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mightyannoyed24

'0%' car finance

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Please can someone advise me.

 

My grandparents have just brought a new car, the salesman said that they would reiceve 0% finance for two years. My grandparents agreed to this and gave half of the car's cost upfront, so the other half they believed was on 0%.

 

However, they have been sent a letter today saying they have a HP agreement for 16.7% and have to pay a purchase fee as well.

 

We have rung the garage the salesman just said sorry its a mistake and that the only thing they can do is pay the other half of the balance or pay it monthly on the 16.7%.

 

When i looked at the agreement they signed the interest box just said TBA.

 

Where do they stand legally, can they demand that they get it at 0% as that is what the salesman said they were getting?

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I would imagine a agreement that has TBA on the agreement is an invalid and unenforcable agreement.

 

Someone will come along shortly to confirm or disagree with this - I will find someone to help you.

 

Is there any way you can scan and post a copy of the agreement minus personal details but leaving in the figures.

 

Did this come from a car dealer??

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Mighty can you name the finance company & the make of car also was it a franchise dealer & when you say 'new car' do you mean brand new?

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Thanks very much for replying to my call for help!

 

I cant scan the agreement on here as i cant get the agreement off my grandparents as they dont live near me.

 

They got the car and finance agreement from a car dealer where they live that sells Skoda cars. They brought a Skoda. The finance deal is with Skoda finance and not the car dealer they went to though.

 

I was with them when they asked if the finance would be 0% and the car dealer said yes.

 

Thats a good sign that because it says TBA it should be an unenforceable agreement.

 

Can they say that they will give the car back and get the money they have already paid back or only pay 0%?

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Also "interest TBA" almost certainly make the agreement void

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Thanks very much for replying to my call for help!

 

I cant scan the agreement on here as i cant get the agreement off my grandparents as they dont live near me.

 

They got the car and finance agreement from a car dealer where they live that sells Skoda cars. They brought a Skoda. The finance deal is with Skoda finance and not the car dealer they went to though.

 

I was with them when they asked if the finance would be 0% and the car dealer said yes.

 

Thats a good sign that because it says TBA it should be an unenforceable agreement.

 

Can they say that they will give the car back and get the money they have already paid back or only pay 0%?

 

You need to contact the dealer principal & Skoda Finance to explain what's happened. Demand that either they return the deposit plus compensation in the form of lost interest........ or honour the original agreement........ whatever they do it must be in writing with copies sent to Skoda Finance to ensure their knowledge & agreement

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PS Skoda Finance are responsible for the conduct of their dealer/client

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I thought that, that they could say they dont want the car then , return the money they have already paid, however, they already have the car, so i am thinking the dealer wont take the car back? Plus the dealer already has brought my grandparents old car off of them so they would be car-less.

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If they can't get their P/X car back they could use their position to force a better deal such as a big reduction but whatever they do they must, if they choose to keep the car, sort out the finance as per the original agreement. Do not be brow beaten into accepting their 'new' interest charges

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Why is this in the Welcome Finance forum? Could some kind Mod please move it so the OP gets maximum help? :)

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The Agreement Is Total Bs

 

The Agreement Might Not Be Signed Off By The Underwriters Yet

 

When Did You Buy The Car

 

Ime Talking Number Of Days

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thanks for your reply. The agreement is from 2005 what should i do?

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thanks for your reply. The agreement is from 2005 what should i do?

 

what reply

 

At all times please hit the quote button below the post your responding to Makes life much easier for all of us

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Also Frank rather than high-jack this one you need to start your own thread

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