Stocking finance not being paid off
Discussion
Hello guys, I purchased a car in January
Part ex my old car with 7k left on finance, been given 7k value for my car so dealership was happy to settle my finance
Was happy to take 18k new finance for new car .
Sales guy/ manager as well made massive mistake and took off 7k ( included part ex ) into price of new car and instead of accepting me for 18k finance only done for 11k .
After driving away dealership realised what happened, call me back to get this sorted.
Said that is no problem I'm happy to get it sorted but want something in return for putting me in this situation, been offered money off which I was happy with,
They meant to get back to me with new paper work, and it's been now over 2 months dealership is not responding to me...
They have gave back 11k back to the finance company they took first finance.
Now I'm only left with paying for my old car ( don't want to get in trouble for not paying and letting That affect my credit rating) and my new car not being paid for, done hpi check and only stocking finance is on the car " for 4 months "
Unsure where I'm standing at in this situation.
What I'm entitled to in this situation?
Part ex my old car with 7k left on finance, been given 7k value for my car so dealership was happy to settle my finance
Was happy to take 18k new finance for new car .
Sales guy/ manager as well made massive mistake and took off 7k ( included part ex ) into price of new car and instead of accepting me for 18k finance only done for 11k .
After driving away dealership realised what happened, call me back to get this sorted.
Said that is no problem I'm happy to get it sorted but want something in return for putting me in this situation, been offered money off which I was happy with,
They meant to get back to me with new paper work, and it's been now over 2 months dealership is not responding to me...
They have gave back 11k back to the finance company they took first finance.
Now I'm only left with paying for my old car ( don't want to get in trouble for not paying and letting That affect my credit rating) and my new car not being paid for, done hpi check and only stocking finance is on the car " for 4 months "
Unsure where I'm standing at in this situation.
What I'm entitled to in this situation?
The stocking plan is the dealer's own finance agreement to fund their stock. They wouldn't be able to set up a stocking plan for the dealer on this car unless unless your old finance agreement had been settled.
You can check that your old finance agreement has been settled by ringing your old finance company and asking them. If this is the case then you do not need to continue to make payments on the old car.
Edited to add: From what you say, it seems that you still owe the garage £18000 for your new car. I appreciate that this is not your fault, but I am surprised that the garage is not responding in this situation!
You can check that your old finance agreement has been settled by ringing your old finance company and asking them. If this is the case then you do not need to continue to make payments on the old car.
Edited to add: From what you say, it seems that you still owe the garage £18000 for your new car. I appreciate that this is not your fault, but I am surprised that the garage is not responding in this situation!
Edited by Wooda80 on Thursday 25th April 19:54
Edited by Wooda80 on Thursday 25th April 19:55
Wooda80 said:
The stocking plan is the dealer's own finance agreement to fund their stock. They wouldn't be able to set up a stocking plan for the dealer on this car unless unless your old finance agreement had been settled.
You can check that your old finance agreement has been settled by ringing your old finance company and asking them. If this is the case then you do not need to continue to make payments on the old car.
Edited to add: From what you say, it seems that you still owe the garage £18000 for your new car. I appreciate that this is not your fault, but I am surprised that the garage is not responding in this situation!
They have not settled my old car finance as I'm in contact with the finance company.You can check that your old finance agreement has been settled by ringing your old finance company and asking them. If this is the case then you do not need to continue to make payments on the old car.
Edited to add: From what you say, it seems that you still owe the garage £18000 for your new car. I appreciate that this is not your fault, but I am surprised that the garage is not responding in this situation!
Edited by Wooda80 on Thursday 25th April 19:54
Edited by Wooda80 on Thursday 25th April 19:55
Yes me too, I thought they be desperate to resolve this asap , so I just thought I ask more and find out more , maybe somebody ever been in similar situation
Trying to clarify, you took out £11k finance on the new car, rather than the £18k you expected, due to the garage's error. However, they haven't paid off your original finance, as they said they would. Is that correct?
If that is the case, it would appear that you still owe £18k in total, however, not to whom you expected. You might wish to contact the original finance company to resolve that issue first. What are you entitled to? Probably 'not a lot' but you need to sort the finance on the px car.
The garage might not be responding as it seems that they might have taken their own action, ie not paying off your finance, to ensure that they weren't out of pocket to the tune of £7k.
Have I misunderstood the situation?
If that is the case, it would appear that you still owe £18k in total, however, not to whom you expected. You might wish to contact the original finance company to resolve that issue first. What are you entitled to? Probably 'not a lot' but you need to sort the finance on the px car.
The garage might not be responding as it seems that they might have taken their own action, ie not paying off your finance, to ensure that they weren't out of pocket to the tune of £7k.
