We Buy any Car - Changing their mind

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  • sheramber
    sheramber Posts: 19,005 Forumite
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    Was there a mileage condition in the finance agreement that has been breached?

    The OP seems reluctsnt to  answer any questions.

    Without all the facts it is not possible to give accurate advice.
  • Grumpy_chap
    Grumpy_chap Posts: 14,859 Forumite
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    Exodi said:
    I can only imagine what interest rate finance taken out 6 months ago would be at...

    If you took the deal at WBAC's revised offer (£33k), you'd need to pay them just under £3.5k to take the car, which to be honest is exactly what I'd expect from a car that has only just had finance taken out on it (because of the 50% VT and because depreciation is fastest the younger the vehicle).
    I don't think the VT amount is relevant in this case.
    The OP was looking to settle the finance and then sell the car, albeit as connected transactions.
  • Exodi
    Exodi Posts: 2,848 Forumite
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    edited 15 January at 1:40PM
    Exodi said:
    I'm a bit suprised by how this thread is turning to be honest.

    WBAC obviously offer less than the car might be worth when sold to an end user, how else can we expect them to make the money to pay for the likes of Phillip Schofield and Mufasa.

    The one thing I find incredulous is that the OP bought the car for £44k on finance 6 months ago, and WBAC would pay £43k for it. It beggars belief they'd offer that much in the first place, they're hardly famous for making competitive offers, it's obvious why they can't.

    Secondly I think we've jumped too quickly to WBAC being in the wrong as there is finance on the vehicle. born_again actually raises this point perfectly -
    Who obtained the settlement figure & what type of finance was on the car?

    If it was PCP, had you paid 50%?

    You can end your PCP through voluntary termination once you have paid 50% of the total amount payable. This does not just mean half your monthly payments – it is half of the amount payable over the entire course of the agreement, including interest, fees and the optional final-balloon-payment.

    Could explain the reduced price 🤷‍♀️
    I can only imagine what interest rate finance taken out 6 months ago would be at...

    If you took the deal at WBAC's revised offer (£33k), you'd need to pay them just under £3.5k to take the car, which to be honest is exactly what I'd expect from a car that has only just had finance taken out on it (because of the 50% VT and because depreciation is fastest the younger the vehicle).
    I agree with all this but If they've dropped the ball and made a mistake then that's on them (the mistake isn't obvious enough, it's not like they offered £100k in error) or if they have a valid reason as per their terms then fair enough. 

    It's just you'd expect WBAC to spell out to the OP exactly what has occurred and which term they are relying on to terminate the agreement.

    I don't think raising a complaint, as WBAC suggest you do if you ae unhappy with anything, to find out that answer is unreasonable :) 
    Indeed and I didn't mean to discourage the OP from making a complaint if that's what they want to do.

    My comment was made in response to other posters which I quoted and posted after. In particular the questions along the lines of "why are WBAC not offering £43K?" because I think it should be pretty obvious why. Offering £43k in the first place was likely a mistake.

    By all means, OP could pursue a complaint on the grounds this was the price agreed and the OP shouldn't be put out by their mistake. But I think the OP shares the mentality that retail price is a reasonable offer, whereas in reality WBAC are not famous for their competitive offers, nor should we expect them to be.
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  • Alderbank
    Alderbank Posts: 2,791 Forumite
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    Never mind that, what about the damage to all those poor cars that your BMW is parked on top of?

    If CAB say they are in breach of contract then perhaps they are. We can't comment since CAB have seen the contract and we haven't.
  • born_again
    born_again Posts: 14,309 Forumite
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    Bmd1989 said:
    Also that’s my car in its current location lol. Who knows the damage on the poor thing. 


     
    That is because it is BCA site. So car is going for auction. Noting odd or damaging about it's storage location..

    But how  about a answer to the finance question?
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  • caprikid1
    caprikid1 Posts: 2,127 Forumite
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    "My comment was made in response to other posters which I quoted and posted after. In particular the questions along the lines of "why are WBAC not offering £43K?" because I think it should be pretty obvious why. Offering £43k in the first place was likely a mistake.

