Dealer lost V5
Discussion
Hi all,
Wondering if anybody can provide me with any advice or let me know my rights in this situation:
Basically, I am part-exchanging my current financed car to a main dealer (my settlement figure is £8,400 & they have offered me £8450 for it putting me in positive equity of £50)
I signed all finance documents on Monday and arranged collection on Tuesday only for them to ring me the afternoon of Tuesday to tell me they haven't got the V5 & it is registered in somebody else's name. (They told me this will take 5-10 days to sort but checking online it looks as though this can take up to 6 weeks to process, is this correct?) This now means that I can't drop my current car off & so the finance will not be settled until I pick up the new car...
My query is that if the V5 takes 6 weeks to arrive, then I will have paid another instalment on my current finance deal & the dealer are pushing back and avoiding the responsibility to refund me for this extra cost. Meaning that the settlement figure will be less but the finance contract is already signed meaning they are in effect conning me out of a couple of hundred quid?
To complicate things further, after a lot of discussion over the phone I had a phone call from the dealer saying they could settle the payment on my current car tomorrow & they will provide me with a courtesy car until the V5 arrives - they have now changed the proposition so that they want to take my car and store in a garage somewhere (reduce depreciation) but not settle my finance until the V5 arrives and I can take the new car. This effectively means I'm paying for my current car while they keep it safe and is beneficial for them & not me.
Could somebody please offer any advice on what to do or what I can do? This seems like appalling practise from a reputable brand
Thanks guys
Wondering if anybody can provide me with any advice or let me know my rights in this situation:
Basically, I am part-exchanging my current financed car to a main dealer (my settlement figure is £8,400 & they have offered me £8450 for it putting me in positive equity of £50)
I signed all finance documents on Monday and arranged collection on Tuesday only for them to ring me the afternoon of Tuesday to tell me they haven't got the V5 & it is registered in somebody else's name. (They told me this will take 5-10 days to sort but checking online it looks as though this can take up to 6 weeks to process, is this correct?) This now means that I can't drop my current car off & so the finance will not be settled until I pick up the new car...
My query is that if the V5 takes 6 weeks to arrive, then I will have paid another instalment on my current finance deal & the dealer are pushing back and avoiding the responsibility to refund me for this extra cost. Meaning that the settlement figure will be less but the finance contract is already signed meaning they are in effect conning me out of a couple of hundred quid?
To complicate things further, after a lot of discussion over the phone I had a phone call from the dealer saying they could settle the payment on my current car tomorrow & they will provide me with a courtesy car until the V5 arrives - they have now changed the proposition so that they want to take my car and store in a garage somewhere (reduce depreciation) but not settle my finance until the V5 arrives and I can take the new car. This effectively means I'm paying for my current car while they keep it safe and is beneficial for them & not me.
Could somebody please offer any advice on what to do or what I can do? This seems like appalling practise from a reputable brand
Thanks guys
mpt92 said:
Hi all,
Wondering if anybody can provide me with any advice or let me know my rights in this situation:
Basically, I am part-exchanging my current financed car to a main dealer (my settlement figure is £8,400 & they have offered me £8450 for it putting me in positive equity of £50)
I signed all finance documents on Monday and arranged collection on Tuesday only for them to ring me the afternoon of Tuesday to tell me they haven't got the V5 & it is registered in somebody else's name. (They told me this will take 5-10 days to sort but checking online it looks as though this can take up to 6 weeks to process, is this correct?) This now means that I can't drop my current car off & so the finance will not be settled until I pick up the new car...
My query is that if the V5 takes 6 weeks to arrive, then I will have paid another instalment on my current finance deal & the dealer are pushing back and avoiding the responsibility to refund me for this extra cost. Meaning that the settlement figure will be less but the finance contract is already signed meaning they are in effect conning me out of a couple of hundred quid?
To complicate things further, after a lot of discussion over the phone I had a phone call from the dealer saying they could settle the payment on my current car tomorrow & they will provide me with a courtesy car until the V5 arrives - they have now changed the proposition so that they want to take my car and store in a garage somewhere (reduce depreciation) but not settle my finance until the V5 arrives and I can take the new car. This effectively means I'm paying for my current car while they keep it safe and is beneficial for them & not me.
Could somebody please offer any advice on what to do or what I can do? This seems like appalling practise from a reputable brand
Thanks guys
I'm not seeing where the alleged con is, TBH.Wondering if anybody can provide me with any advice or let me know my rights in this situation:
Basically, I am part-exchanging my current financed car to a main dealer (my settlement figure is £8,400 & they have offered me £8450 for it putting me in positive equity of £50)
I signed all finance documents on Monday and arranged collection on Tuesday only for them to ring me the afternoon of Tuesday to tell me they haven't got the V5 & it is registered in somebody else's name. (They told me this will take 5-10 days to sort but checking online it looks as though this can take up to 6 weeks to process, is this correct?) This now means that I can't drop my current car off & so the finance will not be settled until I pick up the new car...
