Car Finance

[Joemc83]

Hi,

I am desperate for some advice! I treated myself to a new finance car at the beginning of November last year and after signing all documents requesting specific payment date. I have still not made a payment to date for this car! The finance company have never tried to take a payment not have they set up a direct debit with my bank when I look at my online banking. What are my legal rights? If it was a blip within the finance company and they never take Money who owns the car? If it’s something they notice am I within my right to still only pay for one month and not several to correct arrears as it is not my fault fault they haven’t taken any payments! Nor since the day after the transaction went through have I ever had any form of Correspondence. Am I right just saying nothing?

[Amethyst]

November 2018 ?

[Joemc83]

Yes 2018. 1st payment scheduled for 5th November and the the 5th of every month. Nothing as of yet though

[R0b]

The car doesn't belong to you unless the type of agreement that you signed was a fixed sum agreement.

What's concerning is that your initial post doesn't suggest you contacted the finance company, and if that is the case, why haven't you? Would that make the most reasonable sense here?

As far as I can see, you've signed the paperwork and so you are legally bound to repay the loan on the face of it. If you are looking for a technicality argument, I wouldn't bother as you are more than likely going to land yourself with having to repay the loan in full and immediately should no payment be forthcoming.

If it is the finance company's fault here (or perhaps the dealership?) then it would be reasonable to continue your monthly instalments but repay a little bit of the outstanding balance each month on top. However, I don't think you can say you are not partially to blame if you've noticed that no payment has been made and you have done nothing about it.

The short and simple answer is to contact the finance company and let them know what's going on. If they become difficult about repaying the outstanding balance, then you can make a formal complaint to the Financial Ombudsman.