    By all means, OP could pursue a complaint on the grounds this was the price agreed and the OP shouldn't be put out by their mistake. But I think the OP shares the mentality that retail price is a reasonable offer, whereas in reality WBAC are not famous for their competitive offers."

    If WBAC have offered a price , received the car and changed the log book over it does not really matter whether you or I think the OP should have smelt a rat in terms of the price. Over the last few years there have been numerous similar examples post Covid. The only possible get out is if the OP is a trader, a similar occurrence happened recently and WBAC have it in their terms they do not buy from Traders.

    The only question is quite simply DO WBAC have any clauses to allow them at this late point to drop the price.

    If the the car is still correct then I would probably be not bothering with the complaints procedure and just give them 5 days to pay up then a Letter Before Action.

    It's what is in the contract that matters and it feels like WBAC have gone beyond the point to say oops we made a mistake.

    Dealers are always trying this stunt on, they never offer you more when you accepted a poor offer.

    Leave it 5 days the LBAC !.
  • Exodi
    Exodi Posts: 2,848 Forumite
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    edited 15 January at 1:46PM
    Exodi said:
    I can only imagine what interest rate finance taken out 6 months ago would be at...

    If you took the deal at WBAC's revised offer (£33k), you'd need to pay them just under £3.5k to take the car, which to be honest is exactly what I'd expect from a car that has only just had finance taken out on it (because of the 50% VT and because depreciation is fastest the younger the vehicle).
    I don't think the VT amount is relevant in this case.
    The OP was looking to settle the finance and then sell the car, albeit as connected transactions.
    But even in that case lenders commonly enforce early settlement fees.

    2 months early settlement fee at 10% interest is over £600. Which might seem relatively small, but again is more reason why offering £43k (with a £600+ early settlement fee) on a car that was valued £44k at retail 6 months before doesn't make any sense. Especially from a nationwide car buyer who you'd expect to command a wide margin.

    I'm not debating that the OP shouldn't pursue a complaint - I don't disagree that they should.

    I was just responding to those who are confused why WBAC would be unhappy with this price. They will almost certainly make a loss at a £43k valuation.
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  • the_lunatic_is_in_my_head
    the_lunatic_is_in_my_head Posts: 7,530 Forumite
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    edited 15 January at 2:03PM
    Exodi said:
    Indeed and I didn't mean to discourage the OP from making a complaint if that's what they want to do.

    My comment was made in response to other posters which I quoted and posted after. In particular the questions along the lines of "why are WBAC not offering £43K?" because I think it should be pretty obvious why. Offering £43k in the first place was likely a mistake.

    By all means, OP could pursue a complaint on the grounds this was the price agreed and the OP shouldn't be put out by their mistake. But I think the OP shares the mentality that retail price is a reasonable offer, whereas in reality WBAC are not famous for their competitive offers, nor should we expect them to be.
    I do agree, I'm not a car person so know next to nothing really, I've heard parts were short pushing up demand although that may have be resolved now? I wondered if OP had a rare model and WBAC could get more due to this or maybe OP purchased privately and at a nationwide dealer there's a premium for the peace of mind it can offer. 

    I guess a few £k markup on a car might not go far when you consider their overheads. 
  • jefaz07
    jefaz07 Posts: 546 Forumite
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    Bmd1989 said:
    Also that’s my car in its current location lol. Who knows the damage on the poor thing. 


     
    That’s next to me. I’ll nip and check it for you. 
  • Tucosalamanca
    Tucosalamanca Posts: 521 Forumite
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    We don't know the exact specifications for OP's BMW M4 Competition but looking on Autotrader, the revised WBAC offer looks realistic (maybe even generous?).
    Dealers are selling comparable, low mileage examples for around £35k.
    £43k was clearly an error, OP must have been skipping with joy when the deal was made...

    A friend recently sold a BMW 140i after six months of ownership, they lost 10k (inc finance costs) on a vehicle worth significantly less than OP's M4.

    WBAC appear to have made a mistake, they're not lowballing, in my opinion...
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