Car Finance

standupguy

Brock is correct - there is no such consumer law about age of vehicles and finance agreements.
What you have produced is an average example of lenders underwriting criteria so that consumers have an idea about probable parameters such as deposit required and maximimum term etc.
However every lender has different criteria for what age of vehicle they will accept on finance.

Your main challenge - as brock says - should be around why the gap insurance is not paying out and if not then was the policy missold.

As brock says, more info about about the Gap insurance may help you make some progress.

Forget about this 10 year idea - there is no substance at all in what you/he believes

ILW

michael1983l wrote: »

You will find it very difficult to get an HP agreement on a classic car. Go check any HP dealer and you will find the same terms. It is set into the consumer credit act 1974. If you don't know something it is better to keep your mouth shut and have people think you are stupid than to open it and remove all doubt.

Who told you that?

negg

Anyway it turns out his GAP insurance won't pay out and the finance company is chasing him for 4k.

Erm... that seems to be the most valid point. Why won't the GAP insurance pay out?

shonewillym

I have given information of this car....

Dabooka

shonewillym wrote: »

I have given information of this car....

Err... what?

duggie1982

shonewillym wrote: »

I have given information of this car....

!!!!!!? :rotfl::rotfl::rotfl:

michael1983l

I was told by a finance company when I taken out HP on a car recently, they said by law they wern't allowed to have HP outstanding on a car over 10 years.

ILW

Think they were telling you little porkies.

Wickedkitten

I think they are telling you porkies as well, there are plenty of places in the UK that specialise in selling classic cars on HP.

michael1983l

Yes it seems they have, I have searched and searched and found nothing. Most companies do ahave a 10 year limit though.