Finance advice
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Hello!
Two weeks ago I went into a store and found a product I liked. I applied in branch for finance to purchase the product and they took limited details just to run a credit check. The credit was confirmed the next day through email with a pre-contract attached (from the finance agency). The pre-contract included a credit application number, stating that the credit would be released upon signing of the contract on both halves at the dealership
Later that week I went into the branch to finalise everything and collect the product. It was a busy day and it all seemed a bit rushed. Firstly, they asked me to jot down my address on a scrap piece of paper so they could retrieve the credit application. They then took a card payment for the deposit, gave me the product and receipt and told me that was everything done. At this point, a bit skeptical, I asked if I needed to sign a contract or provide further details such as a direct debit for future payments etc. (this was the standard procedure for what I had done in a previous credit agreement) The branch staff assured me that everything that needed to be done had been done and that the finance agency will send everything through.
About a week later and I've still not received anything so I contacted the agency asking them about the progression of the credit. They replied saying that when in store, I will have to electronically sign a contract, which will execute the finance agreement.
I am now in the position where I have the product, I have made a deposit payment and have a full purchase receipt, but there has been no contract signed and no agreement executed. If a mistake was made, it was by the dealer or the finance agency through lack of communication or poor processes.
Has anyone been in a similar position before? Where do I stand? Can I be held account to credit if an agreement has not been signed? Can a credit report on a finance purchase be recorded if an agreement wasn't signed and executed? The only things I am left with is the product, a purchase receipt and a pre-contract application.
I hope you can make some sense of this and if you have any advice that would be welcome and appreciated
Two weeks ago I went into a store and found a product I liked. I applied in branch for finance to purchase the product and they took limited details just to run a credit check. The credit was confirmed the next day through email with a pre-contract attached (from the finance agency). The pre-contract included a credit application number, stating that the credit would be released upon signing of the contract on both halves at the dealership
Later that week I went into the branch to finalise everything and collect the product. It was a busy day and it all seemed a bit rushed. Firstly, they asked me to jot down my address on a scrap piece of paper so they could retrieve the credit application. They then took a card payment for the deposit, gave me the product and receipt and told me that was everything done. At this point, a bit skeptical, I asked if I needed to sign a contract or provide further details such as a direct debit for future payments etc. (this was the standard procedure for what I had done in a previous credit agreement) The branch staff assured me that everything that needed to be done had been done and that the finance agency will send everything through.
About a week later and I've still not received anything so I contacted the agency asking them about the progression of the credit. They replied saying that when in store, I will have to electronically sign a contract, which will execute the finance agreement.
I am now in the position where I have the product, I have made a deposit payment and have a full purchase receipt, but there has been no contract signed and no agreement executed. If a mistake was made, it was by the dealer or the finance agency through lack of communication or poor processes.
Has anyone been in a similar position before? Where do I stand? Can I be held account to credit if an agreement has not been signed? Can a credit report on a finance purchase be recorded if an agreement wasn't signed and executed? The only things I am left with is the product, a purchase receipt and a pre-contract application.
I hope you can make some sense of this and if you have any advice that would be welcome and appreciated
0
Comments
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You'll need to pay them, but could choose to pay cash rather than the credit if you prefer.
If you choose not to take out the credit, only the search will show on your files.0 -
There's no right way of doing the wrong thing.0
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