Missing Finance Docs - No Agreement?

AmyKO

I'm really trying my luck here, and I could contact the garage, broker or lender but the longer I can span this out the better.. maybe..?

Part ex'd car 2 weeks ago. No issues clearing settlement on the old car.
Finance agreed via a broker on the new car.

Was emailed docs to sign re the new finance agreement, however these docs seemed to relate to commission being paid to the dealership for the finance deal, and I did not receive a full finance agreement to sign, was not asked to provide bank account details or fill in direct debit mandate etc.

I have the new car, it's lovely!
As it stands, I have no documents at all relating to the finance agreement or repayments. There's no direct debit set up for me to make payment (as they haven't asked for details).

It's an error by either the dealership or the finance company - so I'm ignoring it!
There's no new credit agreements on my credit file.
In effect I've got a car for free (for now)!!

What's likely to happen? Of course the error will be noted at some point - will they try to backdate the payments? Without a signed agreement in place there's no date to backdate it to though!

Has anyone else experienced this and in effect been given a 'free' car..?

born_again

They will catch up at some point.
They will want ALL the payments, so that will either mean paying more each month to catch up, or the finance period will stay the same, but from the point they pick it up from.

Hope you are putting away each month the amount you are due to pay, so you have no big shock when they come after you.

AmyKO

born_again said:

They will catch up at some point.
They will want ALL the payments, so that will either mean paying more each month to catch up, or the finance period will stay the same, but from the point they pick it up from.

Hope you are putting away each month the amount you are due to pay, so you have no big shock when they come after you.

Well yeah I understand they will realise the error, at some point, and need payment. They can ask me for the 'outstanding' payments, but technically nothing is 'outstanding' as I've not signed anything. Surely an agreement can only begin from the date of signature.

If I'm completely wrong and in 6 months time they demand 6 months of payments I'll cough up.

In the meantime I'm chuckling away to myself, in my 'free' car, at what a shambles this is!!

CliveOfIndia

AmyKO said:

Was emailed docs to sign re the new finance agreement, however these docs seemed to relate to commission being paid to the dealership for the finance deal, and I did not receive a full finance agreement to sign, was not asked to provide bank account details or fill in direct debit mandate etc.

Have you checked your Junk folder?

That aside, why not just save yourself the hassle and give them a call?  Of course you'll need to pay what you owe.  Admin mistakes can happen, I can't help feeling the simplest thing would be to just give them a call and get it sorted out.

XRS200

AmyKO said:

In the meantime I'm chuckling away to myself, in my 'free' car, at what a shambles this is!!

It's not your car as you haven't paid for it.

Hope they don't require payment in full.

AmyKO

CliveOfIndia said:

AmyKO said:

Was emailed docs to sign re the new finance agreement, however these docs seemed to relate to commission being paid to the dealership for the finance deal, and I did not receive a full finance agreement to sign, was not asked to provide bank account details or fill in direct debit mandate etc.

Have you checked your Junk folder?

That aside, why not just save yourself the hassle and give them a call?  Of course you'll need to pay what you owe.  Admin mistakes can happen, I can't help feeling the simplest thing would be to just give them a call and get it sorted out.

Nah - how boring! I want to see how long it takes them to realise their mistake.
And yes - I have checked my junk folder. 

AmyKO

XRS200 said:

AmyKO said:

In the meantime I'm chuckling away to myself, in my 'free' car, at what a shambles this is!!

It's not your car as you haven't paid for it.

Hope they don't require payment in full.

Of course it's not my car! Why would I think that it is? Even when making payments it still belongs to the finance company.

And WHO would require payment in full? What are you talking about?

I'm just making the point that IN THE MEANTIME I'm effectively using the car for free. I'm not stupid enough to think that I'm going to own the car for nothing. 

CliveOfIndia

AmyKO said:

XRS200 said:

AmyKO said:

In the meantime I'm chuckling away to myself, in my 'free' car, at what a shambles this is!!

It's not your car as you haven't paid for it.

Hope they don't require payment in full.

I'm just making the point that IN THE MEANTIME I'm effectively using the car for free.

That's a slightly odd way of looking at it.  Ultimately you have to pay for it, it's just that the payment might be deferred for a while.  No different to if you buy a pair of shoes using your credit card and pay for them when your next statement comes in - would you say you've got the shoes "for free" for a couple of weeks?

AmyKO

CliveOfIndia said:

AmyKO said:

XRS200 said:

AmyKO said:

In the meantime I'm chuckling away to myself, in my 'free' car, at what a shambles this is!!

It's not your car as you haven't paid for it.

Hope they don't require payment in full.

I'm just making the point that IN THE MEANTIME I'm effectively using the car for free.

That's a slightly odd way of looking at it.  Ultimately you have to pay for it, it's just that the payment might be deferred for a while.  No different to if you buy a pair of shoes using your credit card and pay for them when your next statement comes in - would you say you've got the shoes "for free" for a couple of weeks?

No because in that example, a transaction has occurred and the payment can be seen against the credit card balance. There is a contract to repay from the moment the shoes are purchased.

With my current situation with the car, there is no paperwork, nothing signed, no agreement to pay, no direct debit mandate, no repayment schedule. There is nothing relating to payment of the car at all! All I have is the summary order form from the dealership which outlines the price of the car and states the balance will be settled by 'miscellaneous finance'. I signed everything put in front of me, but there was no finance agreement. They gave me the keys and off I went!

So I would still argue that in the meantime I have full use of the car, for free. 

Hoenir

AmyKO said:

XRS200 said:

AmyKO said:

In the meantime I'm chuckling away to myself, in my 'free' car, at what a shambles this is!!

It's not your car as you haven't paid for it.

Hope they don't require payment in full.

And WHO would require payment in full? What are you talking about?

The dealership. As matter stand they aren't going to get paid. 

Though didn't the dealership get you to complete any paperwork. When you struck the deal. 

AmyKO

Hoenir said:

AmyKO said:

XRS200 said:

AmyKO said:

In the meantime I'm chuckling away to myself, in my 'free' car, at what a shambles this is!!

It's not your car as you haven't paid for it.

Hope they don't require payment in full.

And WHO would require payment in full? What are you talking about?

The dealership. As matter stand they aren't going to get paid. 

Though didn't the dealership get you to complete any paperwork. When you struck the deal. 

When they realise their error in not getting me to complete the finance agreement they can contact me and I'll happily pay what I owe. But it's just that right now isn't it - their error? 

Yes I signed the order form with a summary of the finances broken down, and I signed a document relating to the commission the dealership receives for setting up the finance, and a document to confirm they had gone through all the warranties and extras and service plans etc. 

But as for the actual finance paperwork... nope! Nothing to sign either at the dealership or electronically via docusign or whatever. I have not given them a direct debit instruction so they can't take any money without contacting me.

I'm going to sit it out, wait for them to realise their mistake, hope they sweat a lot, then they can contact me and get my bank details! I wonder how long it'll take? They have my number and my email...