Car finance agreement discrepancy

marcarm

declanmcc wrote: »

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

Good clear info, but would be even better if you included the figures instead of x and y so people can work out possibly where the discrepancy lies.

Especially this bit:

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.

Also what is the interest rate?

Gaz83

You have two problems as far as I can see:

1) You acknowledge yourself you signed to say that you were happy with the payments as provided, as in point 8.

2) In regards to point 1, just because a business advertises something at a certain price does not mean they have to sell it at that price - this is why misprices don't have to be legally honoured, despite a common misconception that they do. Having proof that it was advertised at a certain price doesn't count for anything.

declanmcc

Well I rang the car dealership concerned on Friday and asked for the sale price of the car, which was the correct amount and the amount at which it was advertised.

The £738 difference turns out to be for warranty, gap insurance and Gardex .... none of which were mentioned to me at the point of sale (subsequently no price break down on what each one costs) and none of which I have any documentation for.

In fact I had a company ring me a couple of weeks after the purchase offering to sell me gap insurance. After careful consideration I turned it down, unaware that there was gap insurance already in place.

The dealership are apologetic and the gentleman I spoke to said he would chat to his boss to see what can be done. I'm still waiting on a phone call, but have I any potential for a mis-selling claim here??

[Deleted User]

declanmcc wrote: »

I'm still waiting on a phone call, but have I any potential for a mis-selling claim here??

What do you mean by a mis selling claim?

Why not just make a straightforward complaint about the sales process and see how they deal with it?

declanmcc

Deleted_User wrote: »

What do you mean by a mis selling claim?

Why not just make a straightforward complaint about the sales process and see how they deal with it?

Yes that's what I intend to do. If the response is unsatisfactory then I can take my complaint elsewhere

k3lvc

declanmcc wrote: »

Yes that's what I intend to do. If the response is unsatisfactory then I can take my complaint elsewhere

Unless I've misunderstood you're paying the same per month over the same number of months you agreed to and paid no deposit


How do you calculate that you're overpaying ?


Maybe a lower interest rate was available for spending £8k for example, or for taking GAP insurance - in this case the headline 'price' might have been higher but the overall 'cost' lower


As others have said you'll need to share some numbers to get real advice

McKneff

You hve no complaint. You signed a legally enforceable contract

glentoran99

McKneff wrote: »

You hve no complaint. You signed a legally enforceable contract

So did everyone with the PPI claims, and the packaged bank accounts