Miss-Sold Car finance?

FordyceE

Looking for some advice, around 10 months ago i purchased a car from a local garage using finance. At the time i wasn't fully aware of the ins and outs of the deal, should have done my homework. However due to a change of job im going to have to get rid of the car and i have been advised i may have grounds to return the car as the finance deal doesn't appear to have been set up correctly.

By that i mean i was never told my APR rate, i have no paperwork of my own at all, all i was told was a monthly repayment. I contacted the garage to speak to the guy who i dealt with and was told that he left the company shortly after i purchased my car however i told them that i felt i had not been dealt with correctly and somewhat duped into the deal as if id have known the APR i could have gotten a better rate from my bank. I was also never informed that i would have a balloon payment at the end. I had great difficulty gaining access to any finance details as all the emails passwords ect were set up by the salesman and never given to me.

Whilst on the phone the garage admits that they know the way the salesman set up the deal was not correct.

Im essentially looking to see if id have a leg to stand on with regards to handing the car back in exchange for them settling the finance agreement.

jonesMUFCforever

I doubt it.
Add up all payments you would make under the agreement - do they come near to the true value of the car? Or is it obvious that they do not?

If you had not needed to change jobs would you be any the wiser to all this?

Can you not apply for a cheaper loan to clear this?

molerat

The only thing that would really count in a complaint would be a document signed by you. How did you get finance if you did not sign a document which would have all the relevant figures on it and if the dealer / finance co can produce that then it would be assumed by an ombudsman / court that you actually read what you were signing.

Ask the garage for a copy of the agreement, they should have one or read the factsheet here https://www.nationaldebtline.org/EW/factsheets/Pages/getting-information/credit-agreement-advice.aspx

It is amazing how a shiny bit of tin with wheels can switch someone's brain off

takman

FordyceE wrote: »

Looking for some advice, around 10 months ago i purchased a car from a local garage using finance. At the time i wasn't fully aware of the ins and outs of the deal, should have done my homework. However due to a change of job im going to have to get rid of the car and i have been advised i may have grounds to return the car as the finance deal doesn't appear to have been set up correctly.

By that i mean i was never told my APR rate, i have no paperwork of my own at all, all i was told was a monthly repayment. I contacted the garage to speak to the guy who i dealt with and was told that he left the company shortly after i purchased my car however i told them that i felt i had not been dealt with correctly and somewhat duped into the deal as if id have known the APR i could have gotten a better rate from my bank. I was also never informed that i would have a balloon payment at the end. I had great difficulty gaining access to any finance details as all the emails passwords ect were set up by the salesman and never given to me.

Whilst on the phone the garage admits that they know the way the salesman set up the deal was not correct.

Im essentially looking to see if id have a leg to stand on with regards to handing the car back in exchange for them settling the finance agreement.

So you signed the agreement without even reading it or even asking what the interest rate was or how the repayments worked. It has now taken you 10 months to even start questioning it.

But your saying that if you had been told the APR you would have tried to find a better deal elsewhere, rubbish!. If you weren't even interested enough to ask the APR there is no way you would have gone to the effort of looking for a loan at a lower rate.

The fact that you say "a better rate from my bank" shows that you don't even know when shopping around you should look at every bank and financial provider for the best rate.

You went into the garage saw the car and decided you wanted it and would were happy to agree to anything and sign anything to get it. That isn't the garages fault!

poppasmurf_bewdley

Every week someone comes onto this and other forums, claiming to have been mis-sold a car loan or finance.

In the end, they all end up being cases of mis-buying.

For some reason, when inside a car showroom, all common sense seems to disappear to be replaced by an overwhelming desire to get behind the steering wheel of that chrome fitted lump of steel whatever the cost.

And then a few days, weeks or months later, the truth gradually beginning to dawn that said same chrome fitted lump of steel does nothing more than other chrome fitted lumps of steel except cost more money.

Caz3121

FordyceE wrote: »

i was never told my APR rate, i have no paperwork of my own at all, all i was told was a monthly repayment.

there would have been an APR on the paperwork you signed
You say you were given a monthly payment, you can multiply this by the number of months and work out the total repayable
Proving the finance deal was not set up correctly does not get you out of paying for the car. If you get the finance voided (unlikely) how will you pay what is still due for the car?
It sounds like miss-bought without understanding what you were signing for

davidwood123

Another chancer

sourcrates

FordyceE wrote: »

I have no paperwork of my own at all, all i was told was a monthly repayment. I contacted the garage to speak to the guy who i dealt with and was told that he left the company shortly after i purchased my car.

Whilst on the phone the garage admits that they know the way the salesman set up the deal was not correct.

If this was a standard hire purchase agreement, then you should have been given an agreement to sign, on the premises, which was then co signed by the garage.

You should then of been handed a copy of the agreement, specifically, the customer copy.

Are you suggesting that you walked out of the dealership having signed paperwork for a car, but not having received a copy of said paperwork ?

If, that were the case, you could be looking at a potentially improperly executed agreement, an agreement is either compliant, or it is not, there is no middle ground.

However, the law surrounding credit agreements is extremely complex, and you would need to take legal advice on how best to proceed, who was it told you you had grounds for complaint in the first place ?