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Subject Topic: Parents have been ripped off!
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Persontrakker1
28/8/2013 at 9:47pm
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I know some people will say that this is my parents own fault but I think it's crazy.

My parents bought a caravan from a large dealer about one year ago, it was £4,150 to be financed after their £500 trade in and £50 deposit. They was looking at upgrading today but after ringing the finance company for a settlement figure my dad realised something wasn't right. Turns out either the caravan or finance company have put the wrong amount down as the amount that needed to be financed, this was £5,700, then there's interest on top.

I have checked the sales invoice that clearly states £4,150 to be financed but on the finance agreement it states £5,700 plus the interest.

I'm sure it's a mistake and I can't believe my parents didn't pick up on this but I just hope this gets sorted out.

Has anyone else had a similar experience?


PersonGrampian91
28/8/2013 at 9:56pm
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Any extra's fitted? Motor mover or something?

What is the interest rate? Flat rate or APR?

Monthly payment over how many years?


Ahh they didnt put tha vans value down as £5700 did they. Then made out you put a bigger deposit. I have known this happen as it helps to sweeten the finance company.

They think you put a bigger deposit down on something worth a lot more. So more likely to lend rather than the real figure which maybe little or no deposit.


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Personmichael
28/8/2013 at 9:59pm
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I have checked the sales invoice that clearly states £4,150 to be financed but on the finance agreement it states £5,700 plus the interest.

looks like the caravan people have done the paperwork wrong and your parents have not noticed before signing.£1550 diff extra for the dealer.






Post last edited on 28/08/2013 22:09:01

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the only silly question is the one you do not ask.


Personrobert/julie
28/8/2013 at 9:59pm
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Can't you check with the dealer how much they received from the finance company as if they received £5700 for the van that cost £4150 they owe your parents the difference. If they say they only received £4150 contact finance company to see what was paid to the dealership


Persontrakker1
28/8/2013 at 10:10pm
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...

Post last edited on 29/08/2013 08:47:51


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PersonGrampian91
28/8/2013 at 11:29pm
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Looks like they put a digit wrong.

Are they paying £88 a month over 5 years? £133 over 3 years, £191 over 2 years or £364 over 1 year.

OR...

£120 over 5 years, £183 over 3,   £262 over 2 or £500 over 1 year?

Which figure is the closest to what they are actually paying per month?


Personlunarvenus
29/8/2013 at 7:59am
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Classic rip off, added a grand onto the sale price and no one knows.
That grand was a bonus for them.
Check with finance company and then head down to the sales office loaded with you paper work, hopefully they will give your grand back.
Looking back its more than a grand.
Hope you get it sorted.

Don't forget trading standards arnt just there to people out of business, they are there for simple advice too. Contact them, explain what has happened and they will tell what you can or can't do.
They will only get involved when you ask them too.


Personiank01
29/8/2013 at 11:28am
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It may be a simple error by the dealer's back office. I would contact the dealer and question the agreement with them.
If it can be proved the agreement may be invalidated as VT is now a different figure plus a couple of other things.
Do they have proof of the original sale price of the caravan and proof of deposit paid? This should be on the original invoice when they paid the deposit.


PersonCamper Colin
29/8/2013 at 11:46am
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It wasn't financed through Wonga was it lol


PersonJanx
29/8/2013 at 12:27pm
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I have been following this thread I don't have much to add other than Please get back to us when you have contacted the dealer/ finance company or resolved it, because so many times we get a post like this and never know the outcome.

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**********
HAPPY DAYS
**********


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PersonDJMC
29/8/2013 at 1:17pm
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Could it be that there was an outstanding balance on the previous agreement which has been added on to the new one ?


Persontrakker1
29/8/2013 at 5:20pm
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Sorry I should have updated this sooner.

My dad rang me last night to say the penny had dropped! there was £1500 carried over from the last van. Good job I didn't get round to ringing them.


Personlunarvenus
29/8/2013 at 6:12pm
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Problem solved.

Good news.


Personiank01
30/8/2013 at 9:27am
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Quote: Originally posted by trakker1 on 29/8/2013Sorry I should have updated this sooner.
My dad rang me last night to say the penny had dropped! there was £1500 carried over from the last van. Good job I didn't get round to ringing them.


That is out or order and not allowed. The finance or the previous caravan should have been settled. If this happened the deposit would be lower leading to the increased balance amount. There is no ways the debt should have been carried across to a new finance plan as that is sharp practice.
As per your post " it was £4,150 to be financed after their £500 trade in and £50 deposit." Those are the figures after any settlement amount has been paid. The £500 is obviously the balance after the settlement amount was paid.
I still think you are being ripped off!


PersonGrampian91
30/8/2013 at 2:27pm
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They are not being ripped off if the buyer asked for it.

They may not have the funds to clear the old balance but need to change the van and willing to pay a higher figure.

Its not a good way of doing things. Possibly paying a lot more interest.

It happens with car finance all the time. Dealers will pay off your old finance by adding the figures to the new deal.

The finance company may not be happy about it, Giving £5000 worth of finance on a £4000 van.
But its the OP's parents that will be in the sticky stuff if the finance ask for the £1000 right away.

Its only a sharp practice if the buyers knew nothing about it. But they may have asked or it?


Personblueexpo97
30/8/2013 at 3:06pm
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Exactly what I was thinking.

-------------
XVI yes?

As well is two words!
How does a sage know everything about everything? or does he? or does he just think he does?
Remember, if you buy something you bought it, not brought it.



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