Car Finance - Non signed Agreement
Discussion
Hi,
Looking for some advice please.
Recently traded in my car to the dealership and paid £100 deposit to secure my new car.
I went into the dealership who took the documents, keys etc for my old car and they agreed they would clear my remaining finance in full. I signed the new finance agreement for the new car and provided ID. The salesman then gave me the tear off slip for my new car V5 and said the dvla would be in contact with the full v5 doc in due course. I then received the car keys for my new car and left. A week has now passed and i received a call from the dealership who said they had lost the finance agreement and needed me to resign this. I am afraid signing a new agreement would mean i have two finance agreements in my name and other people are telling me i legally own the car now and dont have to sign anything. Confused. Any advice would be appreciated
Looking for some advice please.
Recently traded in my car to the dealership and paid £100 deposit to secure my new car.
I went into the dealership who took the documents, keys etc for my old car and they agreed they would clear my remaining finance in full. I signed the new finance agreement for the new car and provided ID. The salesman then gave me the tear off slip for my new car V5 and said the dvla would be in contact with the full v5 doc in due course. I then received the car keys for my new car and left. A week has now passed and i received a call from the dealership who said they had lost the finance agreement and needed me to resign this. I am afraid signing a new agreement would mean i have two finance agreements in my name and other people are telling me i legally own the car now and dont have to sign anything. Confused. Any advice would be appreciated
Butter Face said:
You don’t legally own the car, the people telling you that are idiots.
Go back, sign the documents and maybe grumble for some free fuel to cover the hassle. You won’t have two agreements.
Someone has cocked up ‘losing’ documents though but be a grown up and re-sign them.
+1Go back, sign the documents and maybe grumble for some free fuel to cover the hassle. You won’t have two agreements.
Someone has cocked up ‘losing’ documents though but be a grown up and re-sign them.
Wholly.
ANY finace agreement is signed by you - and the vehicle is then the property of the finance company. You do NOT own the car, (despite it being in your name on the V5), until ALL the finance is paid off.
The above is one of the many disadvantages of getting involved in dealer finance arrangments. The dealer has been paid for the vehicle, and the responsibility for getting the money back, (plus interest), is now the finance company's.
You will NOT end up with 2 finance agreements for the same vehicle.
The only way around the debacle above, is to approach your bank for a bank loan. The bank is lending you the money based on you and/or your financial status. The bank has no interest AT ALL in what you spend the money on. The security for a loan from a car dealer is the vehicle itself. A bank's security for a loan is you.
Avoid dealer finance offers - always.
The above is one of the many disadvantages of getting involved in dealer finance arrangments. The dealer has been paid for the vehicle, and the responsibility for getting the money back, (plus interest), is now the finance company's.
You will NOT end up with 2 finance agreements for the same vehicle.
The only way around the debacle above, is to approach your bank for a bank loan. The bank is lending you the money based on you and/or your financial status. The bank has no interest AT ALL in what you spend the money on. The security for a loan from a car dealer is the vehicle itself. A bank's security for a loan is you.
Avoid dealer finance offers - always.
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