Advice needed on a mis sold car loan

Arleen

Nearlyold wrote: »

To be fair to the OP the finance docs were probably headed "Hire Purchase Agreement" and if you didn't realise that PCPs are HP agreements (in most cases) then the OP might not have bothered to read any further. I really don't buy this didn't get any paperwork though.

Even if you didn't get the paperwork you are still paying on the agreement. And if you are paying, but don't know what for - why are you paying? Call and demand a copy of the agreement.

I'm sorry op, but as mentioned before, you will have to bite the bullet here. Even if it went exactly as you've said, there is no way you can prove it.

poppasmurf_bewdley

missyp284 wrote: »

As for paperwork. I was never given a financial agreement as it was all done electronically. So I don't habe anything in writing which states what the milage penalties etc are. If I'd had that then I'd know what the implications are.

If it was all done electronically, how did you communicate what you wanted? If it was done electronically, there must be a footprint somewhere. You need to find it and see what you actually agreed.

meer53

No-one buys a car without there being some paperwork ! I've just picked up a new car on PCP, i had to sign several documents, every one was explained to me before i was asked to sign, there was no way i wouldn't have known what i was signing up for. If it was all done online, the onus is on you to read the documents before agreeing to them. I still don't think you can collect a car without signing something ?

freeisgood

They can be very sneaky, did something like this, thank goodness the evidence in one email proved they promised me something quite different to the contract that was signed. I had asked in the email "before I sign the contact can I just confirm that...". They did confirm. It saved my skin and exposed the deception.

bearcat16

All you need to do is get a settlement figure from the finance company, then get a personal loan for that amount (for however many years you want. The longer the term, the lower the payments will be)

Simply pay off the finance agreement with the loan.

The car will be yours (so you can sell it if you want), no balloon payments, no penalties, no "guaranteed future value" or other such nonsense.

The added bonus is that the interest rate for personal loans is about 4% from mainstream lenders (e.g. Tesco etc), which is almost certainly better that you're getting from RCI finance (about 10%)

It's a no-brainier if you ask me.

usefulmale

Mis-sold seems to be the new buzzword cropping up on this site, used by people who can't / won't read the T & C's of the deal they enter into, don't understand the T & C's but blunder on anyway or otherwise mess-up but seek to blame everyone else, instead of taking responsibility for their own actions.