Mis-sold Toyota Finance?

LilBlue_3

Hi all,

I have been to a Toyota Garage today to look at buying a Aygo Blue (£8,995). We were offered £4000 for our car as part exchange and finance for the remainder at £118 per month for 36 months.

We wasn't happy with that, so the salesman disappeared and reappeared to say that the monthly payments would be reduced to £100 per month for 36 months. The implication was that we had had the offer of our our car's part exchange value increased although the offer amount was not specified and we foolishly didn't ask.

At NO POINT was a final payment mentioned for the finance.

£50 deposit was paid.

Driving home, mental calculations were done and we noticed that things didn't add up, so on getting home, we checked the Toyota Finance and noticed the following:-

Monthly Payments 35 x £159 23 x £189 Term (months) 36 24 Cash Price including
customer saving £8,995.00 £8,995.00 Customer Deposit £1,151.06 £1,054.68 Amount of Credit £7,843.94 £7,940.32 GFV/Optional Final Payment £3,421.80 £4,179.60 Total Amount Payable £10,137.86 £9,581.28 APR 6.9% 4.9% Excess miles over
20,000 (for 24 mths)
and 30,000 (for 36 mths) 7p per mile 7p per mile


It seems apparent now that we would have a big final payment to make on the 36th month of Toyota Finance, and we're betting that rather than give us extra from our car in part exchange to make the monthly payments smaller, all the salesman has done has add it onto the final payment. BUT NOT ONCE WAS THIS TOLD TO US.

We tried to call but the garage was shut so am going to have to leave it until tomorrow.

Anyone have any ideas on what our rights are? I'm so disappointed, I was really looking forward to the new car but feel utterly mislead now. Buying new cars seems like such a minefield.:(

LilBlue_3

Just to add, this is how we figured there would be a final payment:

Part ex value = £4,000
35 x £118 = £4,130
Total = £8,130

Shortfall: £865

Re-negotiation:-

(Assumed) Part ex value = £5,495
35 x £100 = £3,500
Total = £8,995

However, we realised that this part ex value and finance didn't make sense as (a) the part ex value was too high and (b) there would be interest payable on the finance.

I'm just frightened we may have committed to something now that we have paid a £50 deposit and signed an application for the finance.

Do we have a cooling off period or rights? Especially in light of not being told of the final payment/true part ex value of our current car?

Thanks in advance!

zppp

LilBlue wrote: »

Hi all,

I have been to a Toyota Garage today to look at buying a Aygo Blue (£8,995). We were offered £4000 for our car as part exchange and finance for the remainder at £118 per month for 36 months.

We wasn't happy with that, so the salesman disappeared and reappeared to say that the monthly payments would be reduced to £100 per month for 36 months. The implication was that we had had the offer of our our car's part exchange value increased although the offer amount was not specified and we foolishly didn't ask.

At NO POINT was a final payment mentioned for the finance.

£50 deposit was paid.

Driving home, mental calculations were done and we noticed that things didn't add up, so on getting home, we checked the Toyota Finance and noticed the following:-

Monthly Payments 35 x £159 23 x £189 Term (months) 36 24 Cash Price including
customer saving £8,995.00 £8,995.00 Customer Deposit £1,151.06 £1,054.68 Amount of Credit £7,843.94 £7,940.32 GFV/Optional Final Payment £3,421.80 £4,179.60 Total Amount Payable £10,137.86 £9,581.28 APR 6.9% 4.9% Excess miles over
20,000 (for 24 mths)
and 30,000 (for 36 mths) 7p per mile 7p per mile


It seems apparent now that we would have a big final payment to make on the 36th month of Toyota Finance, and we're betting that rather than give us extra from our car in part exchange to make the monthly payments smaller, all the salesman has done has add it onto the final payment. BUT NOT ONCE WAS THIS TOLD TO US.

We tried to call but the garage was shut so am going to have to leave it until tomorrow.

Anyone have any ideas on what our rights are? I'm so disappointed, I was really looking forward to the new car but feel utterly mislead now. Buying new cars seems like such a minefield.:(

Many HP agreements have a final balloon payment. By you signing an agreement to this effect, you have agreed that you understand this I'm afraid.

zppp

LilBlue wrote: »

Just to add, this is how we figured there would be a final payment:

Part ex value = £4,000
35 x £118 = £4,130
Total = £8,130

Shortfall: £865

Re-negotiation:-

(Assumed) Part ex value = £5,495
35 x £100 = £3,500
Total = £8,995

However, we realised that this part ex value and finance didn't make sense as (a) the part ex value was too high and (b) there would be interest payable on the finance.

I'm just frightened we may have committed to something now that we have paid a £50 deposit and signed an application for the finance.

Do we have a cooling off period or rights? Especially in light of not being told of the final payment/true part ex value of our current car?

Thanks in advance!

You have no staturtory rights to cancel an agreement if you did so on their premises. The only way you will be able to cancel, is if you check your agreement to find out if the agreement permits cancellation.

LilBlue_3

zppp wrote: »

Many HP agreements have a final balloon payment. By you signing an agreement to this effect, you have agreed that you understand this I'm afraid.

OK, thanks.

I didn't sign anything that set out the figures though, and the salesman didn't mention it at all. Just seems incredibly unfair if this is the case that I have no way of challenging it.

LilBlue_3

zppp wrote: »

You have no staturtory rights to cancel an agreement if you did so on their premises. The only way you will be able to cancel, is if you check your agreement to find out if the agreement permits cancellation.

I don't have a copy of the agreement. It sounds like we've got in a bit of a mess and I have to speak to the salesman tomorrow.

zppp

OP, ask them for a copy of your previous agreement and see if they have it in the dealership. There has to be something setting out the repayments. They may tell you to do this in writing as a Subject Access Request, but at least then you can see what you're signed up to.

Board guides, please could you move this post to the Loans board as I think OP will get better responses.

Zandoni

If you have no luck in the show room try talking to Toyota head office.

Although you should have carefully read what you signed it's always worth mentioning that you feel the salesman deliberately tried to deceive you.

I personally wouldn't give up without a fight.

mo786uk

if you have signed up to the credit agreement you will have a tough time getting out of it unless the company are going to be nice.

you will have signed something with the figures on it and they will provide you with a copy of it

if you have signed somehting with no figures on it then it wouldnt be valid under the Consumer Credit Act but the chances of them making such a !!!! up is small

finally, in the past i know some traders hand write in the figures, if they have done this then you MAY have a play to suggest they filled it in after you signed it, but again that will be hard to prove and thesedays big companies do it all via computer anyway.

candycow

I might be missing something, but I don't understand why your part-ex is not mentioned in the figures, unless you paid a seperate deposit, then I would expect your deposit figure to be the part-ex value.

mumto2loves

could it be that so far you have only signed a sales order form and not a credit agreement yet?
where i work (not toyota) if someone wants to buy a vehicle the salesman fills out a sales form with all the customers details the details of the vehicle, expected date of delivery,the price of the vehicle and the price of the part exchange and px details. deposit paid and amount outstanding.

then on a seperate form they fill out the finance details. once the loan has been accepted by the finance company they send / email credit agreement over, the customer has to then come in (read through the agreement) and sign if they are happy.
its when the credit agreement is signed that it is binding, it will have a total breakdown of the payments, intrest rate total intrest / loan amount.

i can't see how you have signed a loan / credit / hp contract without it being on the same bit of paper what you have signed for?

I'm not in sales myself but the workshop side of the dealership, so sorry if this hasn't helped.