Car Loan Rebate

MoneyGeoff

Hi,

I bought a car recently (the finance was signed on 9th Nov and I received the car on 11th Nov). I paid a deposit and part exchanged my old car and also took up finance with the dealer to pay for the car. The way it worked out, I am due a rebate of £5000.

I was originally told it would take 7 days to get the rebate. I called after 7 days and they said it can take up to 10 days. Since then its been very difficult to get through to them but on the 3 occasions I have got through they said they would look into it and get back to me. I haven't had any calls back though.

I specifically asked on all the calls if they would please email me with the date I would receive the funds (even if its delayed I just want to know) but they never emailed me or called back.

I can't see any complaints procedure on the website. Any suggestions as to what I should do next?

Thanks

Tiddlywinks

Why are you due a rebate?

poppasmurf_bewdley

MoneyGeoff wrote: »

Hi,

I bought a car recently (the finance was signed on 9th Nov and I received the car on 11th Nov). I paid a deposit and part exchanged my old car and also took up finance with the dealer to pay for the car. The way it worked out, I am due a rebate of £5000.

I was originally told it would take 7 days to get the rebate. I called after 7 days and they said it can take up to 10 days. Since then its been very difficult to get through to them but on the 3 occasions I have got through they said they would look into it and get back to me. I haven't had any calls back though.

I specifically asked on all the calls if they would please email me with the date I would receive the funds (even if its delayed I just want to know) but they never emailed me or called back.

I can't see any complaints procedure on the website. Any suggestions as to what I should do next?

Thanks

Some information, such as name of loan provider, dealer, type of loan, amounts, etc, would help to provide any assistance.

bigadaj

MoneyGeoff wrote: »

Hi,

I bought a car recently (the finance was signed on 9th Nov and I received the car on 11th Nov). I paid a deposit and part exchanged my old car and also took up finance with the dealer to pay for the car. The way it worked out, I am due a rebate of £5000.

I was originally told it would take 7 days to get the rebate. I called after 7 days and they said it can take up to 10 days. Since then its been very difficult to get through to them but on the 3 occasions I have got through they said they would look into it and get back to me. I haven't had any calls back though.

I specifically asked on all the calls if they would please email me with the date I would receive the funds (even if its delayed I just want to know) but they never emailed me or called back.

I can't see any complaints procedure on the website. Any suggestions as to what I should do next?

Thanks

If you provide some more detail such a s car price, trade in value, dealer, finance house etc you might get some sensible answers.

An immediate five grand rebate suggests you've massively over paid somewhere, and are probably paying a huge interest rate. This suggests it's all legit, what does your paperwork say? Formal complaints to whoever promised the rabet is first port of call, then fos or possibly local trading standards, hope it's not big Phil's motors?

Apples2

It makes sense to offload an expensive car for a cheaper one but no sense at all to take finance on the cheap one.

Why would you chose to pay interest on the Finance of the new(er) car when you have £5k equity in the first one?

Was the first car (the one you traded in) still on Finance?

opinions4u

Unless there's a 0% finance deal involved here something silly has taken place.

Nebulous2

We need the op to tell us what happened, but garages often advertise cashback for your old car. In some limited circumstances it might make sense, eg 0% interest with the deposit taken from your trade-in value and the rest refunded in cash.

MoneyGeoff

Hi,

Thanks for the replies. Please note that its too late for me to change the agreement now so if I have got a bad deal I doubt I can do anything about that now. My main worry is how I can escalate or complain properly to get what they owe me. Should I be complaining in writing instead of calling?

I managed to speak to them again today and they admitted they have not processed the finance and I should get the rebate on Wednesday so fingers crossed.

To answer some of the questions, I took the finance because I needed to release some equity. I owned my old car outright, no existing finance. Its not interest free but at 4% its not bad and they also pay £500 if you take finance. Also please remember that I paid a desposit up front in order to secure the car so that is part of the refund amount.

Tiddlywinks

I still have no real idea what your deal consists of... did you trade in a more 'valuable' car for a lower priced one? Or is the rebate for a cashback deal?

Is the rebate £5000 or is that a typo with one too many zeros?

Dovah_diva

I have a feeling that MoneyGeoff feels embarrassed about the deal he has got. I suspect we'll not hear any more about it.

jonesMUFCforever

I suggest he means £500 not thousands.

Several manufacturers are offering this deal at the moment if you take out their finance.
What is not clear is whether he is actually owed the money or whether it has already been taken into account in the car purchase transaction.