Car finance and carcraft

Eljamio

Hey, first time poster.

I've recently bought a car from Carcraft (everything went so well and everyone was pleasent) However, I had previous finance on a vehicle that I traded in, and got new finance paying the settelement of the previous finance, every thing is going swimmingly at this point.. Until last Thursday.

Carcraft went in to liquidation after recieveing payment from the new finance company for the car and to pay off the settelement on the previous car, I've contacted the company that's taken over Carcraft and they've basically said there's no money it's not our problem to fix this.

So here's the problem I've now got 2 car finances in my name, one for my previous car and one for my new car (Baring in mind my new finance I'm also paying for the settelement on the previous finance so I'm now paying twice for a car I dont own) obviously this should show up on any HPI Check done on the vehicle ?

Thanks for taking the time to read.

Edit: (Sorry this is hard to read, I have trouble wording things)

smj43

Difficult situation! I would say unless the new/old finance companies are understanding of the situation then you are going to have a hard time getting your money back. As I read it, your saying Carcraft had the money to pay off your old finance but hadn't paid it before they went into administration? Unfortunately, all assets the company has will go towards paying off debts, yours being at the bottom of the list once the money has run out!

Cornucopia

You need to speak to the old finance company ASAP.

If it were me, I'd be quite tough with them, in that the finance is secured on a vehicle that you no longer have possession of. If the finance on that vehicle has not been paid off, then it remains (in part) the property of the old finance company, and they should make reasonable enquiries to retrieve it (or its value).

In the meantime, I'd probably be cancelling the direct debit, though I appreciate that might be at the cost of some good will.

GothicStirling

Cornucopia wrote: »

In the meantime, I'd probably be cancelling the direct debit, though I appreciate that might be at the cost of some good will.

Not a smart move, unless the OP wants to fast-track having their new car taken by baliffs. OP, is the finance through CarCraft, or is it an independent finance company? I just bought a new car from a dealer, and the finance is through Santander. If the dealer went bust, it would have nothing to do with me as long as I keep up repayments to the bank.

Cornucopia

GothicStirling wrote: »

Not a smart move, unless the OP wants to fast-track having their new car taken by baliffs.

Not the new finance DD, the old finance DD. You know, the one for the car he no longer has.

Assuming that it genuinely is two different finance companies.

Eljamio

Indeed, it's a different finance company all together..
My previous finance to which I don't own the car anymore is the GMAC UK, the new one being Creation.. But surely I should either be aloud to have my car back that I'm paying for, which they can't sell anyway as it would never pass a HPI Check or pay the settelement off which they've recieved money for and was in the contract to pay off.

I have a meeting with a Solicitor in Sheffield who was quite interested in this case over the phone (Though I wasn't sure if he was interested in the situation I've found my self in or the money I'm willing to pay to get myself out of it)

Cornucopia

There are two legal difficulties as I see it...

1. Presumably the finance on the old car only covers part of its value. The remaining value is the property of CarCraft and its liquidator.

2. It is probably the case that the Liquidator has seized everything that appears to be an asset of CarCraft. So it may only be a question of time before the situation is resolved.

Personally, I would hold off from committing to paying for a Solicitor. If the advice is free, though, perhaps worth taking.

I would wait until the old Finance Company has given you a definitive statement as to whether they are going to attempt to hold you liable or not.

There is no urgency here, because it is never the case that people who claim early take preference over people who claim late.

Garrisons

I am also in a similar position I part exchanged my car with carcraft on 29 April and refinanced with another finance company then found out they went into administration.spoke to finance company Hitachi who said I still have to make the payments , but now I also have to pay my new finance company rate setter as well . I have sent email to the administration no reply phoned dedicated customer service number which I managed to speak to someone and they point to the administration.

I have sought citizens advice and solicitor advice and at the moment say I should wait to see what the outcome of the administration .

I am at wits end stressing about it ruining my credit as I cannot afford to pay both finance.

runforlife

Some up to date info on the car craft web page http://www.carcraft.co.uk

I part exchanged a car which had outstanding finance and Carcraft agreed to settle the outstanding finance. What will happen?

The administrators are sending all part exchange cars to auction. Finance settlement figures will be obtained and the administrators will assess the value of each car against the outstanding finance. If the administrators believe the car will sell for a higher amount than the outstanding finance, the administrators will settle the finance. If the administrators do not believe the car will sell for a higher amount than the outstanding finance, they will contact the customers to discuss their options as the administrator is not in a position to pay the shortfall on any outstanding finance and such liability will remain with you.

I have paid for my car on finance, can I collect my car?

Please contact the administrators with details of your vehicle registration number and your finance documents, to discuss your position. Payment must have been received from your finance company to enable collection.

CONTACT DETAILS FOR THE ADMINISTRATORS

Please direct queries to:
carcraft@uk.gt.com
Please include in the subject of your email the Vehicle Registration Number and relevant Carcraft site location
Please also continue to monitor the website for updates.
https://www.carcraft.co.uk

Garrisons

I am under going the same problem spoke to my finance company who were not settle and told to speak to my new finance company and mention section 56 consumer credit act as long as you have a copy of your customer contract stating carcraft agreed to settle your old finance.