Car Finance

Tisd09

I have a solutions agreement with Sinclair Audi on a VW Up. We agreed a repayment of £199.90 per month. They messed up the payment dates. My wife called them to change the date to which they obliged. We received a letter shortly after confirming the new dates and the amount to be taken as £79.90. I am assuming this is just a typo. However, what should I do if the payment comes out of my account as £79.90.

I am assuming that VW Finance have every right to charge me what I potentially underpay? Where would I stand legally?

Gaz83

Let's just clarify:

You were expecting to pay £199.90, and have now been told you are only due to pay £79.90. You think this is an error but are wondering "where you stand legally" if they take less than you agreed to pay.

Why not just give them a phone and ask them?!

Tisd09

I'll be alerting them to their error then. I know its a bit naughty but if I can get away with paying £120 a month less for the car for the next three years then great.

I plan at the moment to see what DD is charged next month if it is £79.90 then I will place the £120 in a savings account so if they do chase the underpayment at any point I will have the money there to pay.

Tixy

Legally they will have up to 6years from when you stop paying to spot the error and if you do not repay to take court action against you to recover the debt.

Legally they will very likely be able to charge interest on the actual daily balance and so you will pay more interest overall than if you had been repaying in accordance with the credit agreement.
In terms of putting the difference aside in a savings account, I would imagine this won't earn you as much interest as you will pay extra on the finance.

chanz4

they can also refuse to take the hpi marker off at the end

R_P_W

Tisd09 wrote: »

I'll be alerting them to their error then. I know its a bit naughty but if I can get away with paying £120 a month less for the car for the next three years then great.

I plan at the moment to see what DD is charged next month if it is £79.90 then I will place the £120 in a savings account so if they do chase the underpayment at any point I will have the money there to pay.

Just ring them now and correct it. Can't see it ending well for you if you know it's wrong and not saying anything.

Edmonds06

Hello. I have a question. My credit score is Poor Am after a car on finance. Do you think they would accept me? I work full time and am a uk citizen.

Tixy

Edmonds06 wrote: »

Hello. I have a question. My credit score is Poor Am after a car on finance. Do you think they would accept me? I work full time and am a uk citizen.

You would be best to start a new thread with your query. Impossible for anyone to answer your question unless you give more information about your circumstances such as what negatives are on your credit file, whether you are employed, how much you earn, how much you want to borrow etc etc