How long till dealership settles my finance?

zee34
zee34 Posts: 43
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I ordered a car on the 1st of September. 
I took ownership of the car and gave my current car to the dealership on the 30th November. 
They will settle the finance for me on my old car. 
I sent them the settlement figure on the 20th and signed all paperwork on the 24th November. 
I paid my direct debit on the 1st December which I am expecting back to be refunded. 
I have called my finance company on the 30th to advise the car is not in my posession no more. But so far the dealership havent made any payment yet to settle my old cars finance. 
I will not pay for 2 finances come January and i will not pay for a car I have no ownership of. 

How long do dealerships take in general to settle a finance? The guy who sold me the car could not tell me. 

Comments

  • Chase the dealership. They should have sorted payment by now. it may take a few weeks for the payment and finance to be closed down.

    ask them for proof of payment?
    FTB - April 2020 
  • zee34
    zee34 Posts: 43
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    SaverRate said:
    Chase the dealership. They should have sorted payment by now. it may take a few weeks for the payment and finance to be closed down.

    ask them for proof of payment?
    Thanks, I will. I give them until the end of this week to be patient, but if after Friday still no payment or proof of it, I will complaint, I did send an email to the finance company to advise them and just so I have proof of all the conversation. Because come January , i cant afford and i will not pay finance for 2 cars when I only have one. I dont care they will refund or not, if i dont have the money to pay then it dont matter. 
  • Dave_5150
    Dave_5150 Posts: 244
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    zee34 said:
    SaverRate said:
    Chase the dealership. They should have sorted payment by now. it may take a few weeks for the payment and finance to be closed down.

    ask them for proof of payment?
    Thanks, I will. I give them until the end of this week to be patient, but if after Friday still no payment or proof of it, I will complaint, I did send an email to the finance company to advise them and just so I have proof of all the conversation. Because come January , i cant afford and i will not pay finance for 2 cars when I only have one. I dont care they will refund or not, if i dont have the money to pay then it dont matter. 
    You are responsible for making timely payments on both cars until the finance is settled. 
  • Hoenir
    Hoenir Posts: 1,101
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    zee34 said:
    SaverRate said:
    Chase the dealership. They should have sorted payment by now. it may take a few weeks for the payment and finance to be closed down.

    ask them for proof of payment?
    Thanks, I will. I give them until the end of this week to be patient, but if after Friday still no payment or proof of it, I will complaint, I did send an email to the finance company to advise them and just so I have proof of all the conversation. Because come January , i cant afford and i will not pay finance for 2 cars when I only have one. I dont care they will refund or not, if i dont have the money to pay then it dont matter. 
    Don't panic. Today is only 3 working days after you traded the car in. 
  • Nearlyold
    Nearlyold Posts: 2,228
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    From what I recall Dealers depending on their size don't necessarily immediately send off individual payments to clear finance but rather have a set day when they reconcile their accounts with lenders, whereby monies they are due to pay in respect of settlements to a particular lender are balanced against monies due from that lender for new finance arranged by the dealer resulting in a single balancing payment either to or from that lender. Settlement quotes are valid for at least 30 days so there is no additional cost to the customer - though it can result in an extra payment being taken which would have to be refunded.
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