Finance question

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Wed 2 Jan 2019 13:22
Finance question - DieselMan1966

Hi All

I've recently changed my car which had 2 payments remaining totalling £250, there was equity in the car when I traded it in.

I opened the sales chat stating that I had two payments remaining and the balance, what are my options and would the outstanding finance be settled.

I thought everything was ok, collected the new car, asked again if they had settled the finance, was verbally told yes.

Checked my statement today and there's been a payment made for the last car. contacted the finance company and was informed there was an outstanding balance and the dealership had not requested a settlement figure. Phoned the dealership and was informed the car was listed as HPI clear. As the individual is off until tomorrow, I am expecting an interesting call then.

what would be my next course of action? FCA/Trading standards?

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Wed 2 Jan 2019 14:45
Finance question - SLO76
“what would be my next course of action? FCA/Trading standards?”

First step is a polite conversation with the salesman concerned who has clearly made an error in doing his paperwork. Any settlement figure should’ve been requested before the deal was concluded and noted on the order form and then paid when the car was in their possession. If the finance company has taken money off you then the dealer simply owes you this amount. The only issue could arise if they were unaware that you had any outstanding finance which does sound likely if the finance company has said that no one has requested a settlement figure. How could they do the paperwork without knowing exactly what this figure was?
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