Finance company have 'forgotten' to take a deposit

[Clutchy]

So we took out finance on a £40k + VAT digger with a £8k deposit + VAT (£16k total) up front on hire purchase on 2nd January 2023 with a 4 year term

 

We have a couple of agreements with this finance company and they have always taken the deposit on the day funds were sent to the manufacturer or within 10 days. 

 

It's been 9 months now and still hasn't come out... Has anyone else experienced this? Have we got lucky? I want to ask for a settlement amount just to see but don't want to rock the boat lol  

 

I know I know, if it seems too good to be true...

[Stephen Blair]

Have you got the digger?

if not then they may not take the money until then. 
 

[Clutchy]

Yeah had it since January 

[Mick Dempsey]

I would have thought a business like that, it’ll show in the end of year accounts.

8k doesn’t just fall between the cracks.

Morally I suppose it’s similar to you forgetting to invoice a client, would you expect them to tell you?

 

Edited September 22, 2023 by Mick Dempsey

[Dan Maynard]

They might charge you interest on it when they realise they lent you 8 grand for nearly a year.

[Steven P]

Have you got the money set aside just in case they come knocking at the door? From Dans comment above, you -might- be able to argue that when they do ask and you pay prompt there is no interest to pay? A long shot but could be worth a cheeky try when they do ask

[Will C]

Could they register it as a non payment? which in turn could bugger you up next time you want finance?

[PeteB]

Are you sure that the deal is down as HP with deposit and vat up front or is it a lease with no deposit and vat charged monthly? It'll not be yours at the term end without huge balloon payment!

[Clutchy]

Definitely HP 

 

Weird, not really fair if they try and do me on our credit rating as they have been taking monthly payments. Not my fault they missed one. 

 

Oh wait, or is it? 😂

[GA Groundcare]

On 23/09/2023 at 17:20, Clutchy said:

Definitely HP 

 

Weird, not really fair if they try and do me on our credit rating as they have been taking monthly payments. Not my fault they missed one. 

 

Oh wait, or is it? 😂

Are you completely sure the docs you signed are the what you were quoted? Was there a part exchange involved? Very unlikely for the finance bank to just forget.

 

Usually the deposit is taken within a week of signing the documents.