Screwed by finance company and dodgy dealer....
Discussion
Well at the end of the day "it is what it is" but thought I'd share this here in the vain hope it can stop the situation happening to someone else.
A CLEAR example of the fact there is a difference between the law and justice.
2 years ago I bought a new car on finance and traded my old car which also had some finance remaining on it. Went to a reputable dealer, what the hell I can name them. [mod note] Actually, we'd rather you didn't [/mod note]. Who had been there for 20+years. I had bought a car from them previously and so had a relative of mine no problems.
Long story short, did the deal took a cheque from them made out to the finance company to settle the finance on the PX vehicle and guess what? It bounced, and the company went into administration. The finance company told me they would sort this out. But they did nothing, the car "disappeared" and was later found to be sold to someone else, innocently they claim. The bank did vehicle checks and knew where the car was the whole time and didn;t tell me or try to retrieve it.
Was in court today and the judge who was very helpful chap took total sympathy for the situation even telling the banks they should not charge interest or costs, but I was still liable for 14k on the previous car. So no car at all and still have to pay for it. I still think they were negligent by making no effort at any stage to reclaim the car but hey, unless you know 100% the finance is settled and the banks say it is settled NEVER part with a car in PX.....
Name and Shame references removed.
A CLEAR example of the fact there is a difference between the law and justice.
2 years ago I bought a new car on finance and traded my old car which also had some finance remaining on it. Went to a reputable dealer, what the hell I can name them. [mod note] Actually, we'd rather you didn't [/mod note]. Who had been there for 20+years. I had bought a car from them previously and so had a relative of mine no problems.
Long story short, did the deal took a cheque from them made out to the finance company to settle the finance on the PX vehicle and guess what? It bounced, and the company went into administration. The finance company told me they would sort this out. But they did nothing, the car "disappeared" and was later found to be sold to someone else, innocently they claim. The bank did vehicle checks and knew where the car was the whole time and didn;t tell me or try to retrieve it.
Was in court today and the judge who was very helpful chap took total sympathy for the situation even telling the banks they should not charge interest or costs, but I was still liable for 14k on the previous car. So no car at all and still have to pay for it. I still think they were negligent by making no effort at any stage to reclaim the car but hey, unless you know 100% the finance is settled and the banks say it is settled NEVER part with a car in PX.....
Name and Shame references removed.
cheadle hulme said:
Was the £14k owing to (the Bank) the amount owing when you px'd it? Or have they added interest?
No the amount owing was 12k. They had added interest on the missed payments plus costs in terms of sending letters etc etc. The district judge stopped any further interest and charges, their claim was for 14k, then they asked for interest and additional charges, could have been much worse I know. They were looking for 4k in charges.The car remained the property of Bank Of Scotland untill the finance is paid off. The problem being they made no effort to recover it. When it was established this was all going pear shaped I reported it to the police. This being 4 months after the exchange. They said the number plate had been changed by then and was owned by someone else. They stated BOS would have to report the car stolen under the circumstances. I understand this happened with several vehicles they had, so I'm not alone, they knew they were going out of business and obviously wanted some extra reddies.
My point to all this was to make sure other people don;t let this happen to them. Make 100% sure the finance company HAVE been paid before accepting any exchange, this can be very difficult for sure because we tend to trust established dealers and don;t think they would do this sort of thing.
My point to all this was to make sure other people don;t let this happen to them. Make 100% sure the finance company HAVE been paid before accepting any exchange, this can be very difficult for sure because we tend to trust established dealers and don;t think they would do this sort of thing.
Well the director has plenty of assets including his house he resides in being worth well into seven figures.
It was the 2nd car I bought from them, combined with the fact they had there been a very long time I didn;t see anything wrong with repeating the process I had used previously with them and many other dealers. Yup hinesight is indeed a wonderful thing!
Thanks for the info TOMJS I will try and look into this. I don;t think it should eb too difficult to prove intent to defraud. I am told, not sure how accurate the info is, but told he is under investigation from the fraud squad.
It was the 2nd car I bought from them, combined with the fact they had there been a very long time I didn;t see anything wrong with repeating the process I had used previously with them and many other dealers. Yup hinesight is indeed a wonderful thing!
Thanks for the info TOMJS I will try and look into this. I don;t think it should eb too difficult to prove intent to defraud. I am told, not sure how accurate the info is, but told he is under investigation from the fraud squad.
maser_spyder said:
Mill Wheel said:
10 Pence Short said:
Put it another way. You have £14k tied up in finance. Do you a) release the asset to a third party, allowing them to sell it before you have cleared the £14k or b) Wait until you have the funds in your account and the finance cleared before releasing the asset.
It's more about common sense than anything else.
At a guess, I'd suspect that most people would trust somebody of the likes of David Haytons, Jim Waltons, Lloyds or Evans Halshaw if they released a cheque, and the customer had no inkling of any financial difficulties.It's more about common sense than anything else.
It is this trust which the OP came here to warn us about.
It had been family owned for decades prior, and they had only just sold up a couple of years before.
I wouldn't have thought twice about trusting them.
In fact, my old man was shocked when they disappeared. Imagine going to John Lewis one day and the doors were locked and it had all gone pop.
On a side note to answer other peoples questions, the car "dissapeared" before the receivers arrived to claim goods, showing clear intent to commit fraud by selling it on to another person through a family member!
Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff