Mis-sold Toyota Finance?

LilBlue_3

Thanks everyone for your replies!

mumto2loves wrote: »

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.

Mumto2loves, this sounds exactly what happened. I was told I'd have to come back in 'to go through the paperwork' and then finally to pick up the car.

What I signed sounds like the sales form you mentioned -- it was handwritten -- without the figures being inputted (just the details of the car I was buying, chosen registration, the car I was part exchanging and the £50 deposit) and that I was having finance.

I'm hoping I might be able to get clarification today from the salesman on the phone. I don't object to paying a final sum, but I do object to having things like this not mentioned until it comes to signing up as I think it's misleading. It would not have occurred to me at all had I not sussed that the figures mentioned just don't add up to being viable for them, and I wonder how many other people get snared like that.

So, if it is a sales order, does that mean I can still pull out if the salesman feels too uncomfortably shifty to deal with?

Thanks again!

Hugh_Jass

Hi - this happened to me with VW - they matched a loan monthly repayment price that I could get with Sainsburys Bank but didn't advise me of the final monthly repayment (which was almost double). They issued me with a refund for the difference when I complained.

mumto2loves

LilBlue wrote: »

Thanks everyone for your replies!



Mumto2loves, this sounds exactly what happened. I was told I'd have to come back in 'to go through the paperwork' and then finally to pick up the car.

What I signed sounds like the sales form you mentioned -- it was handwritten -- without the figures being inputted (just the details of the car I was buying, chosen registration, the car I was part exchanging and the £50 deposit) and that I was having finance.

I'm hoping I might be able to get clarification today from the salesman on the phone. I don't object to paying a final sum, but I do object to having things like this not mentioned until it comes to signing up as I think it's misleading. It would not have occurred to me at all had I not sussed that the figures mentioned just don't add up to being viable for them, and I wonder how many other people get snared like that.

So, if it is a sales order, does that mean I can still pull out if the salesman feels too uncomfortably shifty to deal with?

Thanks again!

hi i expect you've spoken to them now (i hope you've got it sorted!) but in our place if you pay the deposit then want to cancel the deal, the form says something along the lines of if we have had any expenditure on the vehicle we can withold some of the deposit until we re sell the vehicle. but i don't ever know of a case when we've withheld anyones deposit, i think this might more more for new vehicles that have been registered + taxed in the owners name or something (making it not new anymore) used vehicles we would just give the deposit back hoping that when the person is ready to buy they'd come back.

fabnf

Something similar has happened to me. Not being from this country and never having bought a car before, toyota finance has totally taken advantage from us when we purchased our 1st car.

Basically we start negotiating the monthly payments and didn't realize (neither were we told) that the final payment was increasing. It is in the contract but we haven't read it properly only to later find out that the final payment had been increased by 1000

Anyway, after 2 cars I have learned my lesson. These garages/dealers are a very dangerous place to go, this is what happens:

the first time you go to the garage to make a deal you enter with your old (and paid) car + a couple of thousand pounds deposit and usually leave happy with a brand shine new car and a lot of payments to do

BUT 3 years later you go back in with your still good car and if you don't make another deal you risk leaving without NOTHING AT ALL, in fact even without your car because the price you will get for your car will usually be less then what you have to pay to keep the car or the same so if you don't do another deal and give more deposit for the new deal, you might have to take the bus home!