Credit Search for mis sold product 10 January 2020 at 12:56PM edited 30 November -1 at 12:00AM in Credit File & Ratings 14 replies 777 views

jande010616

Hi

I am hoping someone can give me some advice.
I put an application in for a car lease with leasingoptions.co.uk. As part of the process I had a credit search done which I agreed to. This was approved on the same day (Monday 6th January) and 4 days after (and despite chasing for an update with no response) 10th January I have been told the vehicle is now not in stock and therefore cannot have the vehicle!!
Surely this is mis selling a product? As at time of apllication and credit approval this was in stock..it took them 4 days to even repsond to me.
Is there anything I can do as it will leave a footprint on my credit file for something I cannot even have..

Please help.

zx81

It's surely not mis selling. They won't reserve a vehicle without a deposit.

One search will have no impact on you.

MEM62

Miss-selling has a very specific meaning but seems to be a phrase that many turn to (often erroneously) whenever they are not happy with a transaction. OP, at the very least the phase miss-selling suggests you bought something but you haven't so I am struggling to see why you think that this is a case of miss-selling.

phillw

Sounds like gazumping

jande010616

I wouldnt have agreed to a credit search if it wasnt in stock....They told me it was in stock on a first come first serve basis..I agreed to the search etc and all approved on the same day only to find 4 days later its not in stock..so to me thats mis selling...Surely they should know stock availability v demand and manage accordingly i.e. if they know they havent the stock then dont put someone through the process of credit searches!

zx81

If you want to be mis sold, you're going to have to buy something first.

phillw

jande010616 wrote: »

so to me thats mis selling...

You haven't actually been sold something.

It's like if you put an offer on a property, it's accepted, you apply for a mortgage, instruct a solicitor and then someone offers the vendor more money and they decide to sell to someone else. You were gazumped.

You're obviously annoyed you have an extra credit search, but it's accurate as you did apply for credit.

I don't see what you could actually do, you might as well ignore it. Lenders probably will too.

eskbanker

jande010616 wrote: »

I wouldnt have agreed to a credit search if it wasnt in stock....

Looks to me like their (one-sided) Ts & Cs protect them every step of the way, so I suspect you'd be best advised to forget it and move on.

https://www.leasingoptions.co.uk/terms-and-conditions:

You may make an enquiry for the services either via telephone or through the Website (“the Enquiry”) and you agree and acknowledge that where you make an Enquiry via telephone that We may record the conversation for quality, training and order monitoring purposes. By making an Enquiry you agree and acknowledge that you are instructing Us to try and source a vehicle for you and finance to enable you to finance the vehicle and that a contract is formed with regard to these services alone. Unless you expressly request Us not to do so, you agree and acknowledge that by making an Enquiry, We shall commence with the provision of Our services of trying to source a vehicle and finance for you within the statutory cancellation-period, if applicable.

[...]

You understand and acknowledge that by making an Enquiry you require Us to make enquiries with funders as to the products and services which are available to you and that they and/or We may undertake or arrange credit searches as part of this process.

[...]

the Quotation is not an offer and therefore the Instruction does not give rise to the formation of a contract between you and Us. You are aware that We are dealing with third parties and as such cannot guarantee that the products and services shall remain available as quoted for in the Quotation and We accept no responsibility where this is the case.

[Deleted User]

Car lease - credit? Not really. Only in the bizarre, unregulated, world of the CRAs does renting something count as borrowing money.

jande010616

Thanks for all the information..just wanted to sanity check as dont feel right to me at all. looks like I dont have a leg to stand on..so will take the hit and be acutely aware in future!

eskbanker

johnsmith1890 wrote: »

Car lease - credit? Not really. Only in the bizarre, unregulated, world of the CRAs does renting something count as borrowing money.

Seems a very narrow view to equate credit provision specifically with borrowing money - many contractual arrangements reliant on supply of goods or services in exchange for staged or arrears-based repayments are underpinned by an independent check of credit status, whether that's traditional HP or renting a flat or insurance by instalments or starting a phone contract or utilities provision, etc, etc.

How would you envisage such arrangements working without credit checks?