Car Finance

KingElvis

That worthless tin can is going to end up costing you an arm and a leg.....

It's easy at Carshaft etc etc.

Melissab91

I am not demanding compensation. I just wanted some legal advice which is free from people who may have heard about my situation or been in it themselves. I am aware I signed the forms which indicate how much I am paying to them but there are no legal T&Cs that show me my rights - therefore I wanted to know where I stood. At a young age I did jump at the chance of having a new car when no one else was accepting me.
Thank you everyone for your input. I shall learn from my mistakes and never use Carcraft.

KingElvis

I would imagine Carshaft have sailed close to the legal word of the law, told you a load of rubbish and are now collecting their rewards. That's what they do, a small 1.2 banger ends up costing the end user something ridiculous like £15k

My advice? get the paperwork looked at by someone who knows their onions (CAB for example) but for the sake of the holy mother and all the saints, don't stop paying it or do anything silly like that.

Melissab91

I shall do that. Thank you KingElvis - a decent bit of advice. Just thought opions of many on a forum would help me.

[Deleted User]

Melissab91 wrote: »

Thank you KingElvis - a decent bit of advice.

Jeez. Never thought I'd read that phrase round these parts.

KingElvis

Deleted_User wrote: »

Jeez. Never thought I'd read that phrase round these parts.

Advice and knowledge flow through my posts like a smoothly running river of quality

You know this to be true.

Apples2

Deleted_User wrote: »

Jeez. Never thought I'd read that phrase round these parts.

I'm all shook up...

Cash_Flow

Melissab91 wrote: »

Hi,

I have car finance on a Vauxhall Corsa Club 1.2. I purchased through carcraft in August 2010 and I took out finance with Blackhorse for £5500 and the remainder or the deposit was through a top-up loan from All In One Finance (which Carcraft owns) for £3500.
They said that Blackhorse were unable to give me the full amount of finanace I requested (for the total of the car) however I have been told by a sales executive at Vauxhall dealship that this is a completey illegal thing to do. As you are unable to have two loans on one car. Is this correct and do I have a leg to stand on to fight this.

Since reading up about all of this I have found that Carcraft have financed me for a total of £9000 rather that the car price of £8200 - so where the extra £800 went I do not know!!

Any help is great! Thanks.

What type of finance were you sold?

PCP?
Personal Loan?
HP?

Melissab91

Cash_Flow wrote: »

What type of finance were you sold?

PCP?
Personal Loan?
HP?

I was sold a hire purchase loan. Thanks

nelly12

This practice is both legal and a regular occurence. The BH loan will be either HP or a Personal Loan but the top up loan from Carcraft will be a top up loan (personal loan) and will not be secured on the vehicle. It happens frequently when the customer is paying far too much for a car or where there is negative equity.

There is nothing the OP can do as it is a perfectly legal practice. Best advice is just to get on with paying for the car and next time put some deposit into the deal so you don't need a top up loan.