Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

[monalisa]

Hi, I am a new member.I wondered whether any of you would kindly give me the the benefit of your advice as I am in rather a desparate situation at the moment in regard to an indemnity for an unregulated Hire purchase / Lease Purchase / Balloons "unregulated" agreement. The agreement was in a Ltd company name. The Company is sadly now in Liquidation. The Log Book / registration are in another persons name as I do not drive, and in reality this was not a company car (regardless of the fact that at the last minute the salesman changed finance company / agreement to the Company) as a consequence of this and the salesman stating it did not matter how much deposit was paid ( loan was over £25,000 when it did not need to be ) the option to return the Car under the half paid rule which the sales agents advised us of and which greatly factored into our decision to buy the Car is not applicable . Misrepresentation occurred over other issues aswell. Moreover the Car's history was incorrect and the Log Book never provided. This is all with a main dealership of a huge company, the finance is under the same brand name , but it is not the same Company. There are other key factors you would need to know but I just wanted to ask first if anyone would be able to help. Any advice would be much appreciated, Thanking you sincerely. Monalisa

[Sapphire]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Are you saying that you decided to get the car with the full intention of using the 'half paid' rule and then knock them for the rest ?

Also didn't you think of requesting the log book.

[Amethyst]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

from Monalisa


The Car was bought from an Audi dealer ship and finance is with Audi Finance(it was bought at the same time as another Audi, the finance for which was just under £25,000 , correctly put through in personal name and later returned under half paid rule.)

I am desperately seeking to clarify if there are any grounds under which the agreement is unenforcable ( amongst other things I do not remember , nor was it made clear that I was being asked to sign an indemnity).

Alternatively I need to try to negiote a lower final settlement figure based on misrepresentation of the terms of the finance contract , or the fact that incorrect history / specific's was given about the car's age and how many previous owners it had had ( which also factored into decision whether to buy the Car, its value and desirability ) not sure either of the above is possible as Audi dealership and Finance are separate companies.

So really need to find out what Law if any applies to Unregulated agreements in a Ltd company's name ( now in Liquidation ) for which I am personally considered liable.

Have sent two letters of complaint to Finance company and had an unsatisfactory final response , before which they stated " In legal terms you have repudiated the agreement.)

An asset recocery company is also trying to contact me)

[TUTTSI]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Can you post up your agreement excluding any personal details.

Thanks

Tuttsi

[monalisa]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

No I did not get the Car with the intention of using the half paid rule and "knock them for the rest". However as I was told by the sales person that should our circumstaces change or we not want an Audi next time etc...that I would be able to return the car under the half paid rule. Besides other obvious key issues here which evidence that I have been mislead / ripped off , my circumstances, my partner's and the owner of the Car's circumstances have drastically changed (since we have all been made redundant). All things considered I am looking for some protection within the Law.

[Sapphire]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Sorry monalisa but I did have to ask so that we can understand how things are.

Please can you clarify, who's name the car went into, ie: the company, your name or someone elses ?

If its in a persons name, are they going to be declared bankrupt ?

[monalisa]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Will add a copy of the contract shortly, Many Thanks

[monalisa]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

The car Log / registration is in my husbands's brothers name ( he is not declared or about to be declared bankrupt. The finance agreement was in the ltd company name ( now in Liquidation). The indemnity is in my name.

Re the Log Book : The car was bought from a main Audi dealership and had supposedly just come in from another dealer, when we arrived on the day of collection they said the Log book for this Audi was on route from the other dealer and had not arrived, and that we would have to come back in a few days( initially saying they couldn't do the finance without the Log book present?) Because I could not come back as was going away & had other commitments, and because the Logbook was not present which I was not sure about, we nearly didn't buy the Car. However they assured us of the Cars validity and said "if you give us a minute they would sort something out" which I now understand was just to add the Car on The Dealerships policy to drive and get the road tax. ( I am just checking but I believe they are also registered as one of the keepers).In the end we left with the cars and all documents except the Logbook which I was assured by two sales people infront of two witnesses would arrive shortly.

After chasing up the Log book relentlessly to no avail I was told that the guy who had part exchanged the car with the other dealer never dropped the Log in as promised and that I would have to get a copy from DVLA. When it arrived it evidenced that the car had had more owners than stated by the sales person / showroom and was over 6 months older. We complained about all this direct to the dealer to no avail and resided ourselves to giving the car back once half was paid as again was relayed byyt the sales person in an effort to remedy the fact we were not happy with the Car.

Most importantly I do not believe I signed the indemnity. I was not given a copy of it and what is supposed to be my signature I do not believe is. furthermore convieniently the supposed witness has not printed his name.

[monalisa]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Have been trying to tidy up poor quality copies of the agreement emailed to me by Audi to upload ( for an hour ) and by the grace of God after 2 weeks of searching the attic, garage every file and box my husband has just found the original. I was definatley not given a copy of any indemnity which compounds my belief that I did not sign one. Will upload contract shortly.

[Amy]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Have a read of this thread A Mini Adventure....... - Legal Beagles, there is a lot of good information which may be useful to you.

[monalisa]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Thank Amy you this is both very interesting and helpful. Am trying to scan in documents ,minus private details etc now, kind regards.

[monalisa]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

hi I am now finally able to attach a ) copy of the original agreement pages 1 & 2 and a copy of the indemnity I supposedly signed emailed to me by Audi finance ( hence the poor quality ) . I neither recollect signing or being told of this and was not given a copy on the day of purchase / collection of the Car with the copies given to me of the finance agreement. In case of help also attached is the first letter sent by Audi after purchase.

Please can someone help. If need be I can upload my three letters of complaint and response from Audi.

[Amethyst]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

Hi Mona, the files may be a little large, if you would like you can email them to me - admin@legalbeagles.info and I'll upload them here for you

[monalisa]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

I am having problems uploading it still says file invalid ( have already changed to .gif) can anyone help.
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hi Amethyst, just emailed attachments , did you get them ? Thanks again.

[Amethyst]

Re: Please help re: Unregulated Loan over £25,000. Misrepresentation & Contract Law

not as yet