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help car on finance

babyxxxxx Avatar
8y, 8m agoPosted 8 years, 8 months ago
ok i got a car about a week ago, put down £500 i have the car, i had a phone call off the company today saying, that the form i signed is for the wrong registration plate, so they want me to come down and sign a new one, the finance isnt in place as the finance company have told the people who sold us the car it there fault, so we have the car but havent signed a finance aggrement, now they have posted the form to get the new log book sent to us already, what would happen if i didnt go and sign the new agreement? just out of curiosity
babyxxxxx Avatar
8y, 8m agoPosted 8 years, 8 months ago

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You'd be asked to return the car and would lose your £500 - you've defaulted on payment so the co. would be legally entitled to take their goods back.
The company/police can take steps to take the item (in this case car) back, because you've knowingly obtained an item without paying for it. Surely?
1 Like #3
The car will be taken from you. You will not default if the agreement is not in place therefore nothing has been set up for it to happen, however the dealer is well within their rights to simply go to your home and drive the car away as it is not your property but theirs until they recieve payment from the finance company, who will not pay until you sign the correct finance agreement.

If you still want to take your chances, you may find an invoice for the total amount put through your door to be paid within 28 days, meaning you will owe the dealer the full amount and will have to find your own finance (which is very simple).

I work for a motor finance company so any questions pm me. It may even be us providing the finance.
thanks everyone just curious i guess

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