Help , connect into loan when wanted lease

[OLLIE20]

I leased a car, or so I thought 18 months or so ago, I pay a fixed amount for 3 years then give them the car back when the period is over, however now I've realised they just took a loan out in my name and basically bought the car using my name , and when the period is over I owe the bank a further £3000 for the loan, I never agreed to this loan I clearly stated and was told it was a lease , I have no paperwork which allowed them to take this loan out in my name m the car got delivered I signed a vehicle acceptance form which just said about any damage in vehicle

Before I got this car off them I had another one though the same company , which I was also under the impression was a lease, now when we took this out I did sign forms but was at no point told it was a loan , but was told a lease as I wanted

This is MI's selling at worse but maybe even fraud , anyone any advice or dealt with this situation before ?

 

[grizzlebear]

its not uncommon for them to do something like this. The "bubble" as its known will be repaid by the value of the car at the end of the term. Im assuming its a new car so you could actually benefit. If its actually a HP agreement then once you have passed the Hire part of the agreement you are buying the car. This means at the end if the cars worth more than the 3k you can sell it and pocket the difference. Without sight of the documents its impossible to say exactly what you have entered. I had more or less the same thing a few years ago, waited till the end of the hire part of the loan and gave them the car back. There was nothing they could do and i walked away with a huge grin.