GE Money - Car Finance - Change in Terms

kellyanne

My partner had car finance (through a peugeot dealership) with GE Money for 3 years, with an option to purchase, hand back or part exchange at the end of the term. In October we had the letter outlining the choices and the option to purchase also stated they could assist with a personal loan to refinance the balance. I called them to make necessary arrangements to do that and they said they dont do that anymore, I would need to make the payment in full on the due date (31st January) and would have to get finance via my bank. They said it changed a few months ago and letters hadnt gone out to those with close due dates for the final payment because it wasnt worthwhile. They also stated that they were still drafting the changes letters up. So, one week before the deadline to pay £5000 they have left us up the river without a paddle. Any advice on what to do???????:eek:

pinkshoes

Can you not go and see a bank to arrange a loan? I would presume a bank loan would have a far more attractive interest rate that anything they were willing to offer.

Get on the phone to your bank asap, or go and and speak to an advisor first thing tomorrow.

If it's too late to arrange a loan with a bank, then it would be too late to arrange a loan with them (if they still offered it), so perhaps you should have contacted them sooner and brought up the subject if this was your intention?

Iamthesmartestmanalive

kellyanne wrote: »

My partner had car finance (through a peugeot dealership) with GE Money for 3 years, with an option to purchase, hand back or part exchange at the end of the term. In October we had the letter outlining the choices and the option to purchase also stated they could assist with a personal loan to refinance the balance. I called them to make necessary arrangements to do that and they said they dont do that anymore, I would need to make the payment in full on the due date (31st January) and would have to get finance via my bank. They said it changed a few months ago and letters hadnt gone out to those with close due dates for the final payment because it wasnt worthwhile. They also stated that they were still drafting the changes letters up. So, one week before the deadline to pay £5000 they have left us up the river without a paddle. Any advice on what to do???????:eek:

Sorry but this isnt a change in terms

Theres no way it was written into the original contract that you were guarenteed a 5k loan

Secondly what sort of idiots leaves it til a week to go, as the loan even if available would have to be underwritten, signed etc

This is entirely your fault and you dont have much grievance here