Have I misunderstood the situation?
So if I've followed this correctly.
You're driving around in an £18,000 car that's not yet been paid for.
And you're still paying for your old £7,000 car that's in the dealerships possession?
It's odd that the dealer isn't trying to resolve this.
My first worry for you is that the dealer might try and snatch the car back from you and return your old car.
Not exactly sure of the legal position of that, but if you haven't paid for your new car they still own it, surely?
You're driving around in an £18,000 car that's not yet been paid for.
And you're still paying for your old £7,000 car that's in the dealerships possession?
It's odd that the dealer isn't trying to resolve this.
My first worry for you is that the dealer might try and snatch the car back from you and return your old car.
Not exactly sure of the legal position of that, but if you haven't paid for your new car they still own it, surely?
ruhall said:
Trying to clarify, you took out £11k finance on the new car, rather than the £18k you expected, due to the garage's error. However, they haven't paid off your original finance, as they said they would. Is that correct?
If that is the case, it would appear that you still owe £18k in total, however, not to whom you expected. You might wish to contact the original finance company to resolve that issue first. What are you entitled to? Probably 'not a lot' but you need to sort the finance on the px car.
The garage might not be responding as it seems that they might have taken their own action, ie not paying off your finance, to ensure that they weren't out of pocket to the tune of £7k.
Have I misunderstood the situation?
Yes you understand right, but the problem is I'm trying to contact them get it solved as I want to avoid having car taken away from me.If that is the case, it would appear that you still owe £18k in total, however, not to whom you expected. You might wish to contact the original finance company to resolve that issue first. What are you entitled to? Probably 'not a lot' but you need to sort the finance on the px car.
The garage might not be responding as it seems that they might have taken their own action, ie not paying off your finance, to ensure that they weren't out of pocket to the tune of £7k.
Have I misunderstood the situation?
Spoke to finance for my part ex and they said they can't push dealership to pay it off,
I'm aware and ready to start paying for the car as that was my intention when buying it . Just the problem is they not responding.
I have a lawyer starting on this case , but want to get as much possible information on this situation as possible .
Trevor555 said:
So if I've followed this correctly.
You're driving around in an £18,000 car that's not yet been paid for.
And you're still paying for your old £7,000 car that's in the dealerships possession?
It's odd that the dealer isn't trying to resolve this.
My first worry for you is that the dealer might try and snatch the car back from you and return your old car.
Not exactly sure of the legal position of that, but if you haven't paid for your new car they still own it, surely?
Correct, but spoke to few business managers about this from different dealership they unable to take car away from me legally, due to their mistake.You're driving around in an £18,000 car that's not yet been paid for.
And you're still paying for your old £7,000 car that's in the dealerships possession?
It's odd that the dealer isn't trying to resolve this.
My first worry for you is that the dealer might try and snatch the car back from you and return your old car.
Not exactly sure of the legal position of that, but if you haven't paid for your new car they still own it, surely?
From what I read as the car is having " stock finance " the finance company will chase them not my self, as under my name there is no finance on this car.
Generally it's a big mess😪
Krzysiekw95 said:
I have a lawyer starting on this case , but want to get as much possible information on this situation as possible .
You don't need a lawyer, you just need to go into the garage to sign the finance paperwork and finalise the deal accepting they just made a mistake.If you're not prepared to do that, what are you expecting to happen next?
Trevor555 said:
Krzysiekw95 said:
I have a lawyer starting on this case , but want to get as much possible information on this situation as possible .
You don't need a lawyer, you just need to go into the garage to sign the finance paperwork and finalise the deal accepting they just made a mistake.If you're not prepared to do that, what are you expecting to happen next?
Krzysiekw95 said:
Trevor555 said:
Krzysiekw95 said:
I have a lawyer starting on this case , but want to get as much possible information on this situation as possible .
You don't need a lawyer, you just need to go into the garage to sign the finance paperwork and finalise the deal accepting they just made a mistake.If you're not prepared to do that, what are you expecting to happen next?
You might find that the sales person has been sacked, or has left realizing the mistake, and has binned the file for the car?
Just go in and see them, or call them if you're not local.
If it's a large dealership it might just be that no one wants to deal with the mistake, and staff are hoping it'll go un noticed.
Speak to the stocking loan company, tell them you're in possession of the car, they'll soon sort it.
Edited by Trevor555 on Thursday 25th April 21:08
Krzysiekw95 said:
I have a lawyer starting on this case , but want to get as much possible information on this situation as possible .
So rather than go to the garage to speak to someone and try to resolve the issue you decided to spend cash on a solicitor instead, must have more money than sense.Gassing Station | General Gassing | Top of Page | What's New | My Stuff