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BMW 325 - Dealer not settling finance - claire small
Can anyone help me? I part exchanged a car with outstanding finance on it, but the part-ex offer more than covered the outstanding finance. My finance company sent a copy of the settlement details to the dealer the deal was they pay the finance off. No probs with the new car or new finance but the dealer hasn't settled the outstanding finance on my old car. If it's not settled in the next few days all the settlement details will change. I (stupidly) cancelled the direct debit as the dealer told me it would only take five days to settle everything. It's now over three weeks they keep fobbing me off. They told me they sent a cheque six days ago but it got returned. They've now told me they've sent another yesterday recorded but won't give me the details and when I argue with them they hang up on me. I don't know where to turn. I feel like they've stolen my car.
BMW 325 - Dealer not settling finance - Cris_on_the_gas

You sold them the car with the outstanding loan on it. It's the dealer's problem to sort out, trusting you have an invoice detailing the transaction

BMW 325 - Dealer not settling finance - Palcouk

Contact the finance Company and give them the Dealers details, if you write to the finance Company enlose a copy of your sales/purchase invoice.

Dont bother contacting the dealer unless you hear something relevent from the Finance Company.

It also may depend on the exact type of Finance, the contract length and how long you were into any period as to what could happen if the Dealer fails to settle, And at that point there are trading Standards to speak with..

BMW 325 - Dealer not settling finance - skidpan

If the finance is not settled and further payments are not made the loan company will want their money from someone. Since the OP's name is on the agreement it is they the Balifs will come after.

Depending on the type of loan they may even go after the new owner of the car since they still have a financial interest in it.

The OP needs to get this sorted ASAP and that means speaking to the finance company without delay.

This could result in the OP getting a poor credit or worse.


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