to contact him.
He turned up at our home today, to explain that he couldn't do anything with the van because we still had finance on it. He basically made it clear we needed to pay the outstanding finance so he could sell the van. I know now that we should have told the finance company what we had done, but honestly didn't realise that until today. I now don't quite no what to do. We can't afford to pay the outstanding finance in one go. The Espace we "swapped" the van for has had numerous problems and is now off the road and will cost more than we can afford to repair.
We seem to be in the position now where we have a van (still registered to us at the DVLA) which we owe finance on, but which we have swapped for a car which is faulty. Can anyone tell us what to do. Happy to hold our hands up and I know now that we are in the wrong with the finance, but we seem to be in a loose loose situation.
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Comments
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Anyone got any ideas???0
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The Espace came from a local car dealer and no money changed hands, in effect we "swapped" the van for a vehicle of the same value.
The car we swapped it for has been a lot of trouble, but unfortunately the car dealer suddenly closed after about 3 weeks of swapping and we have had no way to contact him.
He turned up at our home today, to explain that he couldn't do anything with the van because we still had finance on it.
He basically made it clear we needed to pay the outstanding finance so he could sell the van.
Maybe you should ask him to refund you the value of the Espace, or swap the vehicles back.
He has sold you a lemon. He should either put the problems right or refund.0 -
phlogeston wrote: »Maybe you should ask him to refund you the value of the Espace, or swap the vehicles back.
He has sold you a lemon. He should either put the problems right or refund.
That is the legal advice I've been given, but did want to get further advice or thoughts on my legal right to do that.
The Espace has had 5 major faults since we had it and after the dealer personally fixed fault 1 his company closed and dissapeared completely from the location he traded from and we have had no way of contacting him about the subsiquent faults0 -
Have you asked the dealer for your car back? Offer to straight swap it back again.
If he refuses you'll need to get an independent inspector to look at the car and diagnose its faults and ascertain whether they were present when you bought the car.
If they were - you will be able to demand your car back or a refund re the sale of goods act. This may require court action if he refuses.0
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