Part exchange "retainer" - Lamac
Hi, I'm just after some general advice. I bought a Vauxhall Tigra brand new from a dealer on the 1st Sept this year. I part exchanged my Toyota yaris and I got £3,500 for it which was £500 more than I owed on the finance. The garage cleared my finance with Toyota and the remaining £500 was kept on a 'retainer' and this was explained to me as a sum the garage keep until they have looked over the car I exchanged and made sure it didn't need anything doing to it. Any repairs would have to come out of this retaining fund.

I thought this was a bit strange but went along with it, I've had my car now for 5 weeks and I have heard nothing from the garage about this £500 whether I am due all of it or some of it back???

I just wondered if anyone else had, had to do this before and what you think I should do! I intend to get in touch with the garage to ask about it, just want to make sure that garages are allowed to do this and how long is a realistic time to wait for this retaining money to come back? i think the garage have conveniently forgotten!!!!!

dealer name removed - not relevant to the question !

Edited by Pugugly on 05/10/2008 at 21:58

Part exchange "retainer" - BobbyG
I think the garage are at it!
If there was no finance outstanding, they would have deducted the full value of the part-ex from your new car and that would have been the end of the matter!
Get straight down there and demand your money back!
Part exchange "retainer" - yorkiebar
Huh ?

Caution needed I think !
Part exchange "retainer" - motorprop
exactly , get down there and don't leave until you have the £500 . Your P/X would have been 'sold as seen ' ( unless you promised to guarantee it , which I doubt ? )
Part exchange "retainer" - Lamac
yeah it was sold as seen. The only obvious damage was a dent in the back where I reversed into something and from what I gather the price they offered me as part ex took that damage into consideration.

Both dealerships i went to offered me the same amount for my yaris before they knew how much I owed on it.
Part exchange "retainer" - Lamac
Thanks, I'm beginning to think i've been had... the only thing that made me think it was alright is that I went to another vauxhall dealer before I purchased my car and they said that they would keep £500 of part exchange money on a retainer aswell...

I would have been happy for them to clear the finance and take the xtra £500 off the car but this never happened... I feel as though I have had the wool pulled over my eyes and to add insult to injury I ended up having to pay an extra £300 for the garage to get the finance arranged!

They've obviously seen me coming!
Part exchange "retainer" - BobbyG
They charged you £300 to arrange finance?

Please tell us more, this is intriguing!
Part exchange "retainer" - Lamac
yeah they arranged the finance through a well known company (dont kno if im allowed to say who) and they whacked £150 on to the first car payment which came out on 1st October and another £150 will have to be paid when I make the final payment!
I'm unsure if this is the finance companies ruling or a garage money maker.

I've just been looking at my new vehicle order form which I got when I bought the car and the part ex money is listed like this:

Part ex allowence (subject to verification) £3,500
Balance outstanding to HP £2.974.44
Cashback: 0.00

I paid a £500 deposit upfront, they also cocked up with the payments, my dad has a GM card which is part of vauxhall and the more u spend the more 'points' you get which works out as money off a new vauxhall car. I took advantage of this and managed to get over a grand off the car with these points, however, when I went to sign the documents when the finance had been agreed the payments were not what I had agreed at point of sale...again the garage had conveniently forgotton to take these GM points into consideration. I had to point this out to the sales person and get it changed.

Part exchange "retainer" - BobbyG
Its not unusual for there to be an "admin" or "arrangement" fee which the finance company usually charges for and is added to the first payment.
You would really need to check your finance agreement to see if this is it, etc etc
Part exchange "retainer" - Lamac
Yeah, this fee must vary! My brother bought a Fiesta from a Ford dealer and was only charged £20 as a finance fee!

I love my new car but it has just been a bit of a stress on actually paying for it! The dealership in question also said that I shouldn't send the customer service satisfaction questionaire back to the address instead I should return it in person to them!

I'll take it when i get my money back!!!! Otherwise this Vauxhall dealer will find themselves with some very disgruntled comments which will be sent to their reply address!
Part exchange "retainer" - b308
As no-one else has actually asked... What does it actually say on your invoice? If its clearly marked as 3.5k for the px then get back there and sit on them til you get it was someone said before!
Part exchange "retainer" - Lamac

Part ex allowence (subject to verification) £3,500
Balance outstanding to HP £2.974.44
Cashback: 0.00

This is what is quoted on the invoice.
Part exchange "retainer" - NorfolkDriver
The dealership in question also said that I shouldn't send
the customer service satisfaction questionaire back to the address instead I should return it in
person to them!


Send the questionaire back to the customer service team.

It sounds as though the scrote you are dealing with is doing things very underhand and doesnt want to get caught.
Part exchange - Lamac
Yeah, I am very surprised as this garage is a chain of very well known dealership. I am contacting them today regarding this matter. Thanks for everyone's advice it is most appreciated. I will keep you updated as to how the matter progresses!

Edited by Lamac on 06/10/2008 at 13:21