Car sales company gone into administration with part exchange

[England10]

Hi
can anyone help please? A major car sales company have gone into administration recently and taken my friends car as part exchange but not given him the money in return. He has taken delivery of his new car (before they went into administration) and now they won't accept it back. He took out a fixed sum loan agreement with a finance company recommended by the car sales company.
the car sales company/and initiators say that they can't trace the part exchange or pay the monies owed as they are in administration.
does anyone have any suggestions please?
many thanks.

[Tools]

Re: Car sales company gone into administration with part exchange

Does he have a copy of the finance agreement? That should detail the part exchange value. I assume you are talking about Carcraft.

[England10]

Re: Car sales company gone into administration with part exchange

Hi Thanks so much for your reply. Yes has copy of finance agreement which details part ex value.

[Tools]

Re: Car sales company gone into administration with part exchange

Does the part ex value match that on the finance agreement, in essence this would usually form either the deposit or reduce the purchase price(screen price) of the vehicle.

[England10]

Re: Car sales company gone into administration with part exchange

Hi Yes the paperwork all seems to tally up - its the fact that they were supposed to send payment to existing loan provider to pay off finance and they havent yet they have kept the car.

[Tools]

Re: Car sales company gone into administration with part exchange

Apologies I'm with you now.

In that case I would urge him to contact their helpline 0800 923 9495 and the administrators Grant Thornton who' can be emailed at carcraft@uk.gt.com

[England10]

Re: Car sales company gone into administration with part exchange

Hi thank you for your info - we have already done all of this and got nowhere! I can see that predictive text has mixed up a word in my first statement, it should read that we spoke to Administrators! Thanks anyway for trying to help....am off to Solicitors!

[stevemLS]

Re: Car sales company gone into administration with part exchange

I don't want to be the bearer of bad news, but this happened to a mate of mine albeit with a motor bike.

At the end of the day, he was an unsecured creditor to the value of his part ex and got nothing.

He had already issued proceedings against the garage which was messing him about in other respects, I represented him at the hearing and he got his order but the DJ recognised it was a fruitless exercise and would likely result in the recovery of nothing.

Sorry.

[England10]

Re: Car sales company gone into administration with part exchange

Hi Thanks for your reply....even if it wasn't good news!

[Amethyst]

Re: Car sales company gone into administration with part exchange

Little confused, the finance agreement is for a fixed sum and the part ex value has been accounted for - thus the fixed sum loan is for the new car less the p'ex value ? So really the finance co have a issue against carcraft administrators not your friend ?

[stevemLS]

Re: Car sales company gone into administration with part exchange

Little confused, the finance agreement is for a fixed sum and the part ex value has been accounted for - thus the fixed sum loan is for the new car less the p'ex value ? So really the finance co have a issue against carcraft administrators not your friend ?

I read the OP as the part ex having been taken but the money not paid over to finance company and finance company was looking to OP for payment of the deposit on their finance agreement.

I may, of course, be completely wrong!

[des8]

Re: Car sales company gone into administration with part exchange

I would guess the finance agreement states the borrower is responsible for the deposit, and hence as per Steve they are looking to OP for payment

[davec1960]

Re: Car sales company gone into administration with part exchange

I read it that the OP had an existing loan and the payment from Carcraft for the part ex was being used to settle that loan.

[Tools]

Re: Car sales company gone into administration with part exchange

[MENTION=65517]England10[/MENTION] , it would be helpful if we could see a copy of any agreements/invoices for the purchase. If you could upload a copy (removing personal details first) it may help clear up any confusion.

[mystery1]

Re: Car sales company gone into administration with part exchange

*cough*s75*cough*

M1