Money in my account

Brock_and_Roll

You should bear in mind that the dealers terms of sale to you probably contain a term that says that title in the car does not pass to you unless they are in receipt of clear funds. Until such time you dont own the car. If you attempted to move the cash or sell the car, you could be in theory guilty of several offences such as attempting to ain a pecuniary advantage through deception etc.

Personally I would take the middle road - keep the money in your account accumulating interest until they realise their mistake (which they will probably when they do their month/quarter end accounts reconciliation).

dbl5252

thanks
Ok that sounds like a good idea.
Would you consider moving, not spending, the money after a year if it is still there?

yorkshire-lad

If you took out a 20k loan then the money was never yours anyway.
Surely the payments will start soon,so your technically not gaining anything if anything you will be losing out because the interest rate on the loan will be much higher than interest in savings.

My advice,pay the dealer their money,and make your loan payments as was intended in the first place.

EllaKeat

Unfortunately, I agree with everyone who said 'pay it back':(
Heart says stick it in a savings account and repay if they ask, have fun if they don't, but head says realistically (and morally) I bet you would feel better, and more settled, if you just contact them and let them know they have not claimed the money.
If you don't , you will for ever be looking over your shoulder and pound to a penny you spend at least part of it, just before they call it in!

Grit your teeth and make that call:)

bouncydog1

It is also possible that somehow they have been paid with money from somebody else's account, causing that person financial difficulty. They could be trying to investigate what has happened with the bank, whilst the other individual is worrying themselves sick.

Do the morally decent thing - call them and ask when payment is going to be taken and take it from there.

winterfrost

As someone said above, even if you don't care about legality/morality, surely the fact that it is a LOAN outweighs any financial benefit you'd get? You're not going to find a savings account with a higher rate of interest than you'll be paying on the loan, otherwise everyone would take out loans and harvest them for interest!

dbl5252

I would be paying the interest whether the dealer took the money or not.
A saving..... Not a profit!!!!!

masterlumps

i agree you should contact them,

vbut for those who said there would be no gain in keeping the money as OP took it as a loan, you are missing the fact that he has a 20k car out of it

ajones28

I know exactly what I would do and it isn't anything like what everybody else is saying, but then again I have an awful credit score so really have nothing to lose. It is obviously worrying you though, so yes the best thing to do is to call the company and tell them you need to confirm when the money was taken as you are just doing some accounts at home. It will obviously bring up the fact that it hasn't been paid for, but I really cannot see them not having applied for the money already. If it has been taken from somebody elses' account, and been queried, then the company would have known about it and would have contacted you already to ask you to confirm your details, so I really cannot see that this is the case. Personally I would have already spent the money but then again the chances of me getting a £20k loan are about the same as me becoming the next Prime Minister!!!
Ring them up and see what the say, at least then you'll know its been paid for. If you will then be worrying even further about where the payment has come from then you're better off being straight from the start. I personally cannot see a company not applying to take the funds out of your account for 3 months, they are losing interest every single day it's sitting in your account and not theirs.
It all depends on how much of a worrier you are, if you are going to spend the next goodness knows how many years worrying about it then tell them everything from the start. No amount of money is worth years and years of worry. If you're not a worrier at all then you know what my answer is, regardless of what anybody else is telling you to do. Looking at your comments though I think you're just waiting for someone to tell you to go ahead and spend it!!! Do what ever you think is right OP. And before everybody comes back at me with nasty comments saying I am telling you to break the law, no I am not, I am simply giving my opinion, I've not exactly got your arm bent up your back, forcing you to do something against your will. Everybody is entitled to their opinion and I am only saying what a lot of people are already thinking.

nzseries1

I'm sure the car dealer has 6 years to claim the money.

Spend it by all means, just don't come crawling back here when they ask you for the money back!