Lied to mis sold car hp instead of finance!

unhapp_2

Please please help. My daughter bought a MINI at 21yrs first major purchase. She beat a cracking deal with the salesman really proud of her. She asked me to leave it to her and I did (stupidly). I was there when she haggled a finance deal. £12,500 purchase price. £3,500 for part exchange. Balance £9,000. 1st installment £341.00 47 payment £191.48 Total payment £12,340.56. I paid the 1st installment for her there and then. She collected the car and I didn't check the paperwork with her when she got home. Nor the Mini Financial services letter stating her finance deal was now an hp agreement!! and her final payment is £3908.40. Now this vehicle will actually cost her £16,748.96!! She never came home with the original credit agreement that should have been available when she picked up the car. I have just discovered all this whilst cleaning out the filling cabinet!! I left her to it and she has been really stiched up and we are 18 mths down the line. I feel such a let down as a parent, Do we have any recourse?? Please god tell me we do. I'm devatated for her and don't know what to do.......

sharpy2010

unhapp wrote: »

Please please help. My daughter bought a MINI at 21yrs first major purchase. She beat a cracking deal with the salesman really proud of her. She asked me to leave it to her and I did (stupidly). I was there when she haggled a finance deal. £12,500 purchase price. £3,500 for part exchange. Balance £9,000. 1st installment £341.00 47 payment £191.48 Total payment £12,340.56. I paid the 1st installment for her there and then. She collected the car and I didn't check the paperwork with her when she got home. Nor the Mini Financial services letter stating her finance deal was now an hp agreement!! and her final payment is £3908.40. Now this vehicle will actually cost her £16,748.96!! She never came home with the original credit agreement that should have been available when she picked up the car. I have just discovered all this whilst cleaning out the filling cabinet!! I left her to it and she has been really stiched up and we are 18 mths down the line. I feel such a let down as a parent, Do we have any recourse?? Please god tell me we do. I'm devatated for her and don't know what to do.......

Unfortunately, you've no recourse at all. The HP agreement has been signed. The point of the signature is that the person obtaining the loan reads the documentation and then signs to the effect of "Yes, I'm happy with what this document says, and I agree to the terms and conditions contained within".

A very expensive mistake, I'm afraid, but I don't see how this has been mis-sold.

albionrovers

Not sure how a 4-year finance deal on £12,500 could make anyone a profit when the expected total to be paid by the customer is £12,340.56??

Are you sure about the figures? And what he/she said above, I'm afraid.

unhapp_2

sharpy2010 wrote: »

Unfortunately, you've no recourse at all. The HP agreement has been signed. The point of the signature is that the person obtaining the loan reads the documentation and then signs to the effect of "Yes, I'm happy with what this document says, and I agree to the terms and conditions contained within".

A very expensive mistake, I'm afraid, but I don't see how this has been mis-sold.

I went with her to buy the car but not to collect it, the deal was as I have described (when discussing it with salesman) but when she picked up the car I can only think that she signed a completely different agreement without reading it and taking him at face value. I could kick myself because when she came home with the car there was no receipt with the finance breakdown and when I questioned her she said he told her he would send it on! In the excitment of the day it just got overlooked!! yes an expensive mistake she will not be able to afford.
Maybe mis sold is the wrong wording, young girl conned by her and my own nievity.

unhapp_2

albionrovers wrote: »

Not sure how a 4-year finance deal on £12,500 could make anyone a profit when the expected total to be paid by the customer is £12,340.56??

Are you sure about the figures? And what he/she said above, I'm afraid.

No sorry that should have read £12,840.56. But Yes 100% about the rest, she never haggled over the price of the car just the finance. It took her 3 hours of sitting in the showroom to beat out this deal. Even the manager when it was finished said " well you've certainly worked hard at this, and you've got one hell of a deal, virtually 0% finance, do you want a job!!! And we all laughed!! Not now..

chalkie99

albionrovers wrote: »

Not sure how a 4-year finance deal on £12,500 could make anyone a profit when the expected total to be paid by the customer is £12,340.56??

Are you sure about the figures? And what he/she said above, I'm afraid.

You haven't taken into account the part exchange.

The financed amount was £9000.

As to the original query, I agree there is nothing you can do. Your daughter was 21 at the time and old enough to sign an agreement. She has now realised too late that she needs to read thoroughly and think carefully before she puts her name to anything.

You said

She beat a cracking deal with the salesman really proud of her.

but she really didn't, did she? She may have got a little bit overconfident with what she thought were her negotiating skills but was actually outflanked by the salesman who probably knows every trick in the book.

JasX

The 'deal discussed' has no bearing at all unfortunately.... its what is actually WRITTEN DOWN and SIGNED that's all that matters. Onus is on the person signing to thoroughly check the paperwork and re-check it's all as expected as whatever it says at the point you sign it is what becomes agreed and binding.

If something written in the contract is not being adhered to you can enforce that, anything verbally discussed leading up to it but that didn't make it into the final signed version is pretty much irrelevant now unfortunately

Apples2

£17k for a mini at just 21yrs of age? Holy Moly!!

Even without the balloon payment it's a horrific situation for a 21yr old to be in, what about Mortages/kids etc? There can't be any chance of those things now. I don't think I could have ever been proud of my littl'un committing so much money at such a young age for a tin can.

The good news though is that it is a HP Agreement so as soon as 50% of the finance has been paid, She can bail out of this mess and give the car back. That's the only way out now.

chalkie99

Not as straightforward as it might be.

To hand the car back now you would still have to make the payments up to halfway, subject to checking the actual wording regarding the balloon payment. That means paying about another 15 months worth of payments so she may as well hang onto it for that long and then work out what the car is worth.

If, after another 15 months it is worth less than the remaining debt of around £6600 then that might be the time to get rid.

prowla

Well, IMHO, if she agreed one thing and they put a different piece of paper in front of her and said please sign here, then it is certainly dishonest.

IANAL, so I don't know if it would be worth trying to pursue it further (CAB, trading standards, papers, etc.).

I certainly think that laughing it off is poor form.

chalkie99

prowla wrote: »

Well, IMHO, if she agreed one thing and they put a different piece of paper in front of her and said please sign here, then it is certainly dishonest.

Which is why you must always read what you are signing for to be sure that you have understood and not be taken in by any sales patter.