Wrong Information On HP Agreement

[clausebrown]

Hiya Everyone, Long story so i will try and cut it short.

 

I got a car on finance last year (feb)

the salesman stated to the finance company (blackHorse) that the car had 38000 miles on the clock,

And charged me a 32.9% APR...

 

The 38000 miles is on the Agreement i have got,

 

But the MOT i have from the year before (2010) states the car had 56000 at that point.,

 

The car had really got 68000 miles on the clock and not 38000 .

 

So i am now paying a higher price for a car that the finance company paid out on thinking it had alot less miles on it that it really did have.

 

If they had known i doubt they would have paid out all that money against the car.

 

What are your thoughts on this and any response im thankful for

[renegadeimp]

Get in touch with trading standards and the police. The salesman has commited fraud.

[clausebrown]

Im going to the main dealer tomorrow with copys of the paper work i have here stating the difference in the miles at time of ourchase. I

 

mean i new it had 68k, that is not the issue.

 

The issue is that i am now paying more money for a car that as well over priced due to the finance company paying more for it as they thought it had done half the miles it really had.

[dx100uk]

pers i'd contact blackhorse.

 

send them a letter with your concerns.

 

inc copies of your evidence.

 

inc copies of relevent sales of the time, showing an obv lower finance charge.

 

ask them to comment.

 

dx

[clausebrown]

pers i'd contact blackhorse.

 

send them a letter with your concerns.

 

inc copies of your evidence.

 

inc copies of relevent sales of the time, showing an obv lower finance charge.

 

ask them to comment.

 

dx

 

On another site, i am beng told im looking into something that should not be a concern. What would you do if u was in the position?

[dx100uk]

ask!

 

no harm in that....

 

dx

[stu007]

Hi

 

Could I ask did you sign that agreement knowing that the mileage stated as 38000 miles in the agreement was in fact wrong? or were you unaware of this at the time?

 

When did you become aware of this mileage issue?

[Conniff]

Moved to motoring

[CHRIS44G]

I`d be more upset with the 32.9 % APR....

[BRIGADIER2JCS]

Take it up as a Formal Complaint to Black Horse, they are technically the ones defrauded IMO.

[CHRIS44G]

Maybe it was the previous owner who altered the mileage to obtain a more favorable trade in price. It may be a genuine oversight by the salesman that the mileage wasn`t checked against the last MOT. You need to query this with the dealer and see what they say before you start shouting fraud/police/trading standards surely?

[BRIGADIER2JCS]

Was a disclaimer sticker placed on the speedo?

[blackknight]

If you knew it was 68,000 miles (as in post 3)what is the problem?? you are getting what you paid for at the price you agreed too.

Would you still have got the finance if they told the finance company 68,000 miles??

 

Having said that 32% apr is a little excessive!!!!

[james360]

I have worked in the industry.

 

When the dealer proposed the 'deal' to the finance company to be Underwritten, that dealer knew they would not have got the 'advance' they wanted from the finance company with 68,000 miles on the clock, hence why the dealer prop'd it at 38,000 to get the advance.

 

Clearly the vehicle was overpriced.

 

This is fraud.

[CHRIS44G]

Sounds as James says dodgy dealing on the paperwork to get the finance through!

Edited September 26, 2012 by CHRIS44G

[renegadeimp]

If you knew it was 68,000 miles (as in post 3)what is the problem?? you are getting what you paid for at the price you agreed too.

Would you still have got the finance if they told the finance company 68,000 miles??

 

Having said that 32% apr is a little excessive!!!!

 

Because the finance was obtained fraudulently, even though the OP was not aware of it at the time. The dealer obtained the finance purely to give himself a pretty hefty bonus.

[blackknight]

But the OP was aware of the mileage when he bought the car(see Post 3 "I mean i new it had 68k, that is not the issue")

 

So not quite sure what the OP wants??

[renegadeimp]

That doesnt matter if the finance was obtained fraudulently. The OP wasnt the one that made the false finance request

[james360]

The reality is this...

 

The dealer has committed fraud in order to obtain funding from the finance company for the deal to get paid out.

 

Doesnt matter if OP was aware or not of the mileage issue, he / she has remedies.

 

The OP needs out of this car. I suspect they are in neg. equality as soon they drove off the forecourt and will therefore be 'glued' to this car throughout the agreement.

 

Even if the OP tried to 'trade in' he would only be Lumped and Bumped into a new agreement. And the process continues....

[clausebrown]

The reality is this...

 

The dealer has committed fraud in order to obtain funding from the finance company for the deal to get paid out.

 

Doesnt matter if OP was aware or not of the mileage issue, he / she has remedies.

 

The OP needs out of this car. I suspect they are in neg. equality as soon they drove off the forecourt and will therefore be 'glued' to this car throughout the agreement.

 

Even if the OP tried to 'trade in' he would only be Lumped and Bumped into a new agreement. And the process continues....

 

This is the issue, I have just learned of all this as i have wanted to trader the car in, I am now told the car is worth nothing really, but with thousounds of Neg. EQ i am not in a good postion to trade,

Edited September 27, 2012 by clausebrown

[james360]

This is the issue, I have just learned of all this as i have wanted to trader the car in, I am now told the car is worth nothing really, but with thousounds of Neg. EQ i am not in a good postion to trade, But i now know there Salesman done the doggy on the paper work to get this VERY high APQ on a car that was not worth this much due to the miles difference.

 

Take it to Trading Standards and advise the dealership that you are doing so. You have all the evidence. I bet the dealer will take the car back and settle your agreement. At the end of the day the dealership won't want to lose its Consumer Credit License. If it loses that. NO BUSINESS

[SeanG79]

Some car dealers do this to assist the customer in obtaining a bigger advance on the vehicle (essentially a smaller deposit).

 

OP new the car had more miles on it than the "fraudulent" contract stated but chose to sign the agreement anyway because at the time it was in their interest to do so. Now because the vehicle is in negative equity is looking to get out the deal...

 

OP new the mileage, cost, etc. up front and was not mislead, the only party that has been mislead is B/Horse who if they ever repossess the vehicle have lost money.

[dw190]

Y ou say you bouth the car Feb last year, I take it you mean Feb 2011. If thats the case.

 

1. How long was the agreement for?

 

2. If you have paid more than half of the agreement price you can give the car back to the finance co.

 

Check what you have paid and what it states on the agreement.