Car finance

Jamilla

Hi all ,I purchased car on finance December 2019...my contract was for 5 years .Last week I got an email from the company ,that I over paid and they owe me 1 months payment .They made refund ,now I checked my account on their website and it says my car finance was settled .I contacted costumer service and asked for a statement, I got letter from them, that the car finance was settled .
Iam pretty sure i have still few years to pay and this was a mistake .What should I do or to expect now ? Will they be chasing me once they realise they done mistake?
Iam not selling the car ...Anyone any similar experience?
Thanks 

searchlight123

You could do a HPI check on the car and see if it comes back as having finance owed on it?
If it doesn't show anything outstanding, if it was me I would keep safe all the paperwork stating the car is paid up and would still put away in an account the monthly amount you were paying. Will probably end up being a nice bit of extra savings for you.

Herzlos

Can you remember what the balances and remaining terms were like last time you looked?

Do you still have the paperwork?

Because it sounds like you may only have had a 3 year term.

shiraz99

If I were you I'd go and check you finance agreement closely to make sure that it is/was a 5 year agreement (which is not the norm, most are 2, 3 or 4 years at most). Can you confirm what sort of finance agreement this is, ie, PCP, HP etc?

Jamilla

I bought the car December 2019 with deposit of £400 and started paying monthly on January 2020 ,checked the contract and it was 60 months ...
So really don't know what is going on now.
I requested full statement up to date ,and emailed customer service ,so waiting and see .

Grumpy_chap

OP - is it possible that you were over-paying every month so cleared the finance somewhat sooner that initially expected?

If you have any doubt, then keep the monthly payments in a separate account so that you can make the back-payments if you still owe more.  Far better that, and enjoy the bonus saved up if the car is indeed paid off, than spending the monthly on whatever and not having the money to catch-up the loan payments if they are required.

Bigwheels1111

As above, don’t worry.
Put the payments into a savings account and keep it just in case they contact you in the future.
Keep every letter etc.
I would scan everything you have and send it to a yahoo email for storage.
Ive got stuff from 10 years ago saved.

Jamilla

Thanks all ,I did pay last few months more than agreed payment ,but still don't think I repaid the whole car as yet .
I email them again today and requested statement up to date ,so wait and see what's happening. And yes ,all correspondence is going to be saved .
Thank you again .

molerat

That would have to be some serious overpayments to pay of a 60 mth agreement in 25 mths.  Just wait for them to get back to you, likely someone somewhere is mistaken ! 

What type of agreement was it and what were the full terms / balances ?