Dealer PX my car for 10 times its worth

petethechin

Hi, I recently sold my car to a dealer as part-exchange for a car at £15,000.

The car I was trading in was worth £500 but the dealer offered me 5K (he didn't even look at my car) which I accepted. All the HP paperwork went through, signed by both of us, I have the car and a copy of 4 different pieces of paperwork which clearly show him offering 5K for my old car.

I also have the credit agreement showing 5K for my car.

The dealer has now realised his mistake and is threatening all sorts, like 'unwinding' the agreement.

Could someone advise me where do I stand legally with this please?

Thanks

Pete

Aylesbury_Duck

petethechin wrote: »

Hi, I recently sold my car to a dealer as part-exchange for a car at £15,000.

The car I was trading in was worth £500 but the dealer offered me 5K (he didn't even look at my car) which I accepted. All the HP paperwork went through, signed by both of us, I have the car and a copy of 4 different pieces of paperwork which clearly show him offering 5K for my old car.

I also have the credit agreement showing 5K for my car.

The dealer has now realised his mistake and is threatening all sorts, like 'unwinding' the agreement.

Could someone advise me where do I stand legally with this please?

Thanks

Pete

If it was an obvious error, I believe they are able to correct it. It sounds so obvious as to be unbelievable.

born_again

So how much was the finance then?
£14,500 or £10,000

petethechin

It went through as £10,000 loan + 5K for my car + £500 cash deposit (exact price was £15,500)

Car_54

Have the school holidays started?

petethechin

er...... yes........?

Aylesbury_Duck

So at what point did you realise a massive error had been made? Before you signed all the paperwork, I presume?

Aylesbury_Duck

petethechin.....more like jimmychin?

petethechin

I remember the dealer saying me 'so you are paying 5K cash deposit then', I said no I am paying £500 deposit to which he replied 'ok, 5K for your car and £500 deposit then', I was like yes ok.

He ran over the pre-agreement paperwork with me with those figures, we signed the HP agreement digitally on santanders website after going through the figure again.

It wasn't a typo, he seemed to genuinely believe my car was worth 5K. He didn't even look at the thing, just took the reg and I answered some questions about it.

The documentation I have which says 5K for my car is as follows:
A HP quote
A pre-contract credit information
A purchase invoice for my old BMW
A part-exchange sales invoice
A signed HP credit agreement.

Aylesbury_Duck

I remember the dealer saying me 'so you are paying 5K cash deposit then', I said no I am paying £500 deposit to which he replied 'ok, 5K for your car and £500 deposit then', I was like yes ok.

He ran over the pre-agreement paperwork with me with those figures, we signed the HP agreement digitally on santanders website after going through the figure again.

It wasn't a typo, he seemed to genuinely believe my car was worth 5K. He didn't even look at the thing, just took the reg and I answered some questions about it.

The documentation I have which says 5K for my car is as follows:
A HP quote
A pre-contract credit information
A purchase invoice for my old BMW
A part-exchange sales invoice
A signed HP credit agreement.

Didn't you like the answer in #2?

Sounds like what's called a unilateral mistake. The dealer made an obvious error which you knew about but kept quiet about. I'm no lawyer but I think that makes it voidable.

Assuming this all actually happened, of course. I have my doubts. The school holidays have started and only kids write phrases such as "I was like yes ok."

Mercdriver

petethechin wrote: »

I remember the dealer saying me 'so you are paying 5K cash deposit then', I said no I am paying £500 deposit to which he replied 'ok, 5K for your car and £500 deposit then', I was like yes ok.

He ran over the pre-agreement paperwork with me with those figures, we signed the HP agreement digitally on santanders website after going through the figure again.

It wasn't a typo, he seemed to genuinely believe my car was worth 5K. He didn't even look at the thing, just took the reg and I answered some questions about it.

The documentation I have which says 5K for my car is as follows:
A HP quote
A pre-contract credit information
A purchase invoice for my old BMW
A part-exchange sales invoice
A signed HP credit agreement.

So you had the opportunity to correct his error but didn't take it. You hoped you would get away with it. You didn't. Go with the deal or don't. I'd say that a 10 fold error in your favour is far too obvious, and you know it.