Dodgy Car deal

k8vin

Everyone who sells a financial products must take a competence test issued by the FSA. Check to see if this salesman has done it, if not he his not authorised to sell financial products of any kind, you may then have a case, and the company can be severley penalised, if he is your on a hiding to nothing.

k8vin

Just read another post, re mis selling, you wont get anywhere with this as it listed all the details line by line on the contract he signed.

k8vin

Sorry to bore you all, just one final thing to remember, your son is not tied to a lifetime of debt, you will notice on the finance agreement that after a certain period he can hand the car back to the finance company and owe nothing, it is called volentary termination, this is usually used when a car has negative equity, for example is you had your car valued at £5,000 but owed £7,000 usually if you have paid half of the payments you can hand the car back to the finance company. NO COST TO YOU.

blue_haddock

k8vin wrote:

Everyone who sells a financial products must take a competence test issued by the FSA. Check to see if this salesman has done it, if not he his not authorised to sell financial products of any kind, you may then have a case, and the company can be severley penalised, if he is your on a hiding to nothing.

Not necessarily - you can sell the products under an umbrella agreement from the insurance company without having to personally assessed under the FSA rules.

burbs_2

Im fed up with people signing up to things and after the novelty wears off they decide they no longer want/need what they have signed up to and try to worm their way out of things without it causing them any problems.

Running a car sales business dealing sports cars i get young lads coming in all the time. Often they will be timewasters but on occasion they go through with a sale and take the finance. A few weeks later, perhaps a month or two they come back in with mummy and daddy.
"Our son doesnt want this finance and you shouldnt have sold it to him. I suggest you take back the car and cancel it as he didnt know what he was signing"

If your son has signed up for this agreement then what are you moaning about? Surely at 22 in the big wide world he can make decisions for himself? If he only earns a few grand why was he bothering to look at 10 grands worth of finance?

If your son wasnt happy with the agreement then he should have told them he would come back with his parents and have a look then, not just sign and whine about it.
Its not always dealers and finance houses which cause problems in these situations.

david29dpo

burbs wrote:

Im fed up with people signing up to things and after the novelty wears off they decide they no longer want/need what they have signed up to and try to worm their way out of things without it causing them any problems.

Running a car sales business dealing sports cars i get young lads coming in all the time. Often they will be timewasters but on occasion they go through with a sale and take the finance. A few weeks later, perhaps a month or two they come back in with mummy and daddy.
"Our son doesnt want this finance and you shouldnt have sold it to him. I suggest you take back the car and cancel it as he didnt know what he was signing"

If your son has signed up for this agreement then what are you moaning about? Surely at 22 in the big wide world he can make decisions for himself? If he only earns a few grand why was he bothering to look at 10 grands worth of finance?

If your son wasnt happy with the agreement then he should have told them he would come back with his parents and have a look then, not just sign and whine about it.
Its not always dealers and finance houses which cause problems in these situations.

sorry but i have to agree, to a point. i know lost of people who have done things like this, and they just want,want,want. a friend has £75000 on credit cards and earns £12000 a year. he is going to lose his house soon. he came to me for help, i did my best but i have no sympathy he must have known he has to pay it back. however, some pry on the nieve, more money education perhaps?

110frankie

I agree with ther last two posts and would add that car salesmen do not go out into the street, or come into your home.
Your son had to make the decision as to which make of car he liked then find it, via an advert or by going around car showrooms.
Then he had to make the decision to walk inside.
Then he had to ask the salesman about that one - not that other one.
Now, he's driving around in a lethal weapon that can kill people.
Yet you reckon he is too innocent to work out a finance deal?

chrisw

burbs wrote:

Im fed up with people signing up to things and after the novelty wears off they decide they no longer want/need what they have signed up to and try to worm their way out of things without it causing them any problems.

Running a car sales business dealing sports cars i get young lads coming in all the time. Often they will be timewasters but on occasion they go through with a sale and take the finance. A few weeks later, perhaps a month or two they come back in with mummy and daddy.
"Our son doesnt want this finance and you shouldnt have sold it to him. I suggest you take back the car and cancel it as he didnt know what he was signing"

If your son has signed up for this agreement then what are you moaning about? Surely at 22 in the big wide world he can make decisions for himself? If he only earns a few grand why was he bothering to look at 10 grands worth of finance?

If your son wasnt happy with the agreement then he should have told them he would come back with his parents and have a look then, not just sign and whine about it.
Its not always dealers and finance houses which cause problems in these situations.

I agree to a point, however I'm 42 and quite strong minded but I have felt myself pushed into a corner by a car salesman. It was extremely difficult to get away and I can quite appreciate how easy it is to 'find yourself' signed up to something. Some (but not all!) salesman use the best psychological techniques to convince you, which I suppose is how they get to become top salesmen. I would prefer to see them salaried rather than on commission but I guess at the end of the day, the business needs to make money.

burbs_2

chrisw wrote:

I agree to a point, however I'm 42 and quite strong minded but I have felt myself pushed into a corner by a car salesman. It was extremely difficult to get away and I can quite appreciate how easy it is to 'find yourself' signed up to something. Some (but not all!) salesman use the best psychological techniques to convince you, which I suppose is how they get to become top salesmen. I would prefer to see them salaried rather than on commission but I guess at the end of the day, the business needs to make money.

I dont agree at all. I sell all day every day, if i dont sell then i dont make any money. However if i could force people into signing something that they didnt want to then trust me i would be a millionaire. I would have every person who steps through my door signing on the dotted line and i would retire by the age of 25!!

Its not a case of a hard sell, its a case of eyes bigger than your wallet. People want these cars, most of them dont need any persuading. They want the car, they see the figures and they sign away. Then when they drive away all is tasty for the first couple of months, then reality bites and the mess hits the fan.

This is where mummy and daddy come back to me and give me abuse for forcing their beloved into making a purchase. Not only did i force them into signing for the finance i must have also forced them into driving the car away and then forced them into keeping it for a period of time as well.

Get a grip, if people are that undecisive and that easily led then in my opinion they shouldnt be behind the wheel of a motor anyway.

blue_haddock

Burbs - i agree wholeheartedly with what you have said. It is always the salesman who gets the blame for this sort of thing and not young tarquin who signed up for everything.

I wish people would realise that we are just doing our job, yes at times we may use a touch of psychology to influence the customer but hey thats what we're paid to do!