O/T Car finance

[tHeArAb]

Alright troops, anyone able to offer any advice on the following:

The missus recently purchased a car from Arnold Clark Dundee. Finance was applied on Sunday Sept 20th. Arnold Clark came back to us with an approval of the finance (through Black Horse) the following Tuesday 22nd. We went to pick the car up the following Saturday the 26th where everything was signed and sealed and we drove the car away. Then some four days later, eight days after being was accepted for the finance, Arnold Clark contacted her to say that the finance has actually been rejected. They are unable to provide any explanation for this and she has had to re-apply for the finance. The car is now registered in her name (or it will be once the v5 comes back), she has paid a £2000 deposit for the car, paid £100 towards getting the alloy wheels refurbished by Arnold Clark, she's paid £85 to transfer her insurance over and another £80 to have her old number plates taken off her previous car. She has also sold her previous car, so not only is she out of pocket by £2265, if the finance is rejected she will be left without a car!!!! All Arnold Clark are saying is that the signature she provided may not exactly match the photocopy on her driving license and until she re-apllies, they cannot ask the finance company why she has, some eight days after being accepted, been rejected.

How the f*ck can this have happened? If finance is accepted, its accepted, no? Or do Arnold Clark sell cars on pre-approval of finance? Any help would be greatly appreciated.

Cheers

[alwaysanarab]

dosnt sound correct, maybe visit garage and confirm what their saying. Hope its not a third party scam wanting your bank details?
Good luck.

[tHeArAb]

Definitely not a third party scam. Its Arnold Clark & Black Horse. Apparently finance can be rejected after being accepted. Complete f*ck up when a car is involved however.

[offshore_arab83]

usually yes, once approved thats it, strange this has happened but not surprised with that mob and sounds more like a failing on their part as usual rather than the finance company.

Finance is a con, go PCP and stay away from that useless shower of *******s, especially the ones beside the johnnys

[stokearab]

Alright troops, anyone able to offer any advice on the following:

The missus recently purchased a car from Arnold Clark Dundee. Finance was applied on Sunday Sept 20th. Arnold Clark came back to us with an approval of the finance (through Black Horse) the following Tuesday 22nd. We went to pick the car up the following Saturday the 26th where everything was signed and sealed and we drove the car away. Then some four days later, eight days after being was accepted for the finance, Arnold Clark contacted her to say that the finance has actually been rejected. They are unable to provide any explanation for this and she has had to re-apply for the finance. The car is now registered in her name (or it will be once the v5 comes back), she has paid a £2000 deposit for the car, paid £100 towards getting the alloy wheels refurbished by Arnold Clark, she's paid £85 to transfer her insurance over and another £80 to have her old number plates taken off her previous car. She has also sold her previous car, so not only is she out of pocket by £2265, if the finance is rejected she will be left without a car!!!! All Arnold Clark are saying is that the signature she provided may not exactly match the photocopy on her driving license and until she re-apllies, they cannot ask the finance company why she has, some eight days after being accepted, been rejected.

How the f*ck can this have happened? If finance is accepted, its accepted, no? Or do Arnold Clark sell cars on pre-approval of finance? Any help would be greatly appreciated.

Cheers

I had a similar thing recently when trying to transfer money, RBS told me my signature didn't match the one they held for me. I had a hand injury at the time I signed and it was only after submitting a second ID and signature that they accepted it. Hopefully the same and you get it sorted. Tbh Arnold Clark shouldn't be handing keys over before finance is accepted.

[Shedboy1971]

Ok watch this could be a pseudo yo-yo scam - to get you settled in car then see a discrepency and get you to pay more interest (the fvckers can actually do that if full credit score isnt great). They are a shower of cvnts Arnold Clark. But its their fault they gave you the car.

Legally you got a loan in good faith - do you have the original documentation? with the in-lending itemizing your payments etc and total interest cost. Hope so as that helps.

Check your credit on experian as well.

Contact them immediately and ensure any resigning will be for the SAME terms. Next stage is to ask for down payment back, trade-in back and cost of alloys. Threaten a lawyer if needed.

Car dealers do have automatic credit scoring so if it is because of a signature discrepency then maybe nothing to worry about.
Just beware they charge higher interest.

As you have registered it the car immediately depreciates in value so AC should try and make sure this goes through.

Often It gets sent to underwriting and the salesperson and finance manager don't inform you it has been 'conditionally approved', and treat it and lead you to believe it's been approved. So the paperwork is important.

Dont worry If the dealer didn't have you approved with a lender they'd be hounding you or knocking at your door step as they'd be on the hook for that vehicle. They need to sort this in my view and it may just be a wording or signature as you said.

if it gets messy PM me.

[Shedboy1971]

I had a similar thing recently when trying to transfer money, RBS told me my signature didn't match the one they held for me. I had a hand injury at the time I signed and it was only after submitting a second ID and signature that they accepted it. Hopefully the same and you get it sorted. Tbh Arnold Clark shouldn't be handing keys over before finance is accepted.

was it your right hand stokey

[tHeArAb]

was it your right hand stokey

😂😂😂😂😂

[tHeArAb]

usually yes, once approved thats it, strange this has happened but not surprised with that mob and sounds more like a failing on their part as usual rather than the finance company.

Finance is a con, go PCP and stay away from that useless shower of *******s, especially the ones beside the johnnys

I'm what way is it a con compared to PCP? She went for the HP as the car will obviously be hers to keep at the end without the need for a decent sized lump sum if she wanted to keep it after the PCP ran out, and if she does want to sell, well at least she'll get a bit of cash for it. Payments were the same, albeit HP was a year longer than PCP.

[tHeArAb]

I had a similar thing recently when trying to transfer money, RBS told me my signature didn't match the one they held for me. I had a hand injury at the time I signed and it was only after submitting a second ID and signature that they accepted it. Hopefully the same and you get it sorted. Tbh Arnold Clark shouldn't be handing keys over before finance is accepted.

Tbf to them, they did say to her at the time to make sure her signature was bang on, so we're holding onto the hope that this is the reason.

Can't remember if she was suffering from repetitive right hand syndrome or not that morning. 😆😉