Nissan Dealership gave me the wrong finance agreement...

unholyangel

Actual details will help because this could get quite complex.

Firstly, there are two separate contracts. One for the leasing/purchase of the vehicle and another for the finance of it (although its a connected contract).

Second, what exactly was agreed with the salesman and what exactly is contained in the finance agreement and bill of sale or leasing contract?

You say the figures don't add up, so how much extra are they actually charging you?

Ectophile

What seems a bit strange to me is that if you just hand the car back, and they give you back £5000, then they will be significantly out of pocket, because they now have a second-hand car to sell.


I would have thought that they would be better off paying the £1000 themselves and keeping their car sale.

Manxman_in_exile

Sorry if I'm being thick, but what's happened to the OP's old car? If they've not been credited with any trade in value, shouldn't they get it back? (I appreciate OP may not want it, but it must have some value to them).

AdrianC

Manxman_in_exile wrote: »

Sorry if I'm being thick, but what's happened to the OP's old car? If they've not been credited with any trade in value, shouldn't they get it back? (I appreciate OP may not want it, but it must have some value to them).

It won't still be in the dealer's possession.

If it's really <£1k-worth, it'll have probably gone straight to scrap. Otherwise, it'll have gone straight to auction.

Markneath

Maybe offer to cancel the agreement on the basis your deposit (£4000)and old car are returned to you?

If they cant return your old car their a bit stuffed.

photome

DevJMD wrote: »

I didn't pull my calculator out and check what the total value divided by 36 equals including interest - no. To be perfectly honest, it sounded right. It isn't my job to check if they have incorrectly/correctly submitted financial documents and Nissan have literally just admitted they have done exactly that. The guy turned up at my work and I sat and read word-by-word the papers he gave me. The numbers sounded absolutely right. The ball is not in their court at the moment, thankfully. Lucky, but thankful. Nissan have given me a grace of options but I'm reluctant to stay with them...

Edit: In all fairness, they have totally been transparent about it and we have both agreed the last resort really is last resort. Neither of us want to get to the point where I drive the car back to them but they have also accepted the responsibility. I'm still torn on agreeing to a new agreement, they're due to ring me back about the APR. If I did find the £1000, I'd probably keep it, but right now, this isn't an option and I certainly aren't agreeing to a monthly cost increase (it's ludicrously more based on a different APR figure - I'm not even sure how they've calculated this yet)

Did you buy a car not knowing the total cost to you?


as others have said loads more info rqd re the figures otherwise everyone is guessing

AdrianC

Markneath wrote: »

Maybe offer to cancel the agreement on the basis your deposit (£4000)and old car are returned to you?

If they cant return your old car their a bit stuffed.

No, they'll just pay the contracted amount...

Changeoffortunes

Difficult to judge without the exact figures but, if it is just a case of £1,000 and they have admitted it is their error, how about offering to split the difference and just pay them £500 and continue with the current agreement? I'm guessing this would be easier to find than £1,000 and mayb they should be accountable in some part for their mistake. Just a thought, I'm no expert in finance agreements.

[Deleted User]

If it's only £1000 then you should tell them that they can either eat it or you will cancel. The car will have probably have lost much more than £1000 in value from having another owner (especially if it was new) so it's in their best interests to make you happy.

Of course they will try to get you to pay...