Car finance agreement discrepancy

Tiddlywinks

You must have signed a contract on the day of purchase - what did that contract outline?

Why didn't you get a copy there and then?

declanmcc

Nearlyold wrote: »

So the payments are the same as you agreed, just wondered does the Finance Agreement show any deposit being paid (even though you didn't pay one)? Its not unknown for dealers to play about with figures where customers have no deposit to make the finance proposal more likely to be accepted.

The Finance Agreement does not show any deposit being paid.

so over a year later you only are getting the paperwork? what did you sign on the day and where is your copy?

I signed the Finance Agreement on the day. I did not receive a copy at that time. The Agreement should be available on the Renault Finance online facility, but as I mentioned in an earlier post, that facility is not available to me. As such, the agreement and statement of payments to date was emailed to me yesterday.

You say you're looking for advice.

Advice on what, exactly? A leg to stand on for what?

You haven't actually explained what you're looking for out of this situation.

The advice I'm looking for is whether or not anything can be done to rectify this situation. Can what has been signed be amended to reflect the proper sale price, and subsequently the total amount to be paid over the term of the loan? I will be paying at least £1000 more for the car when interest is added and naturally I'm not happy that I've left myself in this position.

hawkeye9999

Is the paperwork they have sent you the actually paperwork with your signature on?

DO you have any paperwork from the garage?

Did the car need Tax, Test, parts??

Tiddlywinks

declanmcc wrote: »

I signed the Finance Agreement on the day.
............

Can what has been signed be amended to reflect the proper sale price, and subsequently the total amount to be paid over the term of the loan? I will be paying at least £1000 more for the car when interest is added and naturally I'm not happy that I've left myself in this position.

You signed the agreement - in signing, you agreed to the contract which would have shown the purchase price, terms of settlement etc.

In order to amend that contract, both parties would need to agree the variations.... why would the finance company agree to that?

Did you not check any of the contract details on the day? Even the stated price?

Double_V

You bought your car in 2014 and in 2016 you received your paperwork ?
Why so long ?
Normally when you sign any finance agreements, they give you one copy there and then.

As long as your monthly are same, i don't think there is an issue.

Gaz83

How does this...

declanmcc wrote: »

I will be paying at least £1000 more for the car when interest is added and naturally I'm not happy that I've left myself in this position.

... tally up with this?

declanmcc wrote: »

The monthly payments I'm paying are the same as what was agreed on

saverbuyer

Is the £738 the interest being front loaded perhaps?

Gaz83

saverbuyer wrote: »

Is the £738 the interest being front loaded perhaps?

That doesn't happen.

Nearlyold

declanmcc wrote: »

The advice I'm looking for is whether or not anything can be done to rectify this situation. Can what has been signed be amended to reflect the proper sale price, and subsequently the total amount to be paid over the term of the loan? I will be paying at least £1000 more for the car when interest is added and naturally I'm not happy that I've left myself in this position.

Do you have any evidence at all of what you say was supposed to be the "proper sale price"? If not then I can't see you getting anywhere at all. Did you not get a copy of the vehicle order form/invoice from the dealer, it seems very odd that you seem to have left the dealership with no paperwork at all - did you not think that a bit strange at the time?

declanmcc

OK, there's a lot of replies - of which I'm greatful - so thought I'd summarise things in the following points to answer everyone.

1. Nov 2014, I saw the car advertised at £x,xxx with a car dealership.
2. Car dealership arranged finance with Renault Finance. No deposit was paid.
3. Went to collect car, signed paperwork, took car home, with documentation in a folder. No finance agreement in this documentation.
4. 19th Nov 2014, received letter from Renault Finance stating first payment due and when it would be collected.
5. Unsuccessfully tried to sign up with Renault Finance online facility (long story). On that facility I should be able to view my agreement and statements.
6. 26th Jan 2016, after numerous emails and phone calls about the previous point, received emails from Renault Finance with finance agreement and statement of payments to date.
7. 26th Jan 2016, Noticed that the cash price on the finance agreement is £738 more expensive than the price in previous point #1. Interest over the term of the agreement is calculated on this more expensive price and not the price in point #1.
8. My signature is on this finance agreement. I didn't read it through at the time of signing and I'm learning a very harsh lesson in not doing so.

So all in all I'm left paying £x over x amount of months based on the price on the finance agreement when I should have been paying £y over x amount of months based on the advertised sale price.

I haven't contacted either the dealership or the finance company to explain that I've noticed this. I have a screenshot of the web page that the car was advertised on as proof of the actual sale price.

Thanks to you all for your answers