Car finance dealership error

sexysonia1979

Hi all
so desperate for advice as i now feel sick with worry 
ive bought a new car from a dealership on pcp. never had finance for anything in my life so this is all new to me. i went to a dealership, test drove a car, and decided i wanted to go ahead with a finance package. talked it through and got what i saw as a good deal that i can afford monthly within my budget. Went into the dealership a few days later to sign the finance agreement. I didn't sign as the length of the term that they had drawn up for me was wrong and not what was discussed. I was proud of myself for triple checking all this before i signed (for reference this was on the Friday). The dealership ran all the numbers again and my monthly payment price was lowered when the term of the contract was. this worked out better for me obviously and a new finance package was drawn up. at this point.... i had accepted a part exchange offer for my old car and agreed a 5k deposit.
i was asked to come to the dealership to check over my new finance package (which was perfect) and sign the Saturday morning. I did this and all went through great. My finance contract was printed off for my reference and i was called later that day to pick up my new car. 
skip to about 5.30pm this evening (Sunday) i had an email from the finance company inviting me to log onto my contract online where i can view all my agreement and view all my terms and documents. So......i log on and low and behold, my term is a year longer than agreed, my monthly payments are more than agreed. To cut a long story short, the dealership has set up the original finance package without my authorisation (the package i did not sign to). I have my paper copy of my agreed finance that the dealership printed me off that is not marrying up with my documents online. I'm so sorry for the long winded post, this is my first ever post in a forum and I'm not even sure if I've posted this in the correct place. any advice is more than appreciated. 
I feel so sick!
Sonia

Dazed_and_C0nfused

To cut a long story short, the dealership has set up the original finance package without my authorisation (the package i did not sign to). I have my paper copy of my agreed finance that the dealership printed me off that is not marrying up with my documents online

You could be jumping to conclusions.

Maybe the details you have seen online simply haven't yet been updated for the contract you signed?

sexysonia1979

I honestly hope this is the case. i have an email trail with the original proposed figures that 'marries' up with what is showing online on my pcp. I honestly hope its going to be updated if this is the case. 

Chris_English

You should have been given copies of the agreement that you signed; what do they show?

sexysonia1979

Not the same length of term or monthly payment

TELLIT01

First step is to get back onto the dealership, as they will have supplied the information to the finance company.  It is the dealership's responsibility to sort the mess out.

Do not assume that the dealership realises they have put the wrong information through, and do not wait to see if the information on the finance company site corrects itself.

Grumpy_chap

sexysonia1979 said:

Hi all
so desperate for advice as i now feel sick with worry 
ive bought a new car from a dealership on pcp. never had finance for anything in my life so this is all new to me. i went to a dealership, test drove a car, and decided i wanted to go ahead with a finance package. talked it through and got what i saw as a good deal that i can afford monthly within my budget. Went into the dealership a few days later to sign the finance agreement. I didn't sign as the length of the term that they had drawn up for me was wrong and not what was discussed. I was proud of myself for triple checking all this before i signed (for reference this was on the Friday). The dealership ran all the numbers again and my monthly payment price was lowered when the term of the contract was. this worked out better for me obviously and a new finance package was drawn up. at this point.... i had accepted a part exchange offer for my old car and agreed a 5k deposit.
i was asked to come to the dealership to check over my new finance package (which was perfect) and sign the Saturday morning. I did this and all went through great. My finance contract was printed off for my reference and i was called later that day to pick up my new car. 
skip to about 5.30pm this evening (Sunday) i had an email from the finance company inviting me to log onto my contract online where i can view all my agreement and view all my terms and documents. So......i log on and low and behold, my term is a year longer than agreed, my monthly payments are more than agreed. To cut a long story short, the dealership has set up the original finance package without my authorisation (the package i did not sign to). I have my paper copy of my agreed finance that the dealership printed me off that is not marrying up with my documents online. I'm so sorry for the long winded post, this is my first ever post in a forum and I'm not even sure if I've posted this in the correct place. any advice is more than appreciated. 
I feel so sick!
Sonia

As others have said, this may just need the changes to cascade through the system.

