Finance matter
Discussion
A bit of advice Gentlemen please....... My sister took a call from her Honda dealer some weeks ago offering her a drive in drive out deal with no increased payments on her 18 month old CRV, to cut to the chase the new car is now delayed but they wanted a March delivery for their sales figures. It transpires today that the dealer has settled the 18k outstanding finance already in order to create a new finance deal but my Sister has signed nothing, she hasn't even been in to the dealership which is 40 miles away. So as things stand they've settled her finance and she still has the vehicle with a delayed delivery date........Seems a complicated situation if she doesn't go ahead or the car should be involved in an accident ?
Why wouldn't the deal go ahead? If nothing's been signed then the dealership is just wreckless, but highlights the pressure for targets to be met. If an order form has been signed then I think you're worrying a bit for no reason but can't understand why the dealership would settle the finance before the car comes in to stock.
It seems wreckless as you say. My thoughts were with no delivery date set in stone for the new car and the fact that they appear to have taxed the new car for march then they have committed on their side, settled the finance in order to establish a new agreement dated in march with no physical car. In conclusion they have settled the finance on a car not in their possession and with no legal entitlement .
I'd walk away and see what happens. Pretty sure they can't claw the funds back from the finance company. There is probably some way they can claim it back from you, but it's an interesting scenario from a legal point of view. I'd at least try to f
k them over, but maybe that's just me.
k them over, but maybe that's just me. If the finance really has been settled (a call to the finance co will confirm)Trade the car at a different dealer and let them whistle. (Someone could well lose their job over this)
Odd though if the same finance co was used they will usually contra settle rather than raise a settlement cheque.
How do you know they've settled?
Odd though if the same finance co was used they will usually contra settle rather than raise a settlement cheque.
How do you know they've settled?
Northernchimp said:
I'd walk away and see what happens. Pretty sure they can't claw the funds back from the finance company. There is probably some way they can claim it back from you, but it's an interesting scenario from a legal point of view. I'd at least try to fk them over, but maybe that's just me.
What a charmer you are. k them over, but maybe that's just me. Thanks for your help chaps..... My understanding is this : The current car is 18 months in to a 3 year pcp type deal, the new car was to be a new 3 yr agreement at the same payment, they stated the car was been sold practically at cost in order to hit March override targets and had to be signed sealed and delivered in march. The dealership called her with the offer. Oddly enough the salesman has left since this was arranged, the whole thing has been verbal. It does appear the finance is settled ! My sister seems to recall they settled the previous CRV in advance of delivery which was in 2013 and in a similar month end deadline scenario
jonesof63 said:
...the whole thing has been verbal.
I can understand how the finance can have been settled, but for the whole transaction to be verbal is astonishing.Interesting scenario though - Honda "forced" us into a 0% PCP by offering an extra discount only available if we took the PCP. I was somewhat baffled by the whole thing but hopefully they're going to swap the car for a new one soon!
Edited by Sheepshanks on Monday 30th March 22:22
jonesof63 said:
Thanks for your help chaps..... My understanding is this : The current car is 18 months in to a 3 year pcp type deal, the new car was to be a new 3 yr agreement at the same payment, they stated the car was been sold practically at cost in order to hit March override targets and had to be signed sealed and delivered in march. The dealership called her with the offer. Oddly enough the salesman has left since this was arranged, the whole thing has been verbal. It does appear the finance is settled ! My sister seems to recall they settled the previous CRV in advance of delivery which was in 2013 and in a similar month end deadline scenario
I would double check with the finance co. I've never heard of finance being settled prior to a car being coming into stock (20yrs in the motor trade) Financial yr end soon.....................
jonesof63 said:
Thanks for your help chaps..... My understanding is this : The current car is 18 months in to a 3 year pcp type deal, the new car was to be a new 3 yr agreement at the same payment, they stated the car was been sold practically at cost in order to hit March override targets and had to be signed sealed and delivered in march. The dealership called her with the offer. Oddly enough the salesman has left since this was arranged, the whole thing has been verbal. It does appear the finance is settled ! My sister seems to recall they settled the previous CRV in advance of delivery which was in 2013 and in a similar month end deadline scenario
It's vey odd for it to be settled before the new agreement is active. We never settle any old agreements until the new one is live.Obviously they are expecting her to go ahead with the deal, walking away isn't really going to happen, not with the car being paid off. The dealership will have a dealer manager with the finance company who would step in and if you pulled from the deal, their money would be returned pretty sharpish have no worries about that.
jonesof63 said:
A bit of advice Gentlemen please....... My sister took a call from her Honda dealer some weeks ago offering her a drive in drive out deal with no increased payments on her 18 month old CRV, to cut to the chase the new car is now delayed but they wanted a March delivery for their sales figures. It transpires today that the dealer has settled the 18k outstanding finance already in order to create a new finance deal but my Sister has signed nothing, she hasn't even been in to the dealership which is 40 miles away. So as things stand they've settled her finance and she still has the vehicle with a delayed delivery date........Seems a complicated situation if she doesn't go ahead or the car should be involved in an accident ?
Seventy said:
PositronicRay said:
If the finance really has been settled (a call to the finance co will confirm)Trade the car at a different dealer and let them whistle. (Someone could well lose their job over this)
Yeah, great call. Get someone sacked.I despair, I really do.
If this had been allowed to happen on my watch though I'm not sure I'd want this individual(s) working for(against?) me.
I'm sceptical that it actually has happened, sounds more like a "he said, she said"
jonesof63 said:
Without wishing to sound like a villain those were my thoughts Northern Chimp
Why do people always want to screw/exploit a situation - so, you thought you'd try to steal £18k from someone? Nice.Another way of approaching it: perhaps just need to get the paperwork signed?!
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