Car Finance Dealer Mistake

tonnyman

I am very confused and really don't know what to do and can someone please suggest what they think my rights are or what I should do.This is my first finance car and I am completely new to it.

Recently I applied for car finance through a car finance broker and I was told that my application was approved in principle. I was then told to look for a car and to get back to them with the details of the car. I searched for a car and handed the details of the car to the broker. The broker approved the car and the dealer (the dealer being one of the ones they normally trade with) and asked me to view the car to make sure I was happy with the car. I viewed the car and I decided to make a deposit to the car dealer so they can reserve the car for me whilst the finance company pay them. After 2 days I received a call from the car dealer that the finance company has paid them and that I should come and pick the car. I was quiet happy and I quickly sold my car to a local dealer at a very low price and went to the dealer to pay my own part of the money £2500 and the dealer gave me a receipt of £11500 showing that the finance company has paid the balance.
Few days later I called the broker to inform them that I had collected the car and requested that I pay the monthly debit on the 23rd of every month. The broker said they have not sent payment to the dealer and that they are surprised that the dealer released the car without getting payment from them.
Now the broker has just informed me that they have requested for payment from the finance company but the finance company has requested for more paperworks from me, bank statements, etc.I had sent paperworks before. To me it appears the finance company may decline to finance the car.


Basically the dealer handed me the car without receiving the balance payment from the finance company.He was the one who called me and confirm receipt of payment from the finance company and that the car is ready for me to collect.


Now I am confused. What if the finance company refused to pay the dealer? What options would I have. I want the car otherwise I will be carless

andyfromotley

I am guessing that you will have to find another way to stump up the balance or agree to return the car in exchange for the return of your deposit.

If you can't get finance else where then you will have to buy a car for £2.5k (which is more than i pay for my cars, so you will be fine)

jonesMUFCforever

Your rights are this - you find the money to pay for it or return it in the condition it was bought.
Under no circumstances you will get to keep the car due to somebody's mistake.
Happy driving.

DCFC79

The paperwork being requested again doesn't necessarily mean you will be declined finance.

You won't be carless at all, you take your 2.5k that you get back and buy a car that's say 5 years old.