Wrong car on finance agreement

Mercdriver

jay-engr wrote: »

What I asked is if I could negotiate a deal, I am willing to negotiate with them so neither party suffers too much of a lose, if it means I can go and get a different car big enough for my expanding family. You talk about no shame, I think you misunderstand what sort of person I am, I am simply trying to make the best of a situation that has left me with nothing but stress and worry while the finance company are nothing but rude and treating this as my mistake.

Making the best? You signed an agreement to finance a car which to the best of your knowledge at the time was the car you have. I'd call you a chancer. That's the sort of person you are. You are basically asking for a 20% or more bonus for a clerical error that you should have been aware of and alerted them to at the time of purchase.

jay-engr

For anyone actually interested other than trying to take the moral high ground, I have just spoke with paragon finance, who have made me aware of something called the half rule?? Aparently i can pay half of the cars value and hand the car back to end the agreement, they have also agreed to waive the £650 i have left to pay, as good will, providing there are no major issues with the car, I would call that resolution. They come accross a little panicked on the phone and I presume that I've sold myself down the river, but a result nonetheless.

Happy monday to all.

neilmcl

jay-engr wrote: »

For anyone actually interested other than trying to take the moral high ground, I have just spoke with paragon finance, who have made me aware of something called the half rule?? Aparently i can pay half of the cars value and hand the car back to end the agreement, they have also agreed to waive the £650 i have left to pay, as good will, providing there are no major issues with the car, I would call that resolution. They come accross a little panicked on the phone and I presume that I've sold myself down the river, but a result nonetheless.

Happy monday to all.

They've just made you aware of your right to voluntary terminate the agreement that's all. How long was your HP agreement for, sounds a little soon if you only got the car last March to be be in a position to have paid off nearly 50% of the total amount?

jay-engr

24 months 200 per month

waamo

Voluntary termination is a right enshrined in law. There are multiple threads on it here.

Why didn't you just ask if you could hand the car back? People would have been happy to help.

Mercdriver

jay-engr wrote: »

For anyone actually interested other than trying to take the moral high ground, I have just spoke with paragon finance, who have made me aware of something called the half rule?? Aparently i can pay half of the cars value and hand the car back to end the agreement, they have also agreed to waive the £650 i have left to pay, as good will, providing there are no major issues with the car, I would call that resolution. They come accross a little panicked on the phone and I presume that I've sold myself down the river, but a result nonetheless.

Happy monday to all.

You talk about moral high ground, but what happens when companies make a loss on something? Do you think they just shrug their shoulders and say "Ah well, couldn't be helped!" ? Or do you think it goes into their costs to do business equation and they increase their prices to take care of costs? I'll give you a clue - it's not the former. When a chancer gets something he hasn't paid for, everyone else pays for it.

DoaM

jay-engr wrote: »

24 months 200 per month

Are you saying the total value of the loan, including any final/balloon payment, was £4,800?

How do you only have £650 left to pay (3 1/4 month's payment) if you got the car less than 12 months ago? Surely you've only paid off (at best) 12 x £200 = £2,400?

danny91

£650 left until they’ve paid half off. Not the full amount.

bazzyb

DoaM wrote: »

Are you saying the total value of the loan, including any final/balloon payment, was £4,800?

How do you only have £650 left to pay (3 1/4 month's payment) if you got the car less than 12 months ago? Surely you've only paid off (at best) 12 x £200 = £2,400?

Although not entirely clear, I understand it as £650 away from the 50% VT point.

neilmcl

DoaM wrote: »

Are you saying the total value of the loan, including any final/balloon payment, was £4,800?

How do you only have £650 left to pay (3 1/4 month's payment) if you got the car less than 12 months ago? Surely you've only paid off (at best) 12 x £200 = £2,400?

He's on a straightforward HP so no balloon.