My query is that if the V5 takes 6 weeks to arrive, then I will have paid another instalment on my current finance deal & the dealer are pushing back and avoiding the responsibility to refund me for this extra cost. Meaning that the settlement figure will be less but the finance contract is already signed meaning they are in effect conning me out of a couple of hundred quid?
To complicate things further, after a lot of discussion over the phone I had a phone call from the dealer saying they could settle the payment on my current car tomorrow & they will provide me with a courtesy car until the V5 arrives - they have now changed the proposition so that they want to take my car and store in a garage somewhere (reduce depreciation) but not settle my finance until the V5 arrives and I can take the new car. This effectively means I'm paying for my current car while they keep it safe and is beneficial for them & not me.
Could somebody please offer any advice on what to do or what I can do? This seems like appalling practise from a reputable brand
Thanks guys
If it's a main dealer, they ought to be trustworthy enough to trust them to forward the V5 to you once a replacement has been issued by DVLA.
You'll get a purchase invoice from the dealer for the transaction, which is the only proof of ownership that you'll have anyway.
I don't think this is a con by any means as its of no real gain to the garage - unless of course they store your car and the company folds in the meantime without settling the finance which is pretty unlikely! Is it a franchise main dealer / chain what brand?
I think they are taking the piss and wanting to have their cake and eat it so to speak!
Its their fault and have messed up the paper work - they can't leave you car-less that's ridiculous!
They take your car and pay off the finance and provide you with temp transport till the V5 arrives.
Alternatively if its a fairly run of the mill car ask for your deposit back which you are quite entitled to do in this case and go elsewhere!
I think they are taking the piss and wanting to have their cake and eat it so to speak!
Its their fault and have messed up the paper work - they can't leave you car-less that's ridiculous!
They take your car and pay off the finance and provide you with temp transport till the V5 arrives.
Alternatively if its a fairly run of the mill car ask for your deposit back which you are quite entitled to do in this case and go elsewhere!
Edited by strath44 on Wednesday 27th February 13:18
Is the courtesy car nicer than your car? If so I'd just take it as whichever way you slice it, you're paying a monthly for a car and getting (possibly a nicer) one.
Not sure what the problem is really?
Unless of course you're chopping in a limo and they want to give you a shed for a month.
Not sure what the problem is really?
Unless of course you're chopping in a limo and they want to give you a shed for a month.
The courtesy car is nowhere near the spec of my current car - so I would be paying a hefty monthly payment for a worse car until the V5 arrives
I'm not willing to walk away from the deal as I have got myself a very good deal
In effect, the settlement figure will be less than what the signed finance documents are agreed on, meaning they are benefiting
I'm not willing to walk away from the deal as I have got myself a very good deal
In effect, the settlement figure will be less than what the signed finance documents are agreed on, meaning they are benefiting
In my experience, V5s take two weeks max to arrive from DVLA. If the car has been transferred to trade the dealer could actually tax it at the PO at the same time as sending the V62 form .
With regard the potential monthly payment being taken, the dealer will be able to refund you this though you will probably need to chase it regularly!
With regard the potential monthly payment being taken, the dealer will be able to refund you this though you will probably need to chase it regularly!
Have you ordered a duplicate log book? Get that ball rolling as it needs doing whatever (they quote up to 6 weeks but normally within a week). As they lost the V5 i would be expecting them to pay the fee though. I am not sure I understand the comment about it being in another name?
Decide what you want to do, its your money and you don't have to do the deal with them and you can take your money elsewhere if you want.
Decide what you want to do, its your money and you don't have to do the deal with them and you can take your money elsewhere if you want.
There is no con at all
They take your car and store it. Means they know where their soon-to-be asset is and isn't being damaged
They give you a courtesy car. Means you are kept mobile
If, in the meantime, you make another payment on your existing car, your settlement figure reduces so you're not out of pocket.
Not sure what else you want them to do, to be honest. You're obviously after some form of compo.
They take your car and store it. Means they know where their soon-to-be asset is and isn't being damaged
They give you a courtesy car. Means you are kept mobile
If, in the meantime, you make another payment on your existing car, your settlement figure reduces so you're not out of pocket.
Not sure what else you want them to do, to be honest. You're obviously after some form of compo.
Dimebars said:
If, in the meantime, you make another payment on your existing car, your settlement figure reduces so you're not out of pocket.
Yeah but as he says the deal is done so whatever reduction to the settlement figure that payment makes is essentially pocketed by the dealer.I suppose in reality you could argue that it would cover the depreciation of the vehicle over the time period it is sitting so it balances out. However the OP is still left with a courtesy car not up to par!
I personally don't think for starters that it will take 6 weeks, knowing dealers though you are going to call them every week after week 2 to chase it though, can you really be bothered with that?
Would help if you enlightened us to what the deal is..........
strath44 said:
Yeah but as he says the deal is done so whatever reduction to the settlement figure that payment makes is essentially pocketed by the dealer.
The dealer isn't pocketing anything. The difference in settlement would be refunded by the dealer in this case, or by the Finance Company if the dealer had overpaid the settlementGassing Station | Car Buying | Top of Page | What's New | My Stuff