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Motonovo Finance - independent dealer - 3 weeks later Motonovo not happy with dealer
Had a good look around on google etc and I can not find anything similar to what i've heard today when I got a call out of the blue from the dealer I bought my car from 3 weeks ago.
I put a car in partex with the dealer who settled the existing HP on that car (car was worth more than i owed so some went as a deposit on new car 2nd hand car).
I put down £2000 extra deposit by credit card (for security) and the dealership did my finance agreement.
On the day of collection I had to go through to the dealership and sign the online system for the finance they had setup for me and then come back a little later on when the payment had been made by Motonovo.
With me so far?
Anyway, I get the call, dealership had their payment and I was given the keys to the car and left my partex with them.I get a letter from my old HP company confirming settlement had been made and account closed.
3 weeks go past and I get a call from the manager of the car place today telling me not to worry but Motonovo had been in touch with them stating the car was a Cat D repaired vehicle and that they don't provide finance on them. I was fully aware it was CAT D, it showed on HPI as cat D and dealership had been honest and truthful throughout. The price of the vehicle was also around £6k under what they retail for not being a CAT D so i'm happy with that.
What I was not aware of was Motonovo not providing finance on CAT D vehicles (for whatever reason) but to me, thats between them and the dealership.
Dealership said they will contest it and also if necessary try to switch the HP at their expense with no increasing charges to me.
My questions:
Has this happened to anyone before?
The credit agreement was signed 3 weeks ago although I have not made my first payment yet. Can Motonovo force me to hand back car and demand the dealership to refund the finance on the car?
Motonovo have not been in touch with me yet but dealership said they might to check if the dealership has explained the problem to me.
Where to I stand legally in all this if garage have to refund the money considering car has been signed over to me and I have paid approximately £2500 towards its??
I can probably quite easily get a loan if need be to cover the HP agreement but to be fair I like the idea of HP incase I need to get out half way through if my circumstances change.
Any advice or help appreciated as after 23 years this is new one on me!!
John
I put a car in partex with the dealer who settled the existing HP on that car (car was worth more than i owed so some went as a deposit on new car 2nd hand car).
I put down £2000 extra deposit by credit card (for security) and the dealership did my finance agreement.
On the day of collection I had to go through to the dealership and sign the online system for the finance they had setup for me and then come back a little later on when the payment had been made by Motonovo.
With me so far?
Anyway, I get the call, dealership had their payment and I was given the keys to the car and left my partex with them.I get a letter from my old HP company confirming settlement had been made and account closed.
3 weeks go past and I get a call from the manager of the car place today telling me not to worry but Motonovo had been in touch with them stating the car was a Cat D repaired vehicle and that they don't provide finance on them. I was fully aware it was CAT D, it showed on HPI as cat D and dealership had been honest and truthful throughout. The price of the vehicle was also around £6k under what they retail for not being a CAT D so i'm happy with that.
What I was not aware of was Motonovo not providing finance on CAT D vehicles (for whatever reason) but to me, thats between them and the dealership.
Dealership said they will contest it and also if necessary try to switch the HP at their expense with no increasing charges to me.
My questions:
Has this happened to anyone before?
The credit agreement was signed 3 weeks ago although I have not made my first payment yet. Can Motonovo force me to hand back car and demand the dealership to refund the finance on the car?
Motonovo have not been in touch with me yet but dealership said they might to check if the dealership has explained the problem to me.
Where to I stand legally in all this if garage have to refund the money considering car has been signed over to me and I have paid approximately £2500 towards its??
I can probably quite easily get a loan if need be to cover the HP agreement but to be fair I like the idea of HP incase I need to get out half way through if my circumstances change.
Any advice or help appreciated as after 23 years this is new one on me!!
John
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