GAP Insurance? Is it PPI?

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  • di3004
    di3004 Posts: 42,579 Forumite
    Not as bad as you with your 42,000 posts (yet;))

    You will get there sooner rather than later, and doing fab too! :T:T:T

    I am all over the place at the mo, defo need new fingers for sure, these have worn out :D
    The one and only "Dizzy Di" :D
  • di3004
    di3004 Posts: 42,579 Forumite
    As Di3004 said, you could still complain of mis-selling if you had a mind to. I don't know what your complaint might be, though!;)

    That's the thing, I don't think it will come under the mis selling category as such, "I think it would be the case if they didn't pay out for a claim made for what is covered" but this does not apply to the OP, so not sure as said, this one I'm not too certain.:)
    The one and only "Dizzy Di" :D
  • malco1957
    malco1957 Posts: 1 Newbie
    edited 12 November 2012 at 5:05PM
    I was pressurised into buying GAP insurance for an expensive Audi, when I could no longer affort it I contacted the finance company and they offered to take the car back. Job done I thought, any shortages would be met by the insurance ... WRONG ended up facing a large gap between the amount I'd financed and the auction sale of the car. Then they came after me for the difference..some £ 15k, which I feel was misselling of the policy and was unfair. Of course they tell me now at every attempt to claim it is their fault that I'm wrong. Am I wrong or should I claim against them ?
  • dunstonh
    dunstonh Posts: 116,033
    Name Dropper First Anniversary Combo Breaker First Post
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    I was pressurised into buying GAP insurance for an expensive Audi, when I could no longer affort it

    Sounds like GAP was a good idea then. I would question why you were buying a car you felt was expensive.
    when I could no longer affort it I contacted the finance company and they offered to take the car back. Job done I thought, any shortages would be met by the insurance

    GAP has never done that. It is actually very simple in what it covers.
    which I feel was misselling of the policy and was unfair.

    What evidence do you have that shows the dealer told you the policy covered something that it doesnt?
    Of course they tell me now at every attempt to claim it is their fault that I'm wrong. Am I wrong or should I claim against them ?

    The problem is (as you can see from my response) that you almost certainly cannot prove your allegation. The dealer could have done that. It doesnt sound likely. It it more likely you have misunderstood or forgot. Dealers are there to sell what they can. They are allowed to pressure sale as long as they do not cross a line. Even if the dealer did give you a bunch of porkies, the problem is going to be proving that.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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