Is this settlement figure correct?

Ayr_Rage

I sold my last car to a dealer two weeks ago.

They will need a copy of the settlement figure from the finance company so that will need to be accurate and even though I have been known to them for over 15 years they needed to see my driving licence and passport.

I dropped my car off on Tuesday 5th, the finance was settled directly by them on the 7th and at the close of business that same day I had the excess amount above the PCP settlement in my account.

The notification from the DVLA that I was no longer the keeper and the tax refund cheque both arrived by Saturday 9th.

As an aside, whilst many slate Arnold Clark, for this transaction they paid well above what WBAC and others offered and they beat their own estimate of 3-5 working days to complete the process.

axil23

Ayr_Rage  When you sell the car without a bacs transfer first what do you need to do? What’s stopping dealer taking it away and then returning it 3 days later? Do you sign a contract of sale before you hand over car? 

Goudy

axil23 said:

TadleyBaggie said:

What is the APR? And the balloon payment?

Ayr_Rage - Basically this was a personal purchase but I was sold a Business PCP. 

I think this is where you are having a problem with your settlement figure

I presume a business credit contract is different from the normal consumer credit contract and has settlement penalties in it.

It appears "Business credit" allows lenders to step outside of the FCA's Consumer Credit rules unless it is suspected or proved the lender knew the loan was not for business purposes of the borrower. (ie mis sold)

I think this last part was part of the Woods vs Capital Bridging Finance case.
So if that's you, researching that case might help.

Ayr_Rage

axil23 said:

Ayr_Rage  When you sell the car without a bacs transfer first what do you need to do? What’s stopping dealer taking it away and then returning it 3 days later? Do you sign a contract of sale before you hand over car? 

Yes, I signed a purchase agreement at the dealership, detailing the amount due to me and the finance company so that is binding unless you have been dishonest about the vehicle and they subsequently find issues, there was an A4 page of Ts and Cs.

Arnold Clark say the following, finance will be paid off within 5 working day (actually happened in 2) and payment to me within 3 days (actually 2)

The also transferred ownership to themselves via the DVLA online service whilst I was there and gave me a copy.

I have just checked my paperwork,  the DVLA acknowledgement of me no longer being the keeper and tax refund were printed the same day as the sale and received within 4 days.

Any reputable dealer should be doing the above.

axil23

It has been 10 days since I requested the settlement quote as was given the wrong one. No updates since despite asking them 3 times. I read somewhere that they have to give you a quote within 12 days. Does anyone know if that would apply in this situation? They gave me a quote but that was inaccurate. So do they need to provide me with a correct code within 12 days? 

axil23

Anyone? Stuck on what I should do next.