However, I am struggling to follow the changes that occurred:

1. "got what i saw as a good deal that i can afford monthly within my budget."
2. "didn't sign as the length of the term that they had drawn up for me was wrong and not what was discussed."
3. "The dealership ran all the numbers again and my monthly payment price was lowered when the term of the contract was. this worked out better for me obviously and a new finance package was drawn up" - normally the monthly payment only goes down if the term is longer, assuming a like-for-like finance product in other regards.  Longer term and lower monthly payment increases the total cost.
4. "my term is a year longer than agreed, my monthly payments are more than agreed" - both being longer  and higher monthly than expected does not seem consistent.
5. "my paper copy of my agreed finance that the dealership printed me off that is not marrying up with my documents online. " - this is what should be the correct document

Nearlyold

Grumpy_chap said:

sexysonia1979 said:

Hi all
so desperate for advice as i now feel sick with worry 
ive bought a new car from a dealership on pcp. never had finance for anything in my life so this is all new to me. i went to a dealership, test drove a car, and decided i wanted to go ahead with a finance package. talked it through and got what i saw as a good deal that i can afford monthly within my budget. Went into the dealership a few days later to sign the finance agreement. I didn't sign as the length of the term that they had drawn up for me was wrong and not what was discussed. I was proud of myself for triple checking all this before i signed (for reference this was on the Friday). The dealership ran all the numbers again and my monthly payment price was lowered when the term of the contract was. this worked out better for me obviously and a new finance package was drawn up. at this point.... i had accepted a part exchange offer for my old car and agreed a 5k deposit.
i was asked to come to the dealership to check over my new finance package (which was perfect) and sign the Saturday morning. I did this and all went through great. My finance contract was printed off for my reference and i was called later that day to pick up my new car. 
skip to about 5.30pm this evening (Sunday) i had an email from the finance company inviting me to log onto my contract online where i can view all my agreement and view all my terms and documents. So......i log on and low and behold, my term is a year longer than agreed, my monthly payments are more than agreed. To cut a long story short, the dealership has set up the original finance package without my authorisation (the package i did not sign to). I have my paper copy of my agreed finance that the dealership printed me off that is not marrying up with my documents online. I'm so sorry for the long winded post, this is my first ever post in a forum and I'm not even sure if I've posted this in the correct place. any advice is more than appreciated. 
I feel so sick!
Sonia

As others have said, this may just need the changes to cascade through the system.

However, I am struggling to follow the changes that occurred:

1. "got what i saw as a good deal that i can afford monthly within my budget."
2. "didn't sign as the length of the term that they had drawn up for me was wrong and not what was discussed."
3. "The dealership ran all the numbers again and my monthly payment price was lowered when the term of the contract was. this worked out better for me obviously and a new finance package was drawn up" - normally the monthly payment only goes down if the term is longer, assuming a like-for-like finance product in other regards.  Longer term and lower monthly payment increases the total cost.
4. "my term is a year longer than agreed, my monthly payments are more than agreed" - both being longer  and higher monthly than expected does not seem consistent.
5. "my paper copy of my agreed finance that the dealership printed me off that is not marrying up with my documents online. " - this is what should be the correct document

With a straightforward HP that would be the case, however it may possible with a PCP to shorten the term and slightly reduce the monthlies by going for a very low annual mileage allowance together with a higher GMFV/Balance to pay. If you look at some Honda motorcycle PCP offers on new bikes you can get some astonishingly low monthlies on a £10k bike with a 4K p.a. mileage.  Obviously without knowing the actual figures in the OP's case it's difficult to judge. 

Grumpy_chap

Nearlyold said:

it may possible with a PCP to shorten the term and slightly reduce the monthlies by going for a very low annual mileage allowance together with a higher GMFV/Balance to pay. 

Yes, that is a valid point, and may be the case, but the very low mileage means a very high final payment so more in total interest payments.  At the end of the term the excess mileage charge will be higher if applicable, or the cost to acquire is higher so the purchaser needs to have put aside money to cover either of these eventualities.  Buying a brand new car (however it is financed) to cover low mileage will work out expensive in terms of cost per mile.

The OP was concerned about this situation late yesterday evening (Sunday) and hopefully has been able to contact the Dealer or the Finance Company to gain clarifications and the situation may well now be resolved.