Ending Car Finance Process

whstlblower

Hi,

Hopefully this is a nice and quick one, but need advice before issuing a complaint.

Situation is this; brought a new car on finance, the dealer settled the finance on my old car with Nissan Finance, due to the timings I overpaid by one months repayment - the dealer explained this would be refunded by Nissan as the credit agreement would be in positive balance.

Finance was settled 18/04/16, contacted Nissan on 26/04/16 to chase up the refund and closing statement. The response was very un-nerving; first bit was they hadn't even looked a the account and it take them a further 5 to 10 working days to issue the refund, they confirmed I could do a direct debit indemnity as would be quicker.
What's concerning me more is they state they don't need to send a closing statement. This cannot be correct as whenever I've had loans in the past they have always provided one as part of the CCA rules, are they just being incompetent or are they correct? And, if not what would you suggest?

Another point is that the credit reports don't reflect the account being closed, the new one shows, I'm giving them until end of this month as it might take them some time.

Ty in advance.

engineer_amy

whstlblower wrote: »

Hi,



Another point is that the credit reports don't reflect the account being closed, the new one shows, I'm giving them until end of this month as it might take them some time.

Ty in advance.

Not sure about the first bit, but it can take a bit of time to update on the credit reports, possibly due to timings of when the lender sends the data to the CRA and when the CRA updates the records. I know it took noddle and Equifax 2 months to update a closed account for me

Gulam

I'm sure you don't want to hear this but I have only good intentions. Borrow money for appreciating assents don't declining.

~Brock~

whstlblower wrote: »

What's concerning me more is they state they don't need to send a closing statement. This cannot be correct as whenever I've had loans in the past they have always provided one as part of the CCA rules, are they just being incompetent or are they correct? And, if not what would you suggest?
.

CCA rules require lenders to send annual statements, not closing statements. (Covered under CCA s77A)

See s77A (4)(a) - The requirement to send statements ends at the point in time when no further sums are payable so, rather bizarrely, there is no requirement for lenders to send any statement for the period between the last annual statement and the date of settlement.

Ruthiedred

Apologies first of all for hijacking this thread. I havent worked out how to post.
My problem is I think simple. Citreon UK however does not appear to agree. I have a 3 year deal and this is up and Citreon UK have consistently refused to arrange collection of the car. They are sending me threatening letters saying I have to pay more for keeping the car. I asked them to collect on 21st February 2016 - they refused saying the agreement had not come to an end and they would not collect.
Since then I have spoken on the telephone to the company who were to arrange collection. I explained I was leaving home at 7am and returning at 7pm so it would have to be a weekend. They dont do weekend collections. I also explained I had repeatedly emailed Fleet Return and asked them to collect I gave them dates to collect by when I knew someone was home. They had not responded. The lady I spoke to Chloe said she did not know this she would refer it back. Citreon have been emailed on virtually a daily basis asking them to collect and they completely ignore me. Lastest two letters are one saying I owe an extra £300 for keeping the car and now a default notice £12 for late payment. They dont seem to be able to take on board that I am not keeping the car - they just refuse to collect it. I have emailed the CEO Arnauld LeClerc who referred it on and nothing has happened.
Would be grateful for any tips. I have ended up reporting it to Financial Ombudsman Service, but that is likely to take a while and in the meantime I will continue to receive threatening, harrassing letters. Help anyone?