Right to terminate car finance has incorrect figure

Sidings36

I’m new to this so if I’m in the wrong place forgive me !! So I have had finance on 5 cars with the same dealer over the years my last car left me with negative equity of 5k , I swapped vehicles and after two years of payments I’ve been offered a company car, so I looked at my agreement and I had paid over right to terminate figure £11680
so I contacted the finance company and they have told me the contract is wrong ? I reported this to the very large UK dealership who have said give us 8 weeks for a response , I am happy to continue my monthly payments until this is resolved . I signed the agreement and the dealers finance guy signed after running through it all at time of purchase Jan 2023 … where do I stand ?

Ayr_Rage

Your contract is with the finance company, not the dealer.

Exactly what type of contract do you have and over what period?

Nasqueron

If you are on a form of PCP and are talking about VT - you must have paid 50% of the total finance package including all interest + balloon payment, this is normally closer to the end of the finance deal, rather than based on finance length. If your finance was £22000 and you have paid £11680 then yes you could VT if it's applicable, but if it was £22,000 + £4000 balloon for example, you would not be at 50%

Sidings36

Yes I fully understand that , when I reviewed my finance paperwork the figure for right of termination has been put in wrong by the finance guy which he signed I signed so where do I stand now is my question . The company made an error ? Not my fault I ran through agreement with them @ POS  so is that contract binding ?

Ayr_Rage

If you've had 5 contracts in the past then you should be well aware of what position you have to be in regarding the right to terminate.

By how much is the inserted figure wrong?

Sidings36

7 k is the amount short again I will stress I know what’s what I’m asking where do I stand with our signed agreement 

Ayr_Rage

You can try to argue the toss but if the contract is worded as my last one, half comes before the inserted figure.

TERMINATION: YOUR RIGHTS You have a right to end this Agreement. To do so, you should write to the person you make your payments to. They will then be entitled to the return of the Goods and to half the total amount payable under this agreement that is £6,992.00 . If you have already paid at least this amount plus any overdue instalments and have taken reasonable care of the Goods, you will not have to pay any more.

Suggest you seek legal advice going forward as you should both have checked the contract before signing it.

Edit : Further down in the general terms "half" is mentioned but without the specific amount.

Hoenir

Sidings36 said:

Yes I fully understand that , when I reviewed my finance paperwork the figure for right of termination has been put in wrong by the finance guy which he signed I signed so where do I stand now is my question . The company made an error ? Not my fault I ran through agreement with them @ POS  so is that contract binding ?

The finance company could apply to the Courts given the mistake was in the drafting and genuinely (could be proven) not what what was intended.