Dealer hasn't settled my finance, conequences?

[Jimmy No Hands]

So long story short at the start of April I part-exed my car to a dealer, was present when the settlement letter was faxed through and was told to cancel my debit as the cheque would reach them within a week or so. Cut to today and I have a very nice letter from Santander saying I owe them £243.12 in outstanding arrears, and also a £25 charge for the payment bouncing back. Having run the dealership they are looking into and should have it sorted by next week I'm told. I was just wondering if this has ever happened to anyone else, and how common this is for dealers to be this relaxed? She told me on the phone things like this happen all the time, not really what I wanted to hear.(The dealership is a large, well established one, and I made sure they informed me every step of the way)

I'm hoping this doesn't affect my credit in any way...

[Sarnie]

Probably shouldn't have cancelled your DD, as the arrears and missed payments will be registered against YOU, not the dealership.

[Soovy]

Not unusual. They're p155 poor at this.

Your credit rating will be hit, of course it will.

[sanf]

Soovy said:

Your credit rating will be hit, of course it will.

It depends on how you handle it. From what you have said this is an error by the dealer. In that case you need to get a letter or similar showing that. Then speak to a manager of department head at Santander and work through a complete resolution, part of which is asking them to remove the 1 payment missed marker.

They can do this straight away with the relevant credit bureaux. If you sit back and do nothing then it will have a slight effect. It may take a while to resolve but stick at it, when it's not your fault issues can always be resolved. Good luck.

[Jimmy No Hands]

It's amazing how in three weeks nobody has noticed that the car on their forecourt is still being paid for by someone (which is illegal anyway, isn't it?). Well she assured me it wouldn't affect my credit as it would be sorted, but as the payment is clearly down as missed, I suppose the damage has already been done. I'll ask for the f**k up in writing and contact Santander next week. Having to have dealt with a redundancy this year I don't need permanent damage to my (immaculate) credit history!

[martin mrt]

Happened to me in 09 when i part exd my M3 for an A3, i paid the outstanding amount and chased the dealer for it, it had no effect on my credit report

[Jimmy No Hands]

martin mrt said:

Happened to me in 09 when i part exd my M3 for an A3, i paid the outstanding amount and chased the dealer for it, it had no effect on my credit report

Good. I'm hoping this will be similar. Guess I will find out Tuesday! Was the dealer reluctant about refunding the charge at all?

[Cupramax]

Easy to say after its happened I suppose but I'd never trust someone else to settle my debt.

[Zod]

martin mrt said:

Happened to me in 09 when i part exd my M3 for an A3.

you did what?

[Jimmy No Hands]

Cupramax said:

Easy to say after its happened I suppose but I'd never trust someone else to settle my debt.

It's not something I particularly wanted to do, but the situation I was in (negative equity, no job) meant it was the only route I could take really, but I'm confident it's just a cock-up and nothing more.

[Carlton Banks]

Zod said:

martin mrt said:

Happened to me in 09 when i part exd my M3 for an A3.

you did what?

[Kudos]

Happened to a mate of mine, except the dealer went bust and trousered the money (took car as p/x, mate took new finance on new car, dealer said would clear finance, didnt, sold car, kept money)

[Bisonhead]

This is currently happening with me although the dealer told me they didnt need the settlement agreement, just the number. Currently have a thread in GG asking for help

OP - what was the outcome?