Wrong Information On HP Agreement

clausbrown

Hiya Everyone, Long story so i will try and cut it short.

molerat

Wrong Information On HP Agreement Hiya Everyone, Long story so i will try and cut it short.
I got a car on finance last year (feb) the salesman stated to the finance company (blackHorse) that the car had 38000 miles on the clock, And charged me a 32.9% APR...The 38000 miles is on the Agreement i have got, But the MOT i have from the year before (2010) states the car had 56000 at that point., The car had really got 68000 miles on the clock and not 38000 . So i am now paying a higher price for a car that the finance company paid out on thinking it had alot less miles on it that it really did have. If they had known i doubt they would have paid out all that money against the car. What are your thoughts on this and any response im thankful for.

You purchased a car for an agreed price and got finance at an agreed rate, where is the problem ? You are not paying a higher price for anything, you are paying the price you agreed. Are you saying you were party to a fraudulent finance application then ?

clausbrown

Well Look at it this way, The salesman gets higher comission on the higher rate apr he can sell the car at, He woud not have got the higher apr on the 2005 car with 68000 miles on the clock, being its 6 years old at the time also. So they adjust the miles so the car looks like its worth the money. If you have the same car with two very different miles on the clock then they both fall in different price groups.

molerat

I still cannot see where the problem is or where this is heading.

somethingcorporate

Are you worried about the salesman's commission? I am really not sure what point you are trying to make here.

Did you not check the mileage before you bought the car?

clausbrown

Ok fair enough. I asked for your opinion and you gave it ill try one last time for you to understand what im getting it ok? When the car was purchased, it had 68k miles, yes i new that. The issues is that when he put it to the finance company, He put down it had 38k, due to him wanting to get as much money as he could for the car due to its age, and he done this at a 32.9% APR. a bigger comission also, Now the finance company would not have lent as much money against the car had they known it had half the miles on the clock.. The amount of miles a car has does very much does effect the price of the car. I have spoken to the same company, just a different site and i was told by the manager there that this is something that needs to be looked at by the original dealer, and the finance company as under the credit consumer act 1974, it has been breached with regards to the wrong information on the agreement.

clausbrown

no i am saying that i am now paying more for this car as it was priced as a car with half the miles on the clock. The miles makes a massive difference to the price of a car.

molerat

The garage offered a price and you agreed and paid it. When I bought my car I offered £1k less than the sticker on the windscreen and they accepted. You had the options to walk away, negotiate the price, refuse / negotiate the apr. Bit late to query it now.

clausbrown

yes obviously, But i didnt know he put down it had 38k and not 68k. for which ever reason this was done, IT was done for the wrong reason and not for the favour of me.

somethingcorporate

Thanks, that is a bit clearer.

You agreed the APR when you signed the documentation, if you were not happy this was the time to walk away. I would not worry too much about the salesman's commission - it is none of your concern.

Did you sign something that said the mileage was 38,000?

[Deleted User]

clausbrown wrote: »

no i am saying that i am now paying more for this car as it was priced as a car with half the miles on the clock. The miles makes a massive difference to the price of a car.

actually it doesnt make that big a difference,and i assume you signed the credit application with the wrong information?
if thats where this is headed then you are as guilty of fraud as the dealer,so if i were you id keep quiet