Written by John Kruse, one of the leading experts on Bailiff Law, this consumer friendly guide is essential reading for anyone who comes into contact with a bailiff.
The book is easy to understand and clearly explains the rights
a bailiff has, and also what they cannot do when collecting debts and repossessing goods etc.
You'll probably find YOU copy of the form (completed by the dealer) won't have it signed - you normally receive a photocopy from the finance house showing it has been signed.
I think you'll also find it was the dealership that increased the rate to manipulate the cashback, it's a common ploy but not in itself illegal. (Their commission kickback is based on the rates they agree - the greater the % the bigger their bonus).
What's wrong with the car? If it's just a ploy to try an get out of paying for it because you now don't like the interest rate, that's hardly playing the game, is it? You probably will take a risk in challenging it, with no real guarantee of success.
Right the car is a 2003 model and thats why i was given a £1000 discount , and i didn't recieve a photocopy of the cca signed by honda . They also claimed the dealer had upped the interest rate , but its their finance form not the dealers. If honda had checked the agreement before signing it, they would of been aware that the interest rate was above their rate interest and put things right.
Just too make this a little more interesting Honda , work out that 12.9 % apr on £17464.85 over 36 months = £5462, my calculation its £3,476.50
The dealer probably did 'up' the interest rate - but since this is not PRINTED on the contract (but written in as part of the calculations) there is no fraud on mis-selling here. It would HAVE to be 'their form- as they are providing the finance, and the dealership is their agency.
There is no such thing as a 'right' interest rate - so I don't know where you got this from, the rate will always be 'From...' based on the amount of the loan and the buyers ability to pay - just the same way credit card applications work. (You get sucked in on a promise of 12% then find out they're only giving you 35%, so at this stage it is agree or walk away).
As to your last paragraph - making a profit isn't illegal, and you'll find the dealership got a chunk of that too....
If the agreement is unsigned by them you can withdraw from it. In your case when the agreement is signed by Honda, then it is a properly executed and enforceable agreement. Why not ask them for a copy of the executed agreement and see what you get? If it is unsigned then write to them and state that you wish to withdraw from the agreement. This is in the Consumer Credit Act (although I can't remember the section off the top of my head).
Or you could write and withdraw now and see if they produce an executed copy (although there would be nothing to stop them signing it now...
Honda Finance
rate from 11.9% to 12.9% to get the cash back from the £1000 discount from the car.
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