BMW finance weird call
Discussion
Hello
will try make this short as possible. looking for some advice please.
- bought car on HP . X amount over 5 years.
- traded car in 7months later due to work needs
- did not get the full amount owed so i paid of the part exchange and now owe around £3.5k to clear that car
- currently still making monthly payments as scheduled on now just the 3.5k owed.
call today from BMW saying the car has been seized due to still having finance on it? and they cant sell it.
he said i need to clear this ASAP before my credit history gets destroyed
they know i owed an amount as it was discussed in the part exchange. i have many emails showing the exact settlement figure on this car.
this is now 4 weeks after collecting the new car which is a brand new pcp deal.
any ideas?
surely as ive not missed any payments how can my credit "get destroyed"
will try make this short as possible. looking for some advice please.
- bought car on HP . X amount over 5 years.
- traded car in 7months later due to work needs
- did not get the full amount owed so i paid of the part exchange and now owe around £3.5k to clear that car
- currently still making monthly payments as scheduled on now just the 3.5k owed.
call today from BMW saying the car has been seized due to still having finance on it? and they cant sell it.
he said i need to clear this ASAP before my credit history gets destroyed
they know i owed an amount as it was discussed in the part exchange. i have many emails showing the exact settlement figure on this car.
this is now 4 weeks after collecting the new car which is a brand new pcp deal.
any ideas?
surely as ive not missed any payments how can my credit "get destroyed"
Mirinjawbro said:
Hello
will try make this short as possible. looking for some advice please.
- bought car on HP . X amount over 5 years.
- traded car in 7months later due to work needs
- did not get the full amount owed so i paid of the part exchange and now owe around £3.5k to clear that car
- currently still making monthly payments as scheduled on now just the 3.5k owed.
call today from BMW saying the car has been seized due to still having finance on it? and they cant sell it.
he said i need to clear this ASAP before my credit history gets destroyed
they know i owed an amount as it was discussed in the part exchange. i have many emails showing the exact settlement figure on this car.
this is now 4 weeks after collecting the new car which is a brand new pcp deal.
any ideas?
surely as ive not missed any payments how can my credit "get destroyed"
You can't sell a car with finance on it without clearing the finance, the credit is secured against the car, who the hell did you trade it in with as any dealer/trader would want clean title. will try make this short as possible. looking for some advice please.
- bought car on HP . X amount over 5 years.
- traded car in 7months later due to work needs
- did not get the full amount owed so i paid of the part exchange and now owe around £3.5k to clear that car
- currently still making monthly payments as scheduled on now just the 3.5k owed.
call today from BMW saying the car has been seized due to still having finance on it? and they cant sell it.
he said i need to clear this ASAP before my credit history gets destroyed
they know i owed an amount as it was discussed in the part exchange. i have many emails showing the exact settlement figure on this car.
this is now 4 weeks after collecting the new car which is a brand new pcp deal.
any ideas?
surely as ive not missed any payments how can my credit "get destroyed"
Edited by Wills2 on Thursday 11th August 20:34
As above you can't sell the car whilst you have outstanding finance.
You should have cleared it at the point of sale but as you didn't you are breaching the terms of the finance agreement and yes they can damage your credit rating as a result of your actions.
You need to find a way to pay off the finance very quickly.
You should have cleared it at the point of sale but as you didn't you are breaching the terms of the finance agreement and yes they can damage your credit rating as a result of your actions.
You need to find a way to pay off the finance very quickly.
Wills2 said:
You can't sell a car with finance on it without clearing the finance, the credit is secured against the car, who the hell did you trade it in with as any dealer/trader would want clean title.
this is the weird thing.Edited by Wills2 on Thursday 11th August 20:34
every HPI check came back clear. they all said it was a personal loan
Wills2 said:
You can't sell a car with finance on it without clearing the finance, the credit is secured against the car, who the hell did you trade it in with as any dealer/trader would want clean title.
