car finance with carcraft

npezzer82

My Wife and I got a car from car craft which was on hire purchased. We then went back to car craft and upgraded our car on January 2007. When we got there they told us that we had trouble getting credit due to still having money to pay on the other car so they gave us credit with open & direct which are now called creation finance. They gave us the full amount to pay of the old car and for the new car. Trouble is as my wife and I went to car shop to get a new car they told us that we could hand are car back to car craft as we have paid more than enough to them. My wife rang up both car craft and creation only for them to tell us that they gave us a personal loan as finance and not hp so that we could not hand the car back as we would need to settle £6000. My wife told them that we were never told that it was a personal loan when we applied and that we thought we had hp. They then told us that they had proof that we signed it as a loan but I still feel the miss sold us information as they did not sit and tell us every detail like car shop did. can I reclaim or and i just screwed

cheers

nick

Anihilator

You're screwed.

Its your responsibility to ensure you read and understand what your signing. Carcraft didnt explicitly tell you the new loan was HP. Further to this I somehow doubt you had paid enough to VT anyway given the agreement was only taken out in Jan 07.


Could I also add that given you can't afford the cars you have why do you keep upgrading!

npezzer82

its not that we cant afford the car they just struggled to find some one to give us credit but its always been paid no missed payments, But surely they should have explain this in more detail

Anihilator

Explain what?

You asked them to finance a new vehicle. They did that. You stupidly didnt enquire as to the type of finance.

Its not their fault your not very bright

betti911

Anihilator wrote: »

Its not their fault your not very bright

There's no need to post things like that. Its very unhelpful.

I'm sorry I can't offer any constructive advice here but I hope you manage to get this sorted.

Malky

Anihilator wrote: »

Its not their fault your not very bright

Stop referring to people as being not very bright. The OP, like many, has taken the company's word for it that everything was alright. It's only now that the OP has realised that they should have read the contract and the small print before signing. This is nothing to do with being bright or not.

~Brock~

It is a common complaint that when people sign up for a car loan they automatically think that they can simply hand the car back and walk away.

This option is only applicable to certain types of agreement such as HP or Conditional Sale agreeemnts, where the vehicle is used as security and the lender retains title.

Other types of agreements are simply personal loan agreements which do not have the right to terminate but with these agreements you do get title to the vehicle straight away and can, if you wish, sell the car before the loan is settled. Some people prefer this type of agreement.

The problem you will have when making a complaint is that you were likely to have simply required a finance agreement to purchase a car, and this is what the dealer provided to you. Unless you specifically requested a certain type of agreement then you cannot hold the dealer liable for simply providing you with what you apparently required. It was up to you at the time to read cerafully what you were signing and ask appropriate questions then.

Edit: having re-read your original post your compalint is probably better directed at The Car Shop for giving you assumptive advice about being able to hand your car back without checking the type of agreement you have.