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Finance clearing? How long?

  • 20-05-2009 5:28pm
    #1
    Qprmeath
    Registered Users, Registered Users 2 Posts: 983 ✭✭✭


    I had a deal done for a car, was very happy with it. The garage came back to me and said there was finance on our trade in car and they wouldnt take it. I rang the garage where I purchased our car 3 years ago and they immediately organised for it to be cleared using a laser card. It was around a thousand euro. At this stage the finance company would acknowledge the payment had been received but officially it would take time to clear the account on their system. I was told it would take 2/3 working days. But on Monday morning the garage rang me to say it would not be in position to take our car til early June as they needed official clearance. I was a bit surprised in these times that the garage made the deal so difficult as they knew we were really happy with the originally and we did no wrong. I have now given up on the deal. Just wondering has anyone else had any experience of a situation like this.


Comments

  • #2
    tony cochrane
    Closed Accounts Posts: 15 ✭tony cochrane


    I have worked in car finance for the last few years, so here's what I think. It can sometimes take up to ten days to close down the account and clear the car fully on the finance company's system, depending on the provider. And then it can take a little longer for the car to come off HPI.
    Usually if a representative of the finance house rings the dealer he can give clearance for the car and arrange for confirmation of clearance in writing if the garage needs it. Sounds like the garage is being over cautious to me. Or maybe they went cold on the deal!


  • #3
    Qprmeath
    Registered Users, Registered Users 2 Posts: 983 ✭✭✭Qprmeath


    The funny thing was that when the initial finance problem was found the salesman said I could pull out of the deal no problem without losing my deposit. Yet when I eventually pulled out he sounded shocked and dissappointed. The garage really talked themselves out of the deal as I have approached some other garages since and they have no problem accepting the word of the finance company without official clarification.


  • #4
    OldmanMondeo
    Registered Users, Registered Users 2 Posts: 3,009 ✭✭✭OldmanMondeo


    I had something similar when I was buying my current car, they was finance outstanding on it, but hte garage had given the rep from the finance company the cheque to clear it and it took him 2 weeks to get the cheque back to his headoffice. Once the Finance company clear the finance they faxed my bank to show the car was clear.

    Not surprised with the garage ensuring there is nothing owed on the car. The may have been stung before. Some never check. Brother in law traded a car in with o/s finance on it, never checked. He did get a call 2 years later looking for the money.


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