HELP! car finance nightmare

digitalsakura

Hi everyone

I am a driving Instructor working around Manchester.

In November 2014 I ordered a vehicle from an online car broker, the finance had been approved through Barclays Bank by the broker and the vehicle order form was signed.

My current PCP contact ends in March 2015 therefore I wanted to wait till end of March for my new vehicle to arrive as this would be perfect, I was told this would not be no problem by the broker.

I was told 27th March 2015 would be the delivery date for my new vehicle, therefore knowing the date I sold my old vehicle on 14th March, 1 week before the delivery so I was out of work.

On the 23rd March Barclays Bank contacted me as it was out of office hours therefore could not contact the broker, they told me the application for finance was over 90 days old therefore the broker would need to reapply the finance.

Application for finance was done the second time with nothing changed but this time the finance was rejected, I could not believe it, just 4 days before I get my new vehicle I was told I could not get finance when was promised I could. They had given me no reason why it was rejected.

At the end of day, I am now out of work for 1 – 2 weeks with no income and no vehicle to teach and the broker is left with a vehicle that might not sell.

For Barclays to treat me in that manner is unacceptable, would there be a case for legal action?

Any help would be appreciated

andyfromotley

try for a loan?

digitalsakura

andyfromotley wrote: »

try for a loan?

the PCP finance has to be with Barclays,

bargainbetty

Why? If you are purchasing a vehicle, the source of the funds is not usually restricted. You purchase the car from the dealer, and where you get the money is your business. If the broker insists on Barclays, he is probably getting a kick back from somewhere.

Call your bank and find out if you would qualify for a loan. If so, you can call the dealer and tell them you have the money from a private source.

DevCoder

For Barclays to treat me in that manner is unacceptable, would there be a case for legal action?

What would be the legal reason for your case?

digitalsakura

krisdorey wrote: »

What would be the legal reason for your case?

would that not be entering a contract, i had signed an agreement with the dealer/broker and the bank, all had been approved.

also loss of earnings.

digitalsakura

bargainbetty wrote: »

Why? If you are purchasing a vehicle, the source of the funds is not usually restricted. You purchase the car from the dealer, and where you get the money is your business. If the broker insists on Barclays, he is probably getting a kick back from somewhere.

Call your bank and find out if you would qualify for a loan. If so, you can call the dealer and tell them you have the money from a private source.

from what i was told the broker can only use Barclays to approve the PCP finance so getting a private source won't help.

molerat

Loss of earnings ? - you can hire dual control cars by the hour / day / week !

digitalsakura

molerat wrote: »

Loss of earnings ? - you can hire dual control cars by the hour / day / week !

when promised you would get your new vehicle by x date, you would think nothing would go wrong.

forgotmyname

If you check the smallprint there maybe something about delays in production of the vehicle so any delivery date wont be 100%.

You sold your old vehicle before you received the new one. Thats not their fault.

I wouldnt have sold the car until the dealer had the new one sitting there all ready to be picked up.

SeanG79

Barclays and all lenders reserve the right to withdraw a finance offer without ascribing a reason prior to the agreement going "live" (being signed by the bank and the supplier being paid)