Dealership paid less than agreed in regards to settlement figure

Home Forums Car finance Dealership paid less than agreed in regards to settlement figure

This topic contains 2 replies, has 1 voice, and was last updated by Stuart Masson Stuart Masson 2 months, 4 weeks ago.

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  • #119849 Reply

    Andrew Carr

    Hi

    I have recently agreed to trade in my old car for a new one and as part of the agreement the dealership agreed to settle my outstanding finance on my old car and work it into the finance agreement.

    All of the paperwork has been signed and since the deal was originally agreed I have paid to payments which would have meant that the dealership would have over settled my old finance and the company would have refunded the difference.

    However, the dealership has obtained a new settlement figure and paid less than the amount agreement.

    So basically,a settlement figure of £7,324,11 was written into my finance agreement but the dealership has only paid £6,890.77 as a result of the new settlement figure they obtained two months after getting the first settlement figure they have based the deal on.

    There’s £434.11 owed to me somewhere, presumably by the dealership?

  • #119850 Reply

    Andrew Carr

    Just to clear things up,the two payments I have made are to my old finance company as part of my old agreement.

  • #120120 Reply
    Stuart Masson
    Stuart Masson

    Hi Andrew. If the dealer has agreed in the contract to pay £X for your car, then that’s what you should be able to hold them to. If the settlement figure is less than originally advised, that doesn’t change the value of your car – it just means that the dealer pays less to the finance company and any balance to you.

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