Car finance rejected after picking up car?

lal234

I collected my new car a couple of days ago. Financed it via part exchange and PCP arranged through dealership. Have just had a call to say that the finance Co have rejected application because my signature doesn't match the one on my licence? I'm going back in to resign documents - but could they take my car back??? Hopefully all will be OK, but I'm worried. Any advice??

jlfrs01

Well yes, if the Finance Company refuse the PCP the dealership will not only take back the new car but give you back your trade-in. If you believe the signatures won't match then in your shoes I'd A: ask them what other forms of ID are acceptable and bring those along with you and B: if you're rejected take out a different PCP with a 3rd party via a broker. The dealership will still get the business, provided they agree to sell the car to the Finance company at the same price but you'll probably not get the manufacturer's contribution (if it is a new vehicle and it's their Finance Company who are providing the PCP). If they're likely to match then no need to worry is there?

lal234

I'll bring my passport along just in case. I had no reason to think signatures would match when I signed, so worry that I'm going to overthink it and sign "wrong" again.

Think they've already agreed a sale on my old car - so no chance of getting it back.

jlfrs01

lal234 said:

I'll bring my passport along just in case. I had no reason to think signatures would match when I signed, so worry that I'm going to overthink it and sign "wrong" again.

Think they've already agreed a sale on my old car - so no chance of getting it back.

You may need something with proof of address as well, like a utility bill or bank statement. If in the unlikely event finance is declined then the deal's off and the dealership will have to "unsell" your trade-in and if they refuse, you can decline to legally transfer ownership to the buyer via the V5C.

lal234

They already have proof of address, and I've alresdy transferred ownership of my car... Hopefully a new signature will sort it out. I'm having horrible visions of them demanding my keys and not letting me leave with the car. 

Wonka_2

Is this a main dealer/manufacturer scheme or something less mainstream ? 

It seems strange purely on the basis of a signature given all the other ID methods available - normally part-ex car/V5 in current address/driving licence & bank details would give everything needed.

Car_54

jlfrs01 said:

lal234 said:

I'll bring my passport along just in case. I had no reason to think signatures would match when I signed, so worry that I'm going to overthink it and sign "wrong" again.

Think they've already agreed a sale on my old car - so no chance of getting it back.

You may need something with proof of address as well, like a utility bill or bank statement. If in the unlikely event finance is declined then the deal's off and the dealership will have to "unsell" your trade-in and if they refuse, you can decline to legally transfer ownership to the buyer via the V5C.

AIUI, and based on my own experience of several trade-ins, the OP will already have transferred the vehicle into trade via the V5C. He will have no veto, or indeed involvement, in any subsequent transfer.

NB the V5C has absolutely nothing to do with ownership, and says so in large red print at the top of page 1.

lal234

Big dealer making use of finance company - Stellantis?. Nothing unusual that I know of.

Wonka_2

lal234 said:

Big dealer making use of finance company - Stellantis?. Nothing unusual that I know of.

In which case I'd expect the Business Manager (or whatever title they use) who approved/submitted the application should be doing everything they can to salvage the deal - either they didn't check the signature or it's down to a subjective view of whether it matches or not

jlfrs01

Car_54 said:

NB the V5C has absolutely nothing to do with ownership, and says so in large red print at the top of page 1.

I should have been more specific: 

Changing the registered keeper to a dealer

If the transfer involves selling to a car dealer, then the process will require both parties to sign section 9 of the V5C certificate, also known as the V5C/3. At this point, the dealer will take possession of the V5C.

The dealer then notifies the DVLA of the change of ownership, and the seller should receive an acknowledgement within four weeks.

Bigwheels1111

Make sure they have not changed anything in the contract.

ie rate, term etc before you sign.