Car Finance

Jonners85

Hi everyone


Not sure if this is in the correct place. But here goes, to cut a long story short(kind of lol)


I have obtained a settlement figure with Black Horse, it is £2329.06


I have a Direct Debit payment to Black Horse due on January 7 of £111.79


I am trading the Car in, to which I have obtained the settlement figure for. And hoping to collect the new Car on January 6 or 7


During my chat with the Sales Man, he asked when my payment was due, I told him, then he told me to cancel the Direct Debit this instant, and by the time BH cannot debit the payment, they will send me a letter informing me so, but by the time I receive the Letter, it will be null and void, and to ignore it, as the Dealership he works for will have settled the finance.


I am not sure I want to do this, would it be best for me to Contact BH tomorrow? And explain the situation? What are they likely to do or suggest?


Thanks

SeanG79

I would speak to the finance company and explain that the agreement will be settled in full on/before 7 January 2016. That the DD for 7/1/2016 has been cancelled. Also confirm that the settlement figure they provided will remain the same without that payment being taken into account.

mrsammyp

I would advise against cancelling the direct debit, but call BH to advise them of the situation.

If you're trading in your car on or around the usual payment date, it is unlikely that the finance will be settled in time and could result in a missed payment on your credit file.

Jonners85

I spoke with BH earlier today, forgot the advisors name now, as I was on my lunch hour and had a busy day. Maybe it will be on system that I called?


However the Lady said, I am obliged to make payment as normal, but when the figure is settled, I will automatically receive a refund of the payment that will be made on 7/1/16 whether they can be true to their word will remain to be seen.


Thanks

Jonners85

I made the 7/1/16 payment to Blackhorse.


As of today I signed the Clio over to the dealership. They haven't cleared the Finance yet, or it is processing however they did say it would be done late today or early 8/1/16


Now that the Clio I traded is now the Dealers property, will they have inherited the existing finance or is it still my balance?


The Sales Manager did inform me when I traded Cars today, to cancel the Direct Debit, to which I have done as the recent payment had been made today - which would be refunded in full provided settlement is made in a timely manner.


I just hope they do pay the settlement as I don't want Bailiffs knocking on our Door.


Cheers if you can assist.

forgotmyname

The finance is still in your name until its settled. Missed payments will get marked in your credit file.

Jonners85

Oh right, that is grim. How can I be sure they will settle the balance?


I have forwarded the dealer the settlement figure letter as per their request


I guess if they don't settle it, I am up to neck in it? Or can they be forced to settle up?

SeanG79

In most cases dealers settle the finance, however there can be a slight delay, especially if they post a cheque...

Jonners85

I will check up with them today to chase it up, I just don't want to come across as a pain to them though.

Jonners85

Received email from the Dealer, they say payment has now been made.


Logged in to my finance account, outstanding balance still shows as it was. But will it take some time to clear(for example next week?)


Many thanks

mrsammyp

It will take at least a couple of days for the payment to clear and be allocated against your account, keep checking until you are satisfied that the finance has been settled.