I had a flick back through recent post history and found this thread from OP - https://www.pistonheads.com/gassing/topic.asp?h=0&... - which could tally with this thread in respect to p/x, etc. That thread seems to suggest the vehicle was traded in against a '14 Qasqai that itself had been p/x'd at what OP claims is a VW group / affiliate dealer. Unless there's another car?Either way, I'm still at a loss as to how a business allowed / has somehow agreed to let OP keep all the remaining finance on the BMW outstanding on a car they no longer have title over as they sold it to them in exchange for another car. Surely it should have been cleared in full with a new finance agreement taken out personally by the OP or against the new vehicle at the least
Edited by AlexRS2782 on Thursday 11th August 21:38
Mirinjawbro said:
this is the weird thing.
every HPI check came back clear. they all said it was a personal loan
What the HPI check shows doesn't really matter too much beyond the fact there is a finance agreement in your name. The details would have been in the finance agreement you signed. every HPI check came back clear. they all said it was a personal loan
As for the dealer, the dealer will be a franchise and BMW finance are a seperate company from the dealer. The dealer is only interested in selling you a new car.
Unfortunately it's on you to sort out clearing the finance maybe apply for a credit card with a 0% deal if you can and have no cash to do it.
Mirinjawbro said:
Wills2 said:
You can't sell a car with finance on it without clearing the finance, the credit is secured against the car, who the hell did you trade it in with as any dealer/trader would want clean title.
this is the weird thing.Edited by Wills2 on Thursday 11th August 20:34
every HPI check came back clear. they all said it was a personal loan
Wills2 said:
A HPI check wouldn't reveal that you had a personal loan as that wouldn't be attached to the car a HPI checks for finance secured against the car, such as a HP agreement.
i easily enquired with over 20 dealers. not one could find the car on finance.so almost all of them said it cant be a HP it must be a personal loan.
ClaphamGT3 said:
OP, was the finance some form of finance secured on the car or was it a personal unsecured loan?
Very different things that would give very different answers to your current situation
its with closer brothers motor finance. i didnt even know they do "personal loans"Very different things that would give very different answers to your current situation
the dealer i got it from said HP for 5 years.
if this all goes t1ts up i suppose its just 3,500 to clear. luckily not insane amount.
the idea was to clear it asap anyway once i get some savings again
Mirinjawbro said:
they did a bank transfer for the part exchange value
i then paid that off instantly into the car and have 3.5k left
the new car is with bmw finance and is a new pcp deal
Sorry, but I really can't understand this deal. Can you be more specific about what money went where?i then paid that off instantly into the car and have 3.5k left
the new car is with bmw finance and is a new pcp deal
M4cruiser said:
Sorry, but I really can't understand this deal. Can you be more specific about what money went where?
sorry yes1) bought new car on HP for 5 years (so paperwork appears and i was told it was HP)
2) due to work swapped car in for a new car.
3) every enquiry told me - we cannot find the car on finance , it must be a personal loan.
4) swapped the car with BMW main dealer - still 3.5k negative equity. used what they gave me by bank transfer to pay close brothers (3.5k left)
5)BMW calls and says the car has been seized, they cannot sell it.
could it be when setting up the finance closer brothers themselves did something wrong so it doesnt appear on HPI checks?
Second question, when you gave your (their) car to the BMW dealership in part-exchange, did you inform Close Brothers Motor Finance that you were doing so?
(Part-exchanging the car for another car is legally the same as selling it, you're selling your old car to the BMW dealer and buying a new one from them at the same time).
Close Brothers said:
Can I sell my vehicle?
Yes, as long as you settle your vehicle finance with us in full.
https://www.closemotorfinance.co.uk/customers/support/settlements/can-I-sell-my-vehicleYes, as long as you settle your vehicle finance with us in full.
(Part-exchanging the car for another car is legally the same as selling it, you're selling your old car to the BMW dealer and buying a new one from them at the same time).
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