Dealer sold car with oustanding finance - Help
Discussion
I purchased a 57 Golf form Sidlow VW in Horsham on Saturday which I have since found has oustanding finance on it in their name as it was an ex demo.
They have sold me a car they do not own themselves. They have 15k of my money and I have a car still owned by Bank of Scotland Corporate Finance. I have been told the payment was made the day before I collected the car (friday) but as BOS told me the process (bacs) normally takes at least 3 working days so they released the car knowing it would still be oustanding. I have requested a clearance letter from them asap but I am told the money is being processed. Im my opinion Sidlow accounts should make an instant CHAPS payment to BOS and pay the balance to gain clearance. Any money being processed is their problem to sort out. I have been told lies over the phone as I checked the facts with BOS. Sidlow now blame a new payment procedure that has meant it is taking longer than expected. My argument remains that any finance should have been been paid 7 days before the handover when I made a deposit on the car, not the day before handover!
Granted I should have checked the Experian Autocheck they gave me during a rushed handover in detail, however buying from a main VW dealer it did not cross my mind that they would sell a car with oustanding fianance. I was more concerned about the condition of the car itself and checking the invoice.
As it stands I have had the car for 4 days and an interest is still held by BOS while Sidlow have 15k of my money. They now say the clearance will come Friday. Worst case scenario Sidlow go Bankrupt tonight, I lose my 15k and BOS claim the car back! Unlikely but the daily financial news isnt exactly positive!
In my opinion I have been lied to, the balance was paid after they took my money in order to maintain cashflow, interest etc. I have made numerous calls to them but it seems it just isnt a prioirty of theirs.
My question is am I overreacting and is there any point writinng to VW UK to complain. Any advice or thoughts would be appreciated.
They have sold me a car they do not own themselves. They have 15k of my money and I have a car still owned by Bank of Scotland Corporate Finance. I have been told the payment was made the day before I collected the car (friday) but as BOS told me the process (bacs) normally takes at least 3 working days so they released the car knowing it would still be oustanding. I have requested a clearance letter from them asap but I am told the money is being processed. Im my opinion Sidlow accounts should make an instant CHAPS payment to BOS and pay the balance to gain clearance. Any money being processed is their problem to sort out. I have been told lies over the phone as I checked the facts with BOS. Sidlow now blame a new payment procedure that has meant it is taking longer than expected. My argument remains that any finance should have been been paid 7 days before the handover when I made a deposit on the car, not the day before handover!
Granted I should have checked the Experian Autocheck they gave me during a rushed handover in detail, however buying from a main VW dealer it did not cross my mind that they would sell a car with oustanding fianance. I was more concerned about the condition of the car itself and checking the invoice.
As it stands I have had the car for 4 days and an interest is still held by BOS while Sidlow have 15k of my money. They now say the clearance will come Friday. Worst case scenario Sidlow go Bankrupt tonight, I lose my 15k and BOS claim the car back! Unlikely but the daily financial news isnt exactly positive!
In my opinion I have been lied to, the balance was paid after they took my money in order to maintain cashflow, interest etc. I have made numerous calls to them but it seems it just isnt a prioirty of theirs.
My question is am I overreacting and is there any point writinng to VW UK to complain. Any advice or thoughts would be appreciated.
Edited by astroaracdia on Tuesday 7th October 19:42
What would going to the time an effort to make an official complaint actually acheive?? probably bugger all??
Unless the scenario you suggested presents in the next 3 days (main dealer going bust) you have nothing to worry about. Even if it did you would still be up $hit creek without a paddle, despite any official complaints, so prob best to chill out.
I've been wrong before though
Unless the scenario you suggested presents in the next 3 days (main dealer going bust) you have nothing to worry about. Even if it did you would still be up $hit creek without a paddle, despite any official complaints, so prob best to chill out.
I've been wrong before though
Edited by dave_s13 on Tuesday 7th October 19:43
astroaracdia said:
I purchased a 57 Golf form Sidlow VW in Horsham on Saturday which I have since found has oustanding finance on it in their name as it was an ex demo.
