Vehicle Replacement and HP finance

[Minitrouble]

Hi, looking for some advice.
I purchased a vehicle from a dealer in Oct 2022 and used a separate finance company to buy the car under a HP agreement. Within 3wks of owning the vehicle it developed a fault. I arranged for the car to go back and the dealer fixed what was believed to be the issue at that point. Since then the car has been back to the dealership on 6 further occasions for further repairs (all linked issues). These have all been fairly major repairs and to date covered under the extended warranty I took out - Repairs to date:- new catalytic converter / fuel pump / water pump / thermostat / O2 sensors / filters / coils / Gearbox out and repaired. Although the garage have been good in that they have completed all the work and even offered me a further 6months warranty the car still has the same ongoing issues. I have all the receipts of work done.
The car has spent more time in the garage than it has in my possession and for someone like myself whereby my employment contract states I must have a car in order to carry out my job. My car constantly being off the road is not helpful and beginning to cause problems with my employer.
I feel I have given the garage more than enough opportunities to fix the problem. It is due to go back in for further inspection/repair this week.

However my issue does not lay with the garage but with the finance company themselves.

I have reported all the issues to the finance company and have been assigned a claim handler. I am wanting to reject and request a replacement vehicle (like for like) however the finance company have said that this is not an option.
They have said I would have to reject this car first; then settle all the existing finance, to then take out a new finance agreement to buy another vehicle?. I have reviewed the terms and conditions of my agreement and can find no mention of this being the case. All the T&Cs state in regards to rejecting a faulty car is that they obide by the Consumer Rights Act 2015.
I understand that if I wanted a better spec/newer model or different brand car then I would likely need to take new finance but I simply want to replace the car like for like.
I am concerned because when I brought this car I rolled over some existing finance. Plus I am likely to only get a nominal amount back because the car is still faulty and depreciated in value, thus likely leaving me with a few thousand pounds outstanding.

Can anyone advise if this a breach of the CR act and why I would not be able to request a like for like replacement vehicle without the need for having to take out a whole new agreement and settling the finance on this one.

Many thanks

[des8]

The Consumer Rights Act 2015 does give the consumer the right to a replacement (cf sec 23).

The only option for the trader to over ride that right is if it is impossible to replace or is disproportionate in comparison to other remedies (sec 23 .4)

Have the finance house given any reason that falls within those parameters?
If not lodge formal complaint, and possibly eventually take it through to FOS or court.

If replacement following your rejection is impossible you should receive back all that you have paid as this would be a short term rejection.
You brought the unsatisfactory condition of the vehicle to the traders attention within the first month after taking delivery.
At that point the clock stopped ticking, and doesn't restart until the vehicle is in a satisfactory condition.
My understanding from your post is that the vehicle is still unsatisfactory.

[Minitrouble]

Hi. Thank you for your response.
Yes the vehicle remains unsatisfactory.
The garage are saying they would be happy to source a like for like car and replace as the cost of the repairs to them is already over 2k and the problem/s still not resolved but its the finance company themselves who are saying I can’t accept a like for like replacement car without ending/settling my existing finance. They want me to take out a whole new credit application/agreement. I really don’t want to have to apply for credit again especially when I have a remortgage looming and also because I know the finance company have increased their interest rates significantly. I definitely understand that if I wanted a completely different car or a different spec to what I have then a new agreement would possibly be necessary but I am not looking for that. I have found like4like vehicles available to buy so it shouldn’t be an issue in regards to sourcing a replacement.

I should have also said the finance company are separate to the garage. I organised finance myself but used a dealer that was recommended by the finance company.

[des8]

The finance company are, at least IMO, being less than helpful.
Under sec75 of the Consumer Credit Act 1974 they are as liable as the trader for goods sold to the consumer.
The Consumer Rights Act 2015 gives you , the consumer, the right to a replacement, with no ifs and buts.
The finance company internal rules do not overrule your statutory rights

Have you exhausted their complaints procedure?
If not , do so.
If yes lodge a complaint with the FOS.