Sold car to dealership on understanding they will settle finance

themorganator4

Hi,

Long story short. I sold my financed car to a used car dealership and bought a second hand (much cheaper) car. The dealer agreed to settle the finance on the car (minus £100) I sold to them and I bought a second hand car off them and paid in full (£690 plus the extra £100 to cover the finance shortfall)

Foolishly, I didn't get any paperwork or signed docs regarding the car I sold (I'm aware that was a stupid thing to do so please don't point it out) . The dealer said he has settled the finance today but I called the finance company who said it is still outstanding (although it can take 24 hours to show up).

I know I am acting a bit soon as the 24 hours won't be up until tomorrow but what are my options if the dealer doesn't settle the finance or decides to drag it out.

The dealer I chose is quite big in the local area and they have 100's of cars for sale, some models are top end cars like Bentley and Mustangs, i.e. this isn't some guy in a shed.

Like I said, nothing was signed to say I sold the car to them but I do have a record of sending them the settlement figure in my sent items and have a receipt for the car I bought.

I'm hoping all will be ok but any advice if all goes wrong?

motorguy

themorganator4 wrote: »

Hi,

Long story short. I sold my financed car to a used car dealership and bought a second hand (much cheaper) car. The dealer agreed to settle the finance on the car (minus £100) I sold to them and I bought a second hand car off them and paid in full (£690 plus the extra £100 to cover the finance shortfall)

Foolishly, I didn't get any paperwork or signed docs regarding the car I sold (I'm aware that was a stupid thing to do so please don't point it out) . The dealer said he has settled the finance today but I called the finance company who said it is still outstanding (although it can take 24 hours to show up).

I know I am acting a bit soon as the 24 hours won't be up until tomorrow but what are my options if the dealer doesn't settle the finance or decides to drag it out.

The dealer I chose is quite big in the local area and they have 100's of cars for sale, some models are top end cars like Bentley and Mustangs, i.e. this isn't some guy in a shed.

Like I said, nothing was signed to say I sold the car to them but I do have a record of sending them the settlement figure in my sent items and have a receipt for the car I bought.

I'm hoping all will be ok but any advice if all goes wrong?

It will be fine i am sure.

They wont process each finance settlement as it comes in so chances are they batched them up and hence why yours was done today - probably as part of a batch.

If its not cleared by Wednesday ring them back.

waamo

I traded my last car in about 4 weeks ago. Took them a fortnight to clear the finance.

matttye

Even a verbal agreement constitutes a contract so you can sue if he breaches it.

Of course if he denied saying it, the court would decide whether he did it or not on the balance of probabilities. That's why it's best to get agreements in writing.

I doubt it will come to that though.

debtdebt

If it could take 24 hours to update, why are you worrying within that 24 hour period?

Do you order things from Amazon and start worrying straight away that they haven't turned up?