KIA Rio - Lead to apply for finance on a car that was sold

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Mon 26 Sep 2016 21:08
KIA Rio - Lead to apply for finance on a car that was sold - Daniel Davies

Hi, after a bit of advice.

I called into my local Kia garage on sunday thinking about possibly getting a smaller car than my current vehicle. The salesman came over agreed a budget and i outlined the specs i required (handsfree, aircon, dab radio etc).

Came up with a good deal on a 2015 Rio SR7 with only 8000 miles on PCP so i went ahead and applied for finance. My credit rating is only average so i got refused by the first lender but then we applied with another and i was accepted and left the dealership as the car was on another forecourt further away waiting for a phonecall today (monday).

Today i called the dealer as i hadnt heared anything, only to be told that the car i applied for was sold on saturday, A DAY BEFORE i even applied for the finance. This was the only SR7 in the company and the dealer is now looking for alternative options.

The issue is that whatever he come back with, cheaper or not, it isnt going to be the SR7 trim which is the only reason i applied for the finance. Now my credit rating has been affected for a car that wasnt even for sale when i applied meaning that if i just walked away and went to another dealer i would struggle to get finance.

Any ideas? Financial ombudsman will not help as i haven't actually purchased the car.

Edited by Daniel Davies on 26/09/2016 at 21:09

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Mon 26 Sep 2016 23:32
KIA Rio - Lead to apply for finance on a car that was sold - galileo

Have you considered applying for a smaller amount of finance and settling for a lower priced vehicle?

DAB radio and hands-free are hardly essential features, cars were perfectly usable without them for years.

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Wed 28 Sep 2016 07:13
KIA Rio - Lead to apply for finance on a car that was sold - TheBroker
If you want to get grumpy with them the FCA will be interested in hearing from you as it's all about 'treating the customer fairly' which it would appear you have not been.

Ask who the funder is, chances are you can take that acceptance somewhere else.

Would be perhaps useful to give them a time (maybe to the end of the week) to find a suitable alternative before burning bridges.

Good Luck,

TheBroker
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