They have sold me a car they do not own themselves. They have 15k of my money and I have a car still owned by Bank of Scotland Corporate Finance. I have been told the payment was made the day before I collected the car (friday) but as BOS told me the process (bacs) normally takes st least 3 working days they released the car knowing it would still be oustanding. I have requested a clearance letter from them asap but I am told the money is being processed. Im my opinion Sidlow accounts should make an instant CHAPS payment to BOS and pay the balance to gain clearance. Any money being processed is their problem to sort out. I have been told lies over the phone as I checked the facts with BOS. Sidlow now blame a new payment procedure that has meant it is taking longer than expected. My argument remains that any finance should have been cleared 7 days before the handover when I made a deposit on the car not the day before handover!
Granted I should have checked the Experian Autocheck they gave me during a rushed handover in detail, however buying from a main VW dealer it did not cross my mind that they would sell a car with oustanding fianance. I was more concerned about the condition of the car itself and checking the invoice.
As it stands I have had the car for 4 days and an interest is still held by BOS while Sidlow have 15k of my money. They now say the clearance will come Friday. Worst case scenario Sidlow go Bankrupt tonight, I lose my 15k and BOS claim the car back! Unlikely but the daily financial news isnt exactly positive!
In my opinion I have been lied to, the balance was paid after they took my money in order to maintain cashflow, interest etc. I have made numerous calls to them but it seems it just isnt a prioirty of theirs.
My question is am I overreacting and is there any point writinng to VW UK to complain. Any advice or thoughts would be appreciated.
It is a large dealer, wait a few days, see if the payment goes through, if it doesn't then kick up almightly hell then, as for now, I wouldn't be too worried, not happy but not feeling ripped off yet.They have sold me a car they do not own themselves. They have 15k of my money and I have a car still owned by Bank of Scotland Corporate Finance. I have been told the payment was made the day before I collected the car (friday) but as BOS told me the process (bacs) normally takes st least 3 working days they released the car knowing it would still be oustanding. I have requested a clearance letter from them asap but I am told the money is being processed. Im my opinion Sidlow accounts should make an instant CHAPS payment to BOS and pay the balance to gain clearance. Any money being processed is their problem to sort out. I have been told lies over the phone as I checked the facts with BOS. Sidlow now blame a new payment procedure that has meant it is taking longer than expected. My argument remains that any finance should have been cleared 7 days before the handover when I made a deposit on the car not the day before handover!
Granted I should have checked the Experian Autocheck they gave me during a rushed handover in detail, however buying from a main VW dealer it did not cross my mind that they would sell a car with oustanding fianance. I was more concerned about the condition of the car itself and checking the invoice.
As it stands I have had the car for 4 days and an interest is still held by BOS while Sidlow have 15k of my money. They now say the clearance will come Friday. Worst case scenario Sidlow go Bankrupt tonight, I lose my 15k and BOS claim the car back! Unlikely but the daily financial news isnt exactly positive!
In my opinion I have been lied to, the balance was paid after they took my money in order to maintain cashflow, interest etc. I have made numerous calls to them but it seems it just isnt a prioirty of theirs.
My question is am I overreacting and is there any point writinng to VW UK to complain. Any advice or thoughts would be appreciated.
overeacting
most big dealership group 'used car fund' their stocks and these 'stocking' agreements are settled on delivery to the new owner, as all banking processes these take time.
Finance company usually monthly audits the garages stock and penalises for anything settled 'outside terms' set out in their agreement
most big dealership group 'used car fund' their stocks and these 'stocking' agreements are settled on delivery to the new owner, as all banking processes these take time.
Finance company usually monthly audits the garages stock and penalises for anything settled 'outside terms' set out in their agreement
You are right a complaint would not resolve the issue any quicker. I know I should chill out but am frustrated by the fact it has been sold in this way and that there is no urgency on their part.
Its just taken away any joy from buying an already uninspiring Golf.
