PCP finance agreement - where do I stand?

ickledee

Hi all,

I took delivery of a new car at the beginning of October. The dealership wasn't in my area and the sale was arranged over the telephone. when the car was delivered I signed a hand-over check sheet and I didn't receive anything further. I don't have any paperwork regarding the finance and they haven't yet taken a payment from me, even though they advised the first payment would come out of my account 1 month later (Nov).

To be honest, the purchase was a bad move. Fuel consumption is terrible, I am now pregnant and the repayments will be really tight whilst on maternity leave. Wish I had held off...however, totally my fault.

Where do I stand with the PCP agreement, am I tied into the finance because I took delivery of the car? Or should I have been asked to sign some kind of paperwork? I also have no idea why they haven't yet collected a payment.

Many thanks for your help.

Thrugelmir

Have you rung the dealer to find out?

ickledee

I'm going to call them on Monday, just wanted to research my rights beforehand. Thanks

superbigal36

Very likely an admin !!!! up at the finance company. I would however be astonished if the dealer has not been paid.

thebritishbloke

Did you ever give them your full details, i.e. name, address, employment status etc? They might have still put the application through. I've had two cars on finance now and they've never released the car until the finance is approved.

ickledee

Hi thebritishbloke,

Yes they asked all of the relevant questions on the call back in October. They also asked me to send a copy of my passport which I did but they said the image was too blurry and when the guy came to deliver the car he informed me that the dealership required my passport. I gave my passport to the delivery guy who took it back to the dealership with him. I received the passport back via post a couple of days later then nothing further.

This is my first car so I haven't dealt with car finance before.

Thankyou

jonesMUFCforever

Where do you stand?
Answer when they find out about the error they will expect you to Pay November, December and possibly January together.
Should you be compensated - no except perhaps for the cost of your telephone call tomorrow.

The problem you have is you can't prove the amounts they will take from your account are correct because you don't have a copy.

ickledee

Thanks, I have spoke with the dealership and the finance 'fell through' they are now unable to offer a finance agreement with another provider on the same terms. They are collecting the car and refunding my deposit.

somethingcorporate

A lucky escape it would seem!

thebritishbloke

Very lucky indeed! Good for you