Wrong Information On HP Agreement

molerat

BugsyBrowne wrote: »

Arr right didn't realise that so the OP knew the mileage had been changed but still went ahead with the agreement.

It is not that the mileage had been changed, the mileage on the speedo was correct and as known but the mileage written on the credit agreement was incorrect thus making the car seemingly more valuable to Blackhorse to loan against.

clausbrown

Thing is with this site is the main point of conversation starts to go off rail a little bit like here. The point is the salesman put the wrong miles on the credit agreement, i did not know this at the time. yes ok i should read more in the future, And no its not because i want a new car, i can deal with this car no issue, just should be at the right cost due to the miles different. Anyway, this issue has now been resolved. i would delete the thread but not sure how to do this.

clausbrown

molerat wrote: »

It is not that the mileage had been changed, the mileage on the speedo was correct and as known but the mileage written on the credit agreement was incorrect thus making the car seemingly more valuable to Blackhorse to loan against.

WOW.. I think your the only person on here who is getting what im trying to say about this issue.

clausbrown

BugsyBrowne wrote: »

Arr right didn't realise that so the OP knew the mileage had been changed but still went ahead with the agreement.

NO. This is not the case.

Janie4Now

The mileage on the credit form is surely immaterial.

You got a loan to buy a car. You agreed the price of the vehicle and the repayment rate. And the outstanding loan does not dictate the re-sale value of the car.

The fact that you are saying that the car wasn't worth the loan is not the lender's problem. The only thing of note is the Blackhorse didn't have the collateral they thought they had.

It is your loan to repay because that is what you signed up to do.

opinions4u

kai666 wrote: »

why would the APR be based on the the car millage?

surely it was based on the credit check and your ability to pay? maybe you should read what you sign in future

Some car finance companies won't agree finance on a higher mileage vehicle.

68,000 miles isn't going to be worth a lot when they repossess it.

38,000 may have some value to help them recover their money.

Eonel

clausbrown wrote: »

WOW.. I think your the only person on here who is getting what im trying to say about this issue.

To be fair ClausBrown, you weren't forthcoming with all the facts which has helped cause confusion. It had to be drawn out of you that you knew when you purchased the car that it had 68,000 miles.

Early posters thought it was you who had been misled, not the finance company.

& you cant delete this thread. Half-truths and misinformation is what makes the internet go round.

clausbrown

Eonel wrote: »

To be fair ClausBrown, you weren't forthcoming with all the facts which has helped cause confusion. It had to be drawn out of you that you knew when you purchased the car that it had 68,000 miles.

Early posters thought it was you who had been misled, not the finance company.

& you cant delete this thread. Half-truths and misinformation is what makes the internet go round.

Hold up a minute, Read the thread. It states i got a car on HP through a finance company, How can that be misleading??? i also state it had 68k on the clock, But the salesman put 38k on the HP form. There is nothing misleading about that is there????

SeanG79

clausbrown wrote: »

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.

The dealer will have put down the lower mileage in order to get the lender to advance more on the vehicle, allowing you to put in a smaller deposit, the only benefit to the dealer would have been allowing you to buy the car with a reduced deposit and thus gain a sale. Lenders look at LTV when underwriting the vehicle and will obviously advance more with a lower mileage.

Eonel

You have unhelpfully deleted the first post of this thread. But..

clausbrown wrote: »

it had 68k miles, yes i new that.

.. was not disclosed until Post #6.

Before then, it was not clear whether you had been misled on the mileage or the Finance company.

& with the short attention span of the Internet, follow-up posters didn't pick up on that valuable nugget of information.