2nd hp agreement

[Jamesmartin8]

Hi all

first post!!

im looking for some help.

i purchased a car via HP about 2 months ago. I’m rejecting the same after 3 failed attempts to repair it by the dealership.

ive given notice to my finance company who are dealing with the dealership for me. I haven’t used the vehicle for some time now. I’m assuming this is going to be a slow process.

this is there problem. I need a car to get to work. I’m spending a bomb on public transport.

ideally I’d like to get another car (identical) on a similar Hp agreement (ie deposit of £2k and finance the rest of approx £4K).

my current finance company - who have been great tbf in terms of dealing with the dealership - have said they won’t offer me another agreement given my initial one is still ongoing and not settled. I was hoping they’d grant me a second agreement allowing me to get back on the road, given they know my situation with the first ageeement.

my question is, given that I have ongoing finance as of only 2 months ago.. am I likely to be given finance from another company? I need to get back on the road, the first agreement will be closed over the next month or so hopefully.

im 30 years old, £30k job in Manchester, recently got a credit card just to build my credit rating, no defaults no CCJs etc, registered at my house (rented), could of direct debits. Decentish credit rating (can be improved hence recent the credit card builder)

I would welcome any comments and advice.

Jame

[des8]

Hi and welcome.

Ideally you will have informed the finance company that you are rejecting the vehicle.
They are the owners and supplier of the vehicle to you.
Once they have agreed to your rejection they should refund your money within two weeks, regardless of the dealership.
You say the finance house have been great. Does that mean they agree the car should be rejected ? If so they should return all monies paid (deposit and HP payments)

If obtaining further credit is a problem, is it feasible you purchase an older vehicle for the time being?

Tagging R0b

[Jamesmartin8]

Hi

Thanks for the reply.

i mean great as in they’ve raised a complaint with the dealer who have just avoided me.

Theyve given good advice about the process and helped to explain a few things.

ive given them notice under CRA 2015. The dealer has tried to repair three times.

I’ve said I want my money back (deposit and payments made) within 14 days.

I would rather not throw money at a cheap car.. I’m going to be using it a lot. I’ve been unfortunate with the first one but these things happen.

I understand and that they wouldn’t let me finance more given the first one is still not settled.

but would a separate finance company have the same opinion?

[des8]

Ask and find out (? credit broker)
Presumably any decision will depend on income, outgoings and credit record.
Every finance house has its own parameters