Ford credit

kerryann47

Hi Everyone, I am new to posting on the site but i am desperate for some advice, i do not even know if i have posted this in the right please, Sooo apologies if i havent. but here goes

Late March this year my partner and i purchased a new car from ford. The salesman who completed the sale of our new vehicle asked my partner if he had a job. He told them he had a job lined up to start next week (which he did but unfortunately fell through) However he told the salesman the payments were coming from my salary and my bank account as he was having trouble with his bank account taking charges at their own accord. We paid our deposit and gave our 03 car as part exchange (which we did not get no where near its value) 3 weeks later ford credit called and stated they could not take the payments from my account and had to be my partners. We explained the trouble we were having with this account and gave the details over anyway. We had then been assured by the bank that our deposits for these payments would be secure and used to make these payment, So everything was fine. Until 3 weeks later Ford Credit calling us regarding 2 missed payments, Which we were unaware of as we had no notification from neither ford or our bank. The call we received was from a fraud investigator, we explained to them the bank problems and he told us to ring ford credit to make the missed payments. We did that and to our surprise the advisor then told us she could not accept the payments and that the police were involved due to fraudulently obtaining credit, Which apparently came from Ford stating my partner was employed but in no way did he say that, He told them he had a job lined up.
A fraud investigator call us and told us that he had put the police complaint on hold and we had to hand back the car and that they would put the car up for auction and we would receive a bill for the remaining balance.
Because of all the worry and stress they put on us, We gave the car back.

BUT i would like to know where we stand regarding our deposit and part exchange. Basically we have paid nearly £4000 to have a car for 6 weeks

Surely there must be something we can do regarding my part-ex??

I hope someone can help, Such a dilema

Thanks
Kind Regards
Kerryann47 x

hewhoisnotintheknow

did you not notice the payments not going out of either of the accounts

maninthestreet

So whose name is on the credit agreement - you, your partner, or perhaps both of you?

Premier_2

The part-ex is gone. You traded it in when you purchased the new car, remember?

That was a deal between you and the seller of the car you purchased. Deal done & dusted.

It is now the finance company that you owe money to. Until you pay them all the money you owe, they own the car and will sell it to help pay back the money you borrowed.

LandyAndy

You are very lucky that Conor has been PPR'd from this site or you would by now have been told exactly how foolish you have been.

kerryann47

hewhoisnotintheknow wrote: »

did you not notice the payments not going out of either of the accounts

The money was on standing order from my account to my partners. He was not using his account for anything other than this, so therefore did not really access his account much. So the money went out of my account normally into his. Which the bank assured they would not take.

andyman2303

You purchased a new car even though your partner didn't have a permanent job?

And if the part/ex didn't meet your valuation of it, why didn't you just sell it privately??

If I were you I'd go to the CAB - 30mins FREE (oh how we love that bit) legal advice.

Inactive

The part exchange allowance will have been deducted from the price you paid for the new car, by not paying for the new car, you will have to pay for the outstanding amount, once the " new " car is auctioned off, together with any handling charges.

Lesson, make sure that you are actually paying for any car that is on finance in future.

This is going to be a costly lesson I'm afraid.

dan_essex

I’m afraid this is the pitfall of a HP (hire purchase) agreement. You don’t actually own the car until you’ve paid off the balance of the HP loan. Unfortunately, your deposit and part exchange will not be refundable, and i imagine all of this would have been stated in the agreement you would have signed to take out the HP agreement.

Unless someone else knows something i don’t, I think you are lucky they are not chasing you for the full amount of the loan. Because the car will not sell for its full value at auction and Ford Finance will be out of pocket.

Takoda

Gosh that was bad luck but you really should've checked that payments were going out even if only to check that they were taking the agreed amount.

In retrospect you might've been better off with a personal loan from your bank. As long as you met payments then there would've been no question of taking your car back.

The bit I don't understand is why they were unable to take the payments from YOUR account. You have a job etc. Is it because the car is in your partner's name? The other thing you'd could've done (with 20/20 hind sight) is set up a standing order from your account to your partner's then every month there would've been enough money in his account to cover the car payments.

It does sound like you were bullied by Ford though - pressured into using an account you didn't want you, hassled into handing over your car. That doesn't seem fair to me. I know firms are very wary of sub prime lending now but their behaviour seems excessive for a couple of missed payments!

Like others have said - a tough lesson to learn. Maybe you'd have been better off keeping your 03.