The funding corporation ......be warned!

scouse82

Hi All,

New to this, but wanted to warn a few people who have contracts and cars with The Funding Corporation.

In January 2009, I went to ACF Manchester. I spoke to a very nice salesperson called Michelle Brierley. I was told I had a budget of £250 a month and was shown to the vehicles I could afford. I chose a Vauxhall Astra Life.

As we were going through the paperwork, I was clearly told by Ms. Brierley that even though I was taking finance over 5yrs, because of the amount I would end up paying back, I should hand the car back half way through - VT (voluntary terminate) the car at 2.5yrs. I was told the car was on HP. I had a witness to this with me.

Overall, if I'd have stuck to the 5yr contract, I would have ended up paying just over £15k for the car. But as it was agreed with Ms. Brierley that I only wanted it for 2.5yrs, I would end up paying just over £7k. I went away feeling happy enough - to the point where I recommended them to other people. My dad ended up getting a car from the same dealership.

ANYWAY - 2.3yrs have passed. I rang The Funding Corp to VT my car. I was feeling happy as I'd just picked out my new car from another dealer that morning. Imagine my surprise when they tell me I CAN NOT VT the car. I was stunned. Apparently I was sold a loan, and not HP, which means I can not hand the car back.

I explained to the Customer Service rep that Ms. Brierley had sold me the car under the pretense that I had HP and I could hand it back. Nowhere on my paperwork did it mention the word "LOAN". It simply stated "CREDIT AGREEMENT". I had no idea it HAD to state "HIRE PURCHASE". The rep tells me if I didn't get it in writing that I could hand it back, then tough. I tell her I was then effectively mis-sold the car. Her words EXACTLY - "Well, you can write and complain, but they won't do anything about it".

I came off the phone and was reduced to tears. We recently had a baby (she's now a month old), so my income has dropped dramatically to SMP rate. Paying £250 a month to The Funding Corp for the car would take half of my SMP. The new car I'd chosen was cheaper. I contacted the ACF Manchester dealership - I was told - tough, AGAIN. "Go back and speak to The Funding Corp. We just sell the cars!" was what I was told.

My partner came home to see me rather distraught. He rang ACF himself, to speak to Ms. Brierley. She rang back 2hrs later and denied ever saying anything to me and advised "The Funding Corp don't do VT's anyway". Yes - she knew this. I did not! She said all they could do was get a settlement figure.

I then had to ring my dad, who was also told he could VT his vehicle with them next year. He's distraught. All because the contracts were so mis-leading.

I have contacted the Financial Ombudsman, but have been told it can take several months for anything to happen. I can not afford to wait and keep paying for the car for that long.

I've managed to find a way out, but I'm still having to pay the settlement. The new dealership has part-ex'd my car and given me a generous £3300 for it. That will pay some of the settlement fee. The other £2k for the settlement will be added on top of the price of my new car. I will be on HP this time, and I will be upgrading in 2.5yrs time.

If anyone lives in the North West and stuck with the Funding Corp, I suggest you visit Motor Nation in Widnes - I had 2 amazing men, Steve Karoui and Tony help me. They spent DAYS going over my Funding Corp paperwork for me, trying to find a way out of it, jiggling figures and generally trying to help. I will now get my new car on Thursday and be paying a lot less per month! I don't care that I'm paying the settlement fee - because at least I will no longer be with The Funding Corp.

I advise you all to check your contracts with them. This scam of theirs seems to be a regular thing!

Leanne
xxx

angelsmomma

ACF, sorry but you need permission to post on here as a company

[Deleted User]

to OP you are having a baby,meanwhile you go out and buy another car before arranging to VT the existing one(even assuming you could VT that was madness)

masterlumps

and you chose a cheaper car, which is now taking on the remaining cost of the first car - so will you actually be any better off?

jonjamie1970

Please dont forget in all of this that all dealers are there to make money, that is why they exist, the ones that pretend they are your friends etc , thats just salemanship, they really are not your friends. Steve and Tony at the new place spent days going over the paperwork as they wanted the sale.