Honda Finance

[cheekone]

I brought a car from honda in may 2004, it was a a ex show room car, and I was offered £1000 off the price of the car .

 

How ever Honda finance increased their interest rate from 11.9% to 12.9% to get the cash back from the £1000 discount from the car.

 

Also the copy of the consumer credit agreement I was given is unsigned by honda finance , so would i be correct in that its a unenforcable CCA

 

cheekyone

Edited April 26, 2009 by cheekone
missed a bit out

[buzby]

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.

[cheekone]

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

 

cheekyone

Edited April 26, 2009 by cheekone
updated

[buzby]

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....

[cheekone]

Actualy the interest rate is clearly defined in a box on its own of 12.9 %

[Prolix]

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...

[cheekone]

can someone please confirm that my agreement for buying a car off honda is not enforcable.

 

The term and conditions doest't have anything about a ten day cooling off period .

 

The amount of money i borrowed was 17464.85 and the apr set at 12.9 %

Honda have worked out that £17464.85 + 12.9% = £5462

 

I have worked out that £17464.85 = 12.9% = £3,476.67

 

so is my agrrement enforcable ?

 

please help

 

cheekyone

[count orlok]

Not sure what you mean, are you saying they aledged you bought a car that you do not have, or you bought a car and now find yourself in a position where you are unable to make full payments, and want leverage to reduce your payments?

 

BTW what kind of car is it, had a couple of their bikes, the one with 6 cylinders was a beaut' and the little ones went on for ever. but I thought you had to be over 90 to get one of their cars

[cheekone]

I brought a car off honda , then checked their agreement , and found out that the apr was incorrect , and when challenging them about the interest charges and returning the car they said i had to pay off half the amount. Even though this was within two weeks of getting the car

Edited April 30, 2009 by cheekone
update

[count orlok]

I see. You returned the car, but they want you to still pay half the value. How long did you keep the car before you returned it, i thought you had 30 days to cancell the agreement? If you say sent it back after a week i would have thought all they could have asked for was what it would cost to rent a similar spec car for a week.

[cheekone]

all i want to know because of the apr is incorrect and theirs no ten day coolling off period if the cca is enforcable ?

[cheekone]

Hi

 

can some please tell me if the cca still applies at a return of goods hearing, and if its proved unenforcable that will be the end of it

 

cheekyone

 

Could some one please tell me if the cca still comes into effect at a return of goods hearing, and if its proved to be unenforcable , that will be the end of the matter

[sequenci]

It's very possible indeed. I assume we are talking Hire-Purchase here?

[cheekone]

Yes , I ve paid over two thirds off , and have argued with the debtor about the rate of interest since shortly after taking the agreement out, and the rate of interest is wrong .

They have also tried claiming interest on their claim even though i thought this was a abuse of process when doing so against a agreement regulated by the consumer credit agreement

[I've got no money]

You need to file a proper defence to the claim

 

When is the hearing?

 

Can you post a copy of the Particulars of the Claim, the DN and the TN and a copy of the CCA

[cheekone]

I ll have to put the cca up tommorrow, but the interestrateworks out to 22% apr, and it states is 12.9 %, and theirs no actual interest rate

 

The particulars of the claim is as follows

 

a)The Agreement is regulated by the consumer credit agreement

b) The agreement is dated 29th may 2004

c)the place the agreement was signed is ruislip onda

d:) a default notice was served by secound class post on 31 st August 2007

e) a termination notice was served first class post on the 20th Jan 2009

f) a right to demand delivery was accured on 20th january 2009

g total amount payable £32471

 

 

h) deposit of £9404 was paid

I )total paid including deposit 21,731

m) unpaid balance including late payment , interest fees and charges £10,845.84

 

and the claiment claims

1)an order of the delivery of goods

2) the arrears of instalments totaling £10,845.84

3) contractual interest at the rate of 6.5 % on the sum of £10,845, from the £20th Jan 2009 to the date herein totalling £333.89 and continuing until judgement or sooner payment and at a daily rate £1.93

4) the cost of this action

 

Sorry not sure what a DN and TN are

Edited July 21, 2009 by cheekone

[I've got no money]

I ll have to put the cca up tommorrow, but the interestrateworks out to 22% apr, and it states is 12.9 %, and theirs no actual interest rate

 

The particulars of the claim is as follows

 

a)The Agreement is regulated by the consumer credit agreement

b) The agreement is dated 29th may 2004

c)the place the agreement was signed is ruislip honda

d:) a default notice was served by secound class post on 31 st August 2007 - That's the DN

e) a termination notice was served first class post on the 20th Jan 2009 - That's the TN

f) a right to demand delivery was accured on 20th january 2009

g total amount payable £32471

 

 

h) deposit of £9404 was paid

I )total paid including deposit 21,731

m) unpaid balance including late payment , interest fees and charges £10,845.84

 

and the claiment claims

1)an order of the delivery of goods

2) the arrears of instalments totaling £10,845.84

3) contractual interest at the rate of 6.5 % on the sum of £10,845, from the £20th Jan 2009 to the date herein totalling £333.89 and continuing until judgement or sooner payment and at a daily rate £1.93

4) the cost of this action

 

Sorry not sure what a DN and TN are

 

I've made a couple of comments - I need to see the DN and the TN

 

When is the hearing?

[cheekone]

The hearing is the 27th of August

 

I shall see if i can find the termination notice

 

ruislip hnonda is actually thames h onda, and not the creditor , who signed the agreement

[I've got no money]

When you've posted the info I'll see if I can help you draft a defence. Can you pm me when you've posted the DN, the TN and the CCA

[cheekone]

will do , thanks for trying to help

cheekyone

 

I never got a cca with the court claim, its my original cca, from 2004. Should I have got a copy of the cca with the claim ?

 

cheekyone

[I've got no money]

Technically they should have served a copy of it with the claim form - but if you've got the original from 2004 that's fine

[cheekone]

well i think my first step is to request all documentation from them , as i didn't sign a agreement on the 29 th may as they claim, it was the 26 th may 2004

[I've got no money]

Can you post the DN, TN and CCA

 

Can you post the Default Notice and the Termination Notice

[cheekone]

The cca can be found here , top and bottom. http://s603.photobucket.com/albums/tt112/whitesiden/?action=view&current=top-1.jpg

 

cheekone

Edited July 22, 2009 by cheekone

[cheekone]

Im going to have to request the DN and TN from their solicitors, before i can post them up

 

cheekyone