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Hi, I took out a HP agreement in January 2012 with a large well know car dealership.
They agreed to pay a certain amount each month towards my monthly car payments for the duration of the agreement. However, the payment amount they were paying was not enough and they said the only option to get the payments fixed was to get another car. I had returned to sort the payments out and the sales manager informed me that the sales rep who sold me my car was sacked due to his lack of integrity, basically the sales rep had lied through his teeth to me and never supplied me with full details of the deal and I feel i have been mis sold the finance agreement.
Because of their muck up with the payments and having to get another car I am now in about £8,000 worth of negative equity on my current agreement. The sales manager informed me that infact the contributions the company are making on my agreement will end after two years which i was unaware of when taking out the agreement and i will be unable to afford the monthy payments at the end of the two years. I am just wondering where I stand with regards to this? Thanks
This seems a very strange situation indeed. Which finance company is the agreement with? Have you taken any advice from them at all? I haven't come across this before in my years of experience so i don't want to give out the wrong advice but it may well be worth taking some free legal advice on this to see where you stand.
How much have the dealership been contributing and how much have you been paying monthly? The only hope that i can give you is that when you are 50% of the way through your agreement you can VT your deal and hand the car back to the finance company. There may be some small charges dependent upon the condition of the vehicle but this usually gets people out of negative equity issues.
I hope I've been of some help and i hope i can be of assistance moving forward. Please keep me posted as i'd love to hear how this pans out as it may be of some use to other site visitors. For those interested in car finance please make an application and once approved you can choose a car from any reputable dealer and we also provide a no obligation quote. Kind Regards, Edwin
Hi, I bought a brand new car believing it to be on the Elect 4 personal lease programme, where at the end of the 4 years i either pay the balloon payment or hand the keys back to the garage and walk away end of, providing the car was in good condition and i hadn't gone over the mileage allowance.
After just looking at other cars i have now found out my car was sold to me on a personal loan so no financed is attached to the vehicle, and at the 2 years i owe the finance company the quite large balloon payment with no option of handing my car back or refinancing the payment.
I was mislead and obviously signed on the dotted line. Is there anything i can do? The sales person who sold me the car conveniently cant remember that ever being the case and fobbed me off and didn't own up to anything.
The only thing i can think of doing is selling the vehicle paying that money off the loan and keeping the monthly payments going until the balance has gone. Does anyone have any advice please?
Sorry to hear about the situation you are in but as you signed the agreement without reading all the T&C's there's not a huge amount that can be done unfortunately. As you rightly point out as the agreement is a personal loan you can indeed sell the car and use the proceeds to pay off the loan agreement.
If you're in negative equity (where you owe more that the car is worth) you will have to keep making payments until the balance is paid off.
However, if you wish to keep the car we can re-finance the balloon payment for you if you wish and perhaps secure you a better deal too. Please make an application and once approved we provide a no obligation quote. Kind Regards, Edwin