Liability for finance company not paying out

gmac23

I bought a new car from a dealer in Galway, I signed up to a Hire Purchase agreement to finance the car alongside trading in my own car. I picked up the car last Friday 12th of May handed over my keys, signed all documents for the car and for the HP agreement and went on my way. The dealer has since come back looking for more payslips (which I had already supplied), the the finance company rang looking for documents from my employer which I obliged and sent on, but the finance company didn't seem to be aware that i was already in possession of the new car. The dealer this morning requested more bank statements from me (which again I had previously supplied).

So as it stands, the dealer is putting pressure on me to supply documents I have already supplied and are in an email because the finance company have yet to pay out for the car. I have the log book for this car, I have it taxed, I have changed my insurance, I have signed on the dotted line...

Any one have any advice on what my liability is in this situation, is it worth contacting a solicitor? If the finance company back out from paying where do I stand?

Del2005

On HP you never own the car, the hire company owns it. At best they might be able to take it back at worst they could report it to the Gardaí as stolen/not paid for.

Yawns

Del2005 wrote: »

On HP you never own the car, the hire company owns it. At best they might be able to take it back at worst they could report it to the Gardaí as stolen/not paid for.

Sounds like the hire company haven't paid out for the car yet. Dealer gave OP keys after signing forms etc but the finance company wants more info.

Seems to be a very weird situation. You did sign an agreement with all parties involved so most likely situation is it continues as normal with you making the payments. You have already supplied the documents they are requesting so if they try to actually look for them, I'm sure they will be found.

Avatar MIA

gmac23 wrote: »

I bought a new car from a dealer in Galway, I signed up to a Hire Purchase agreement to finance the car alongside trading in my own car. I picked up the car last Friday 12th of May handed over my keys, signed all documents for the car and for the HP agreement and went on my way. The dealer has since come back looking for more payslips (which I had already supplied), the the finance company rang looking for documents from my employer which I obliged and sent on, but the finance company didn't seem to be aware that i was already in possession of the new car. The dealer this morning requested more bank statements from me (which again I had previously supplied).

So as it stands, the dealer is putting pressure on me to supply documents I have already supplied and are in an email because the finance company have yet to pay out for the car. I have the log book for this car, I have it taxed, I have changed my insurance, I have signed on the dotted line...

Any one have any advice on what my liability is in this situation, is it worth contacting a solicitor? If the finance company back out from paying where do I stand?

It's already in your email you say? It would have been quicker for you to resend the email than to type your OP. :rolleyes:

Welcome to Boards.ie BTW

gmac23

Thats what Im finding unusual, I supplied all the same info before so why are they looking for it again. It looks to me like the dealer has made a mess of it and are looking for up to date information to put in a new application before the finance company realise I have the car but I have requested a call from the Finance company because when I spoke to them last week they said I didn't need to supply anymore documents other than the letter from my employer.

So even if they take it back, my car which I traded in is gone (I know for fact it has been moved on from someone I know working there in the service department). I have resent all the same documents again but Im getting very cautious about sending new documents because someone from some side is being less than forthcoming and I feel its the dealership

davo10

Why not just give your up to date details? What's your problem with this? Why are you posting about liability and solicitors, all they want is recent payslips and statements so they can give YOU the finance YOU need to buy get the car.

If you don't get finance, and don't own the car, it's going to be taken back. Just send the stuff off and get on with your life.

gmac23

Davo10 my issue is I have signed all the required documentation, handed over a number of payslips along with bank statements, a lot personal information which I am well aware is part of the process and have no issue with, within reason.

If they offered the financing, and I complied with all requests from the finance company who never mentioned more statements etc, but now the dealer is looking for further statements, why should I be handing over even more. It is a lot of personal information to be handing out when one is telling me one thing and another saying something else.

I have no issue if they could straighten their story about it, but I won't be sending more personal information until I can be sure it is being dealt with appropriately and my personal information isn't being mishandled. That is my issue. Have you ever heard of a lender looking for more information after the deal is done? Because I haven't. Not to mention my car which I traded in is no gone to some other dealer, so what is my fall back then I need to have a car to get to work every day, if they take the car back and I'm left while they find a suitable alternative then Im losing out at over the dealer cock up thats why I might consult a solicitor, if I have no car I can't work

davo10

gmac23 wrote: »

Davo10 my issue is I have signed all the required documentation, handed over a number of payslips along with bank statements, a lot personal information which I am well aware is part of the process and have no issue with, within reason.

If they offered the financing, and I complied with all requests from the finance company who never mentioned more statements etc, but now the dealer is looking for further statements, why should I be handing over even more. It is a lot of personal information to be handing out when one is telling me one thing and another saying something else.

I have no issue if they could straighten their story about it, but I won't be sending more personal information until I can be sure it is being dealt with appropriately and my personal information isn't being mishandled. That is my issue. Have you ever heard of a lender looking for more information after the deal is done? Because I haven't. Not to mention my car which I traded in is no gone to some other dealer, so what is my fall back then I need to have a car to get to work every day, if they take the car back and I'm left while they find a suitable alternative then Im losing out at over the dealer cock up thats why I might consult a solicitor, if I have no car I can't work

The solution to the "problem" seems very simple. The question a solicitor will ask you will be to the point.

L1011

If they are asking for more statements it is because the ones they have are too old. Just give them the new ones

You are the one looking for an extensive asset funded by them here.

If the financing fails as you refuse to provide documents, the dealer will be the one phoning a solicitor to get the car back!

Avatar MIA

Has your financial situation significantly deteriorated since you last sent them financials?

You are currently driving around in the dealer' car. (the finance company don't own it yet). They could simply drive up and take back their property.

Where it gets complicated is that they took your car. They may need to give you the € that was agreed as the trade in value. Is that something you'd be happy with?

whippet

Don't hand over the info and drop the car back ... or hand over the info and keep the car .... simples

gmac23

Well I rang the finance company who told me they never requested that information, and soon followed a call to the dealer who tacked on free servicing for good measure for the 'mix up' so you might not agree with me on it and think Im just being stupid or difficult but Im damn glad I stood my ground, just because its a finance company you are dealing with or getting goods from another company doesn't mean you should just hand over excess information personal information.

Avatar MIA

You da man!