Vehicle Finance issue

[scaz40]

Hi, this is my first post.

 

I entered into a 5 year Finance agreement with Fortis Lease for a vehicle in 2005. I recently requested a setlement figure and a copy of the loan agreement (moved house couldn't find it).

 

Upon inspection of the finance agreement I noticed the following:

1. A Deposit was showing on the agreement, no deposit was paid by me to the dealer.
   
2. The agreement states that it should have been signed at the dealers premises. The agreement was sent to me in the post and a no point did I visit the dealers premises.
   
3. The delivery of the car happened after the first finance payment was due and the dealer recompensed me for this first initial payment.

Now I fully understand that this should have been picked up by me initially, however I fell into the trap of 'trusting' someone to work this through on my behalf and I should have checked the main terms of the agreement prior to signing it, however I was under pressure from my then employer to move from a company car to a car allowance. I enquired about this with a friend who mentioned something about antecedent negotiations, however I'm unsure whether this is applicable?

 

My question is, do I have any recourse against the Finance provider at all? The dealer has subsequently gone bankrupt and allegedly left a trail of these such issues behind him. Any advice would be gratefully received.

Rgds Paul:o

[ReasonableRon]

Hi, this is my first post.

My question is, do I have any recourse against theFinance provider at all? The dealer has subsequently gone bankrupt and allegedly left a trail of these such issues behind him. Any advice would be gratefully received.

It all depends what you hope to gain from it. None of the points you mention change the fact that you have had the agreement running for three years, presumably without problem. Are there any other issues with either the car or the agreement that make you dissatisfied?

 

In answer to the individual points you have made.

 

1. It could be that the dealer has added a deposit on the docuemnt because this is what the finance company expected. This is obviously wrong. Whether you have suffered a loss from this is another matter because assuming you do agree with the actual amount of credit, the amount repayable will be identical to that if there was no deposit showing. Because also the amount of any deposit counts directly towards your termination ficure (assuming it is a HP agreement) it could be argued that the dealer actually did you a fovour!!!

 

2. Signing an on-trade agreement at you home......again a very naughty action by the dealer. Your 'loss' here is that you were not given your statutory cooling off period that comes as standard with any off-trade agreement. As such the agreement is technically unenforceable. To counter this, however, it could be argued that you have clearly accepted the agreement having repaid it for the last 3 years and the finance co may be able to apply to the court to have it made enforceable.

 

3. If the dealer paid your first installment for you then all I can say is 'well done'!!

 

What sort of recourse did you have in mind. Do you want 'out' of the agreement or are you otherwise happy with it?

 

Hope this helps.

 

RR:-)

[scaz40]

Thx for the info RR.

 

The issue had originally been raised approx two years ago. I sent various emails to the Finance company querying the agreement and the issues identified in my first post. The response is received was 'you signed the agreement'. I have to admit, I should have been more thorough. However, if I can prove that I flagged the issue and concerns with them early do you think it would help?

 

My main goal is to exit the agreement if possible and revert back to a company vehicle.

 

Rgds

Paul

[ReasonableRon]

If you have already flagged the issue and they have not appeared interested then you may have to put the account into dispute over this and take it from there - possibly in court.

 

This may not be the best option however based on the reasons in my first post. A court could quite legitimately ask you why you are disputing it now when you have been paying it for 3 years.

 

Is it a HP agreement? If so the you should be past the point under which you can voluntarily terminate it. If its not a HP agreement, but the car still has value, it may be worth explaining your situation to the lender and seeing if they can come to an aceeptable arrangement to end the agreement early and take the car back.

 

If your credit rating is otherwise good then I would not advise that you just stop paying it as it could screw things up for when you next want a car, or indeed anything else, on credit.

 

HTH.

[scaz40]

RR

Thankyou for your advice, it certainly has provided me with some clarity!

 

Best Regards

 

Paul