There are some common errors that we see quite frequently that cause your finance application to be slowed down.
This usually means you need to re-submit your finance documents due to these errors, causing delays to the delivery of your new vehicle. In this guide, we’ve put together the most common problems that are easily avoidable.
Your signature doesn’t match your driving licence
The finance company is going to expect your signature to be very similar to your driving licence. If there is any doubt that the signatures match, you will be asked to re-sign the finance documents. These errors will slow down your finance application process, and slow down the delivery of your vehicle.
Take care when it comes to signing the finance documents and ensure that your signature matches your driving licence.
You have signed on the “For and on behalf of” line on the indemnity pages
The customer is not supposed to sign on this line – it is supposed to be left blank. This is a common error that can slow down your application process. Ensure that this section is left blank.
You have used a family member as a witness
A family member isn’t suitable as a witness on your finance documents. A suitable witness is a third party (ie. anyone who knows you outside of your family) and has a different surname. For example; a work colleague or friend.
You have sent scans, or photocopies, of your proof documents e.g. driving licence, passport, proof of address
The finance company needs to see the original copy of any proof documents that they want to see. If you send scans, or photocopies, you will be required to resubmit your application with the actual document. Ensure you provide the actual document, and if you’re concerned make a photocopy, or scan, for yourself to keep at home while your documentation is not with you.
The finance company will send all proof documentation back to you as soon as possible. Please note that the finance company will return your proof documents in a similar delivery method to the one you sent it to them with. If you send your documents first class, they will return your documents first class. It’s for this reason that we advise using a trackable delivery method.
You have more than one witness for the whole application
Throughout the document, you will be asked to get a witness for a particular section. This needs to be the same person for the entire document. If you get a different witness for different sections in the document, it will cause delays.
Your proof of address isn’t within the last three months
When you provide your proof of address, it needs to be from the last 90 days. The following documents can be used as valid proof of address as long as they’re dated within the last 90 days:
- Postal/Internet produced bank statement
- Postal/Internet produced utility bill
- Postal/Internet produced letter addressed direct to the customer from a bank or utility company (note: this does not include any marketing letters)
- Post/Internet produced welcome/account confirmation letter addressed direct to the customer from a bank or utility company
- Postal/Internet produced Council Tax bill
- Postal/Internet produced letter/statement from a mortgage company
- Postal/Internet produced credit card statement
- Postal/Internet produced landline phone bill from the property listed as the current address
- Postal/Internet produced broadband bill, which includes landline rental
- Loan statement from bank
- If the customer is in the armed forces – a letter from the customer’s commanding officer confirming residence at an employer supplied address such as barracks
- Postal/Internet produced notification of entitlement to state/local authority benefit DWP
- Postal/Internet produced notification of entitlement to tax credit DWP
- Postal/Internet produced notification of entitlement to pension from the DWP
- Postal/Internet produced notification of entitlement to student loan/grant
- Postal/Internet produced notification of entitlements to other government/local authority grant
- Postal/Internet produced HMRC (Inland Revenue) coding/assessment/statement/tax credit (not P45/P60s)
- Instrument of a court appointment e.g. Probate or Court registered Power of Attorney
Ensure that your proofs of address show the name and address as supplied on your application.
If your driving licence isn’t in your current address, you’ll be asked to provide two forms of evidence for your new address.
When this happens, it’s common that only one proof of address is provided, causing errors with your documentations. Ensure that you provide two documents as proof of address for your current address.
You have sent your finance documents back to Milton Keynes
When you receive your finance documents, there will be a Dealership address in the email. This is the address that you need to send your finance documents to. If you send your finance documents and proof documents to Milton Keynes, you may have to wait for them to be returned before you can send them to the dealership.
Ensure that you post your finance documents to the Dealership address in the email to avoid any timely delays.