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Car Finance Mis-Selling??
Hi,
In June i financed a new car on a PCP purchase, i have no issues meeting the payments etc its just i have noticed some irregularities on my finance docs!
When i signed the agreement i checked it etc and all seemed fine, the dealership did not give me a copy there and then as i was not recieving my car that day and instead sent it in the post.
Looking at it more recently i realised that there are many of my personal details that are completely fabricated, if it was one thing i could blame human error but some of the things are quite daft!
1. My marital status is listed as : Married, i clearly stated i was single.
2. My Residential status is listed as : Home owner, i told the dealer living with parents.
3. The driving licence number is missing, maybe not a big deal but i thought they had to include this as proof of ID.
4. The last one is my time of employment! And i can only assume that they put this in to make it more likely i recieved approval, it is 9 years, which is not that strange until you consider i was 22 at the time! (And no i wasnt working when i was 13!)
I spoke to a salesman that works for the same group but in a different branch and he was not sure what to do but suggested that the dealers had completed an agreement that was Mis-Sold to me by them to make approval more likely and that was also completely fabricated and probably fradulent.
Im now completely unsure what to do, any advice would be appreciated
In June i financed a new car on a PCP purchase, i have no issues meeting the payments etc its just i have noticed some irregularities on my finance docs!
When i signed the agreement i checked it etc and all seemed fine, the dealership did not give me a copy there and then as i was not recieving my car that day and instead sent it in the post.
Looking at it more recently i realised that there are many of my personal details that are completely fabricated, if it was one thing i could blame human error but some of the things are quite daft!
1. My marital status is listed as : Married, i clearly stated i was single.
2. My Residential status is listed as : Home owner, i told the dealer living with parents.
3. The driving licence number is missing, maybe not a big deal but i thought they had to include this as proof of ID.
4. The last one is my time of employment! And i can only assume that they put this in to make it more likely i recieved approval, it is 9 years, which is not that strange until you consider i was 22 at the time! (And no i wasnt working when i was 13!)
I spoke to a salesman that works for the same group but in a different branch and he was not sure what to do but suggested that the dealers had completed an agreement that was Mis-Sold to me by them to make approval more likely and that was also completely fabricated and probably fradulent.
Im now completely unsure what to do, any advice would be appreciated
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Comments
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Hi,
In June i financed a new car on a PCP purchase, i have no issues meeting the payments etc its just i have noticed some irregularities on my finance docs!
When i signed the agreement i checked it etc and all seemed fine, the dealership did not give me a copy there and then as i was not recieving my car that day and instead sent it in the post.
Looking at it more recently i realised that there are many of my personal details that are completely fabricated, if it was one thing i could blame human error but some of the things are quite daft!
1. My marital status is listed as : Married, i clearly stated i was single.
2. My Residential status is listed as : Home owner, i told the dealer living with parents.
3. The driving licence number is missing, maybe not a big deal but i thought they had to include this as proof of ID.
4. The last one is my time of employment! And i can only assume that they put this in to make it more likely i recieved approval, it is 9 years, which is not that strange until you consider i was 22 at the time! (And no i wasnt working when i was 13!)
I spoke to a salesman that works for the same group but in a different branch and he was not sure what to do but suggested that the dealers had completed an agreement that was Mis-Sold to me by them to make approval more likely and that was also completely fabricated and probably fradulent.
Im now completely unsure what to do, any advice would be appreciated
You can afford the repayments, so what specific problem is this causing you? The dealership may have commited fraud but this has no impact on you other than it allowed you to get a loan you were happy to take. Looks to me like you don't need to do anything.0 -
Did you sign the agreement with all this mis-information on? You could become party to fraud if you did so you may not want to pursue this too far.
I am sure somewhere you have this dream whereby you get to keep the car and have the loan written off but I can assure you it won't happen!Thinking critically since 1996....0 -
yup mis-sold,now you can stop paying and the really good news is you can even keep the car
sorry i`ve woken up now,at best youve been a party to fraud; albeit unknowingly,you can either keep paying and hope nothing happens,or you can report it all to the finance company when it will be your word against the salesman/dealer0 -
I hadnt even considered it until the guy that works for the company mentioned it to me when i told him the situation, but i am considering changing the car and dont want it to become a problem! The guy that works for them said i should return the car to the finance company and ask for the payments i have made currently to be returned minus the costs on the vehicle so far etc.0
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No trust me i live in the real world, i have no thoughts that i could just not bother paying and keep the car!0
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I would take proper advice (CAB) minimum
As you are now aware of this there is a potential for it to be fraud on your part for not reporting it.
I am no expert but it could be that they knew they could get you finance only by making up these details.
This can be a total minefield, if their are financial irregularities the car could be taken off you by the finance company as they own it till it is paid off, and then it will be up to you to get your cash from the sales company.
Worst case it is part of a money laundering operation and you are aiding this by knowingly concealing this information.
If the Signature on the docs is yours, this means they added bits later and you signed them blank which is bad very bad as you are responsible to make sure they are right.
As I said I am not an expert but now you know you should take proper legal advice and do not talk to the company at all until you are better informed.0 -
Thanks benzl, yeah i did sign, but the area for my signature is on the first page in my copy. The less than factual info is on the second page! and when i signed the pages were paper clipped together no signature required on the other pages and it definately wasnt like that when i signed it, i might miss something like a driving licence number not being there but the nine years thing on the work is a joke i really would have expected the finance company to flag that!0
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I hadnt even considered it until the guy that works for the company mentioned it to me when i told him the situation, but i am considering changing the car and dont want it to become a problem! The guy that works for them said i should return the car to the finance company and ask for the payments i have made currently to be returned minus the costs on the vehicle so far etc.
Your information was clearly "massaged" by the dealer to get you the finance that you wanted to buy the car and for them to get the sale.
The chances are that given the correct information then the Finance company may not have lent you the amount and interest rate you needed.
Although this is clearly wrong it can happen frequently depending on the integrity of the motor dealer.
This does not detract from the agreement you have signed and you will not be able to simply return the car etc.
If you advise the Finance company they may well put a cifas marker on your file with the credit agencies which may stop you getting finance in the future.
After all it is difficult to prove one way or another whether you were "in the know" at the time of proposal and I am sure the motor dealer would say that was the information you gave them.
You got the car and the amount of Finance you wanted - be happy.
Kick up a fuss and you risk shooting yourself in the foot when it comes to future finance.0 -
Yeah, get it paid for then worry about it. If you do something now you cold get a fraud marker, which will stop you getting a lot of finance.
However, these details will be logged with a credit reference agency, so it could make it harder for you to get finance at the moment.........0
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