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Car finance contracts

Car finance contracts

Old Apr 6th 2004, 12:53 pm
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Default Car finance contracts

A few days ago i bought a new car in Melbourne 50% deposit and the rest on finance. I took in my identification including visa (2 yr 457 visa) and drove away in a new car being paid over 4 years. Now the finance company want me to sign a new contract agreeing to pay over the 2 years my visa runs for.
Please tell me if i've got this wrong but if they agreed for me to pay the car over 4 years and we have a contract saying so surely they can't make me sign a new contract over 2??
I'm not planning to do a runner after 2 years and hope to be permanent well before then but i want to knowq where i stand.
Thanks Mandy
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Old Apr 6th 2004, 1:01 pm
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Default Re: Car finance contracts

Originally posted by Mandyisere
A few days ago i bought a new car in Melbourne 50% deposit and the rest on finance. I took in my identification including visa (2 yr 457 visa) and drove away in a new car being paid over 4 years. Now the finance company want me to sign a new contract agreeing to pay over the 2 years my visa runs for.
Please tell me if i've got this wrong but if they agreed for me to pay the car over 4 years and we have a contract saying so surely they can't make me sign a new contract over 2??
I'm not planning to do a runner after 2 years and hope to be permanent well before then but i want to knowq where i stand.
Thanks Mandy
I you now have the car do nothing. do not sign another contract.

If they now deem you a high risk its to late.

was it a HP loan or a personal loan ?
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Old Apr 6th 2004, 1:08 pm
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It says in the contract that the loan is secured against the car so i think that makes it HP??
The finance woman is meant to becoming to my house in the morning for me to sign a new contract but surely if i don't sign they can't take the car because i haven't broken my contract or can they??
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Old Apr 6th 2004, 1:44 pm
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Default Re: Car finance contracts

Firstly i'm no lawyer and just looking at it from my view point.

I thought you had signed a legally binding document that entitles you to pay back the loan over a 4 year period.
If they made the mistake its their fault they have to live with it.

I wouldnt sign anything tomorrow and would say I will let my solicitor give it the once over.

You may need to take legal advice over it.

TT


Originally posted by Mandyisere
A few days ago i bought a new car in Melbourne 50% deposit and the rest on finance. I took in my identification including visa (2 yr 457 visa) and drove away in a new car being paid over 4 years. Now the finance company want me to sign a new contract agreeing to pay over the 2 years my visa runs for.
Please tell me if i've got this wrong but if they agreed for me to pay the car over 4 years and we have a contract saying so surely they can't make me sign a new contract over 2??
I'm not planning to do a runner after 2 years and hope to be permanent well before then but i want to knowq where i stand.
Thanks Mandy
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Old Apr 6th 2004, 6:00 pm
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Default Re: Car finance contracts

Originally posted by Mandyisere
A few days ago i bought a new car in Melbourne 50% deposit and the rest on finance. I took in my identification including visa (2 yr 457 visa) and drove away in a new car being paid over 4 years. Now the finance company want me to sign a new contract agreeing to pay over the 2 years my visa runs for.
Please tell me if i've got this wrong but if they agreed for me to pay the car over 4 years and we have a contract saying so surely they can't make me sign a new contract over 2??
I'm not planning to do a runner after 2 years and hope to be permanent well before then but i want to knowq where i stand.
Thanks Mandy
Check the small print. I bet it doesn't say anything about where you live during the last 2 years of the deal. So long as they knew your situation before offering the deal (they did if they saw your visa) I don't think they can do anything surely?
Don't sign but as TrickyTree says, you might need to take legal advice.
Good luck!
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Old Apr 7th 2004, 3:52 am
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Is the car brand spanking new (ie straight out of the showroom)?

If so, you could always tell them their terms are unacceptable, and tell them to take the car back and give you a full refund.

They will then be facing a huge depreciation on the car and may decide to reconsider their actions.
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Old Apr 7th 2004, 4:04 am
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Don't sign the contracts. You have the car already, which means they've either stuffed up or they're looking at taking you for a ride somehow. Either way, it's their problem.
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Old Apr 7th 2004, 4:30 am
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Read the contract carefully (or post it up here, I'm no lawyer by the way) to determine what action can be taken on either side if any.

I too could only get car finance within the duration of my visa.
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