Its just taken away any joy from buying an already uninspiring Golf.
Edited by astroaracdia on Tuesday 7th October 19:51
Edited by astroaracdia on Tuesday 7th October 19:54
I would normally say do not worry about it but there are a lot of lenders looking hard at stocking plans at the moment. They carry out audits to make sure the cars they are funding are on site. I know of two dealer groups who have gone bust because of it. However, the lenders did not repossess customer cars.
If you have your Experian sheet it should have a contact number, ask them if they still have an interest in the car, in all likelyhood they will say no but if they say yes (data protection will stop them from telling you anything other than whether they have an interest in it) then you need to call the sales manager to tell them to 'button' the car.
If you have your Experian sheet it should have a contact number, ask them if they still have an interest in the car, in all likelyhood they will say no but if they say yes (data protection will stop them from telling you anything other than whether they have an interest in it) then you need to call the sales manager to tell them to 'button' the car.
On the experian sheet VW gave me at handover it stated there was outstanding on the car (yes yes I should have checked it). I made another check at my cost and it gave an agreement number and contact number. I called the finance company (bank of scotland) with the agreemant number and they have told me they still hold interest in the car and that there is no activity i.e processing taking place on this agreement.
Edited by astroaracdia on Tuesday 7th October 20:05
astroaracdia said:
On the experian sheet VW gave me it stated there was outstanding on the car. I made another check at my cost and it gave an agreement number and contact number. I called the finance company (bank of scotland) with the agreemant number and they have told me they still hold interest in the car and that there is no activity i.e processing taking place on this agreement.
Then you definitely need to talk to the sales manager.As I said, if this was last year I would have said you have absolutely nothing to worry about but you have to try and protect yourself as there are a few twitchy bums around at the moment.
One of the other dealers who post on here would probably say the same.
paoloh said:
Never in my career have I heard of a stocking loan provider repossessing a vehicle that has been sold to a customer.
Neither have I but I have never seen the s
t hit the fan in terms of the banks being under such financial pressure.Do BoS underwrite VWFS, if so then I would be more comfortable, if not then I would be a bit more concerned.
I have already said that it is probably no problem but I can understand the OP's concern albeit there is no justifiable grounds for a complaint.
internet-carlot said:
paoloh said:
Never in my career have I heard of a stocking loan provider repossessing a vehicle that has been sold to a customer.
Neither have I but I have never seen the st hit the fan in terms of the banks being under such financial pressure.Do BoS underwrite VWFS, if so then I would be more comfortable, if not then I would be a bit more concerned.
I have already said that it is probably no problem but I can understand the OP's concern albeit there is no justifiable grounds for a complaint.
Just accept that this is "normal" when buying from a large motor group. It's just that most people don't HPI a car after purchase.
The Sales Manager IMO is not being off with the OP but has no control over the stocking loan. That would be at FD level more than likely.
I vote for overreaction.
Its standard in the industry to have a stocking plan , money takes time to clear through accounts. Hpi/Experian take time to clear them off the register.
My wifes last car was showing on hpi as finance outstanding a year after I bought it.
Somebody somewhere had "forgotten" to take it off - one phone call solved the problem.
Its standard in the industry to have a stocking plan , money takes time to clear through accounts. Hpi/Experian take time to clear them off the register.
My wifes last car was showing on hpi as finance outstanding a year after I bought it.
Somebody somewhere had "forgotten" to take it off - one phone call solved the problem.
Doesn't matter if it's standard practice, imo it is well out of order. They have not yet cleared the finance, thus the car is not theres to sell.
I know that in all liklihood it wouldn't be repossessed, but it is a matter of principle. Not to mention that he is being lied to, they say it is being processed and yet the bank has stated catergorically that it is not.
I know that in all liklihood it wouldn't be repossessed, but it is a matter of principle. Not to mention that he is being lied to, they say it is being processed and yet the bank has stated catergorically that it is not.
Gassing Station | General Gassing [Archive] | Top of Page | What's New | My Stuff