Car Finance Issue

dannyhefc

I have a car on Finance with a very well known car company and I wanted to get advice on what are the implications of cancelling the Finance due to a number of issues.

• The car for a new car is very unreliable and I've had to call the AA out 5 times in the past 3 months.
• The car is not fit for purpose as each time I drive it a feel as if something else if going to go wrong with it.
• I feel the finance deal I was given when i renewed the finance for the new vehicle was branded as a deal but after further research I'm getting completely ripped off.

I've a number of people say it will affect my credit score but I'm not sure if the advice is accurate?


Many Thanks
Danny

BugsyBrowne

You don't have to keep the car company secret your not on TV, maybe if we know the company 'members might have had an experience within the company in question.

Cancelling finance will cripple your credit rating for many years.

balmk

dannyhefc wrote: »

The car for a new car is very unreliable and I've had to call the AA out 5 times in the past 3 months.

• The car is not fit for purpose as each time I drive it a feel as if something else if going to go wrong with it.
• I feel the finance deal I was given when i renewed the finance for the new vehicle was branded as a deal but after further research I'm getting completely ripped off.

"Fit for purpose" is not defined by your faith in a product. "Fit for purpose" is defined as to whether the item works to the specifications as stated at time of puchase.

You obviously felt that the finance was a good deal at the time, otherwise you wouldn't have taken it out. However, depending on your financial standing and any penalties payable to the current finance company, you may be able to refinance with another lender.

How long have you had the car? What dialogue have you started with the seller? Are they aware of the problems and have they rectified them?

If you are not having any luck with the seller, the finance company may have a liability if the finance is secured on the car.

KingElvis

Danny, you can't just "cancel" a finance agreement, if you do that by cancelling the direct debit then you'll suffer for years and be driving a banger.

If the car is a lemon your beef is with the maker and the seller, not the finance company.

chanz4

dont you just love fridays

Ingi73

When you say a new car do you mean brand new or new to you?
If the vehicle has faults then the dealer has the right to fix them for you. If they fail to do this then you should contact the finance company and get them involved as the agreement is what's called a tripartite agreement between you the dealer and the finance company.

DO NOT CANCELL YOUR PAYMENTS as this will trash your credit score.

If the vehicle is now fixed and working fine then you have no issue and you should just keep making the payments and be glad the dealer fixed it for you.

geoffky

What car is it.?