Finance trouble...

[Monza30]

I love my new (to me) Vectra V6 CDTI, however it looks like its all gonna be over as soon as it begun. The finance company I used have not paid the dealer, even though its been a month sice they told the dealer to release the car and that he would recieve funds!

I now have the log book, the car has HP registered against it and the dealer is harrasing my work for an unpaid debt by me, just what you need! The dealer wants the car back, but knows he cant sell it until the HP is removed. I cant even refinance it because of this and even if I did I still have a payment going out each month for the current agrement, have already paid 1st payment.

What a mess and I dont know if I am going to get to keep my toy or not!

Just thought I would share my frustration with you, as the wife is fed up with me banging on about it..

[Duncan]

Who's the finance company? Why exactly haven't they paid the dealer for the car? Have you been on to the finance company to put a rocket up their arse and get them to pay the dealer?

As for the dealer chasing you for an unpaid debt, I wouldn't have thought they could! Your agreement is with the finance company and as long as you have the agreement and keep paying each month (which I'd say you currently should) then you're keeping up your end of the agreement. The issue at hand is between the finance company and the dealer, and it's the finance company that the dealer should be pursuing for the payment (if they aren't already) - it's got nothing to do with you in terms of the dealer hassling you. I'd maybe politely, in writing, tell the dealer to pursue the matter with the finance company and to stop hassling you or you'll be seeking legal advice.

But the first thing I'd do, if you haven't already, is get onto the finance company and find exactly why they haven't paid the dealer.

[Monza30]

It was funded by a company calleed net cars, I think they may be going bust, from the conversations I have had with them. The dealer has been told he will be paid out in three days, four times now. I dont know what happens if they go bust.

[Duncan]

Check your agreement, but it may be that the dealer could apply to have the car repossed. It'd be repossessed from the finance company as they are the ones that have the agreement with the dealer, so I wouldn't think it'd show as you having a car repossessed on any future credit check etc. You've, to date, kept your side of the bargain.

I don't know what the deal is if the finance company went bust. I think you probably need to, very soon, start to get some advice from CAB etc. to see what the deal is.

[Triple Trouble]

I'd hazard a guess that if they go bust the contract is between you and them not you and the dealer.
Get on to Trading Standards for help.
Look on the web for your local office.

[steve1975l]

I don't understand why the dealer released the car without payment. I certainly wouldn't entertain conversions with the dealer just CAB.

[VauxVeteran]

Try a google of.....*what happens when the finance company goes bust* this has got to have happened before.

[steve1975l]

Yahoo answers is better.

[Monza30]

I think I will speak to CAB nect week, I just feel in limbo right now, as I dont know if I will get to keep the car or not. Its a good job I finaced it all and did not px. I think I will cease communications with the dealer also.

[ditchp]

who set up the finance, you or the garage ?????