A
female
age
26-29,
*elissa1984
writes:We bought a car from 'yes car credit' then we traded it for an mg. So the money we owed on the first car was added to the new one and we are still paying for the new one but now we are getting letters from a company to pay them for the first car. so where do we stand? please help Reply to this Question
Share |
Add your answer to this question! A
female
reader, Dorothy Dix  + ♥, writes (16 May 2011):
Hi there. It seems like maybe when you traded up for another car, you still owed on the first car. So that loan is incomplete.
So if you then got further credit on the latest vehicle, it is combined with the loan from the first car.
That's the only thing it could possibly be.
Say for instance, you took out the loan for 5 years on the first car, then decided to trade it in for the MG after just 2 years, well then the loan was not finalised at that time.
What then happens if you still owe money on the first car, well that loan is still active and has to be paid.
To clarify it thoroughly, you really need to call the finance company and have them explain it to you in more detail. Or better still, go and see them if you can.
In any case, it does need more question asking by you, to know for sure. That's what I'd be doing, most certainly.
Also, keep any letters and documentation from the financier, plus bank statements so you can follow what's been happening. You might even find that with further studying of the paperwork yourself, you might get a better understanding of everything.
But ultimately, you do absolutely need to take it up with the financial company directly.
Best wishes.
A
male
reader, anonymous, writes (27 August 2007): I'm a bit unfamiliar with UK credit companies, but I will try to help.
The money you owed on the first car should have been waived when you traded it in; and what you paid off should have been deducted from the MG payments.
Was 'Yes Car Credit' part of the dealership where you bought your cars.
If not, when you traded the car in, you should have told the dealership or the new owner of money owing.
Contact Yes Car Credit and discuss the matter with them.
Even if the first car is with a new owner, you still need to pay the money owed plus interest; regardless of your loss from depreciation.
Can you message me the details of the transaction ect. so I will try and sort them out for you.
...............................
|