Vw, car finance and rejection

Archer0710

Recently we have bought a VW on finance. Financed in my husbands name, signed the paperwork picked up the car, finance paperwork signed, deposit paid. All happy. Good rate, easily affordable (take home is c £3500 PCM, car £239, no other significant debt and what little we do have (£2000 lefton loan will finish before Christmas)

Today we ge a letter from Northridge finance saying he has been declined for credit. Is this something to worry about? Will we have to hand back the car? We have sold its predecessor so obviously handing it back would be very difficult. We have settled 2 lots of VW finance in the last year so have a good payment history with them.

Am I panicking over nothing.

DCFC79

Why not call them and ask if theres a problem.

Archer0710

Husband has done and the info he gave them they say doesn't mat h so won't talk to him and we have to put it in writing.

The car is in my garage currently, we were told everything had gone through when we first applied over 3 weeks ago. Just wondering if its a huge mistake.

claret_mike

could it be that the finance request was made to a number of finance houses? Is the loan you assumed to be accepted, with that company?

Have you sp/w garage, surely they would want the money from loan company before handing car over?

redpete

Bit confusing that you were contacted by "Northridge Finance". Wasn't your agreement with VW Finance?

Also surprised that a dealer would let you take the car away without the finance being cleared first.

collywollys

Dealership probably tried more than one finance company to get the loan, and this is just a standard rejection letter from one of them.

No way they would of handed the car to you without having the loan paid to them.

Daddycool

collywollys wrote: »

Dealership probably tried more than one finance company to get the loan, and this is just a standard rejection letter from one of them.

No way they would of handed the car to you without having the loan paid to them.

Exactly this, I'm a business/finance manager at a car dealership and they wouldn't have handed over the keys unless the deal had been paid out, you were more than likely propped off to a couple of different finance houses

Archer0710

Thank you.

We had had previous finance with Vw, underwritten by deutschebank that we have cleared and the finance application was "approved" instantly online (last lot 4 yrs ago went to manual underwriting) which is why we were shocked to get this rejection letter.

We never missed a payment and at one point due to an error paid double the agreement on both cars we had at the time.

Think we both just panicked given the changing world.