Car finance acceptance.

Pinkphoenix

Hi,

I'm not sure if this is in the right place so feel free to move it!

On Friday I purchased a car from a large dealership. They took all my information, and as I was paying part of it through finance, they said it would be ready to pick up on Monday.

However, I spoke to the dealers yesterday and they said that the finance has been accepted, but they are just waiting for the paperwork to come through before we could arrange delivery.

This seems odd to me. Why wouldn't the paperwork be sent with the acceptance?
(Admittedly this is the first car I've bought - usually use DH's)

Is this the normal procedure? And is there any chance of the finance being declined, if I've been told that it has been accepted?

(I don't see any reason why it should, but you never know!)_

BugsyBrowne

Pinkphoenix wrote: »

Hi,

I'm not sure if this is in the right place so feel free to move it!

On Friday I purchased a car from a large dealership. They took all my information, and as I was paying part of it through finance, they said it would be ready to pick up on Monday.

However, I spoke to the dealers yesterday and they said that the finance has been accepted, but they are just waiting for the paperwork to come through before we could arrange delivery.

This seems odd to me. Why wouldn't the paperwork be sent with the acceptance?
(Admittedly this is the first car I've bought - usually use DH's)

Is this the normal procedure? And is there any chance of the finance being declined, if I've been told that it has been accepted?

(I don't see any reason why it should, but you never know!)_

What dealership is it?
Depends what dealership it is, it should normally take about 30 secs to get the paperwork.
But if its one of these car dealership supermarkets then that is different.

Kaz2008

Agree with above, when DH bought his car with Ford he got his finance with British Credit Trust and it took longer for the paperwork to come through that it would have if he had used Ford Credit. When you go and sign for the car just check the APR rate thay are charging you. DH's was 30%! Long story.......

BugsyBrowne

Kaz2008 wrote: »

Agree with above, when DH bought his car with Ford he got his finance with British Credit Trust and it took longer for the paperwork to come through that it would have if he had used Ford Credit. When you go and sign for the car just check the APR rate thay are charging you. DH's was 30%! Long story.......

Damn 30% was that one of those dodgy car supermarkets or something?

Pinkphoenix

I've bought it through Evans Halshaw.

To be honest, the salesman seems far more interested in other customers than me, I've only spent a small amount. He seems to take forever to get back to me or see me when he's asked me to pop in.

Bit worried now though, and i was really excited about having my own car!

BugsyBrowne

Pinkphoenix wrote: »

I've bought it through Evans Halshaw.

To be honest, the salesman seems far more interested in other customers than me, I've only spent a small amount. He seems to take forever to get back to me or see me when he's asked me to pop in.

Bit worried now though, and i was really excited about having my own car!

Sorry to say this but you have made a wrong move going to someone like that for a car,probably one of the worst places you could of gone.
I did not think it was a normal dealership when you said about the paperwork.

Kaz2008

star-fire wrote: »

Damn 30% was that one of those dodgy car supermarkets or something?

NO! It was through Polar Ford dealer near us! We got well truly ripped off! As I say its a long story and we are trying to get out of it now. We will never sign anything again without taking it away reading it properly with a fine tooth comb!

Pinkphoenix

star-fire wrote: »

Sorry to say this but you have made a wrong move going to someone like that for a car,probably one of the worst places you could of gone.
I did not think it was a normal dealership when you said about the paperwork.

Do you think it will have gone through? I've been told it's accepted but, no paperwork has been signed...

Or shall I see if i can get out of it? I'm concerned now...

Kaz2008

I would just read EVERYTHING they give to you fully before signing. Never had any dealings with Evans Halshaw so can't comment on that side of things.

BugsyBrowne

Pinkphoenix wrote: »

Do you think it will have gone through? I've been told it's accepted but, no paperwork has been signed...

Or shall I see if i can get out of it? I'm concerned now...

It is up to you places like Evans Halshaw,Carcraft,are what they call sub-prime car supermarkets.
They offer customers credit(finance) who can't get finance from the main dealers,or have poor credit history.
They also buy in cheap cars and make a big profit on the cars as well.
And once you've drove away that could be the last time they will be interested what you have to say.
Can I ask you what APR they offered you at fixed rate,and how much is the car?
http://www.dooyoo.co.uk/offline-shopping-misc/evans-halshaw/1443392/

Pinkphoenix

Wish I'd known they were sub-prime otherwise I would've gone somewhere else...

The car is 4700, after my deposit (£500) I'm paying £100 per month over 48 months. (give or take a few pennies...)

I've just spoken to them again, (I phoned as it's a nightmare to get a return call) and they said that the finance company emailed the acceptance late Saturday pm. EH are just waiting for the company to fax over the documents before they can arrange delivery.

The chap I've just spoken to anticipates that they will have the documents by Mon lunchtime... and car to be ready for Tue.