Wrong details on car loan agreement

DJClark2500

Hello.

In 2015 I purchased a 1 yeard old Hyundai i40 from a dealer on a 4 yeard deal with a balloon payment at the end.

There are issues with the car and I would like to get rid of it. According to Hyundai I do not have a PCP (like I thought) where I can hand the car back after 50% is paid. I have a personal loan attached to the car. This is their way of getting around it :mad::mad::mad::mad:

Looking at my finance agreement yesterday I noted that the Car registration is incorrect. This tallied up with the fact that when I ring them they cant find my car registration. I also noted that the chassis number is different to the car I have as well.

With those 2 errors on the finance agreement, would they be enough for me to say that the agreeemnet is null and void as I do not own that car that is on the agreement and hand the keys back?

Any advice greatly received.

Dan

worried_jim

If you do get away with it make sure you ask for a refund of all the payments you've made in error.

Le_Kirk

You don't own the car that is on the agreement but you certainly own (or are in possession of) a car. Maybe you were given the wrong agreement when you picked up the car. Is the registration mark totally different or just out by one letter/number? Turn it around and let's say you wanted to sell it; you might have a problem if the paperwork is wrong. Time to get that sorted and then look at other ways of dispensing with the car.

DoaM

DJClark2500 wrote: »

Hello.

In 2015 I purchased a 1 yeard old Hyundai i40 from a dealer on a 4 yeard deal with a balloon payment at the end.

There are issues with the car and I would like to get rid of it. According to Hyundai I do not have a PCP (like I thought) where I can hand the car back after 50% is paid. I have a personal loan attached to the car. This is their way of getting around it :mad::mad::mad::mad:

http://www.thisismoney.co.uk/money/cars/article-4469742/Why-won-t-car-finance-let-hand-PCP-vs-HP.html

Car_54

If it's really a personal loan then it has no connection to ANY car. You own the car outright.

DoaM

I reckon it's just poor choice of wording by the OP, and the scenario in the link I provided applies.

Ectophile

If you're going to try to cancel the finance on the basis that they never supplied the car you're paying for, then you could really do with proper legal advice. That doesn't mean a few random people on an internet forum.

You may have a really good get-out, but I'm not competent to say for certain.

DJClark2500

The finance paperwork shows that I have a "Fixed sum loan agreement" it says the credit product can only be used to finance the goods detailed in the precontract credit information.

On all the credit paperwork it shows that the vehicle registration and chassis number is wrong.

When I phone without my policy number they ask for the registration. This must mean the loan is against the car.

A friend in a BMW dealership ran a HPI check against my correct registration and it shows that there is no outstanding finance on the vehicle.

I have spoken with a financial advisor.and he believes there is a good chance of it being cancelled.

debtdebt

Stop paying the finance then. If they have the wrong car details, they'll go after the wrong vehicle. It might mess up your credit rating but you'll get to keep your current car and not hand it back.

dannyrst

You need to speak to someone familiar with the law, not a financial advisor or a mate who works at BMW. You need to discuss the payments you've made, the payments left to make and the ownership of the car.


If I understand correctly, the only person who can lose out is you. You've gone to buy a car, agreed a price, then applied for finance (you apply, not the garage). You've applied for a loan against a different car (it was your responsibility to check the details, not the garages, you're applying for finance remember). You paid for the car from the garage, and now are paying back the finance agreement.


If you bring it up, I'd expect one of two outcomes would arise. 1) nobody cares and you carry on paying for the car as per the agreement (afterall, the money is the only thing that really matters) or 2) they ask for all the money in a lump sum because you never bought the car you told them you were buying (making the contract null, but you don't just get to keep the money).


That's my 2 pence worth...but please get legal advice.

Nearlyold

A "Fixed sum loan agreement" is basically a personal loan, its not a Hire Purchase agreement so unlike an HP based PCP the lender does not own the car - you do from the outset. Even if the correct registration and chassis details were shown on the agreement an HPI check would show no finance outstanding against the vehicle because you already own it outright. I can't see the finance company cancelling the agreement because the Reg Number and chassis number are incorrect. As an aside have you put the agreement reg number into the GOV UK MOT tax and insured search - does it come up with the same model car as you have.