HP and GAP insurance - Now a problem with Outstanding Finance

Kilty_2

It happens a lot - you've been given a discount on the car not the GAP / etc.

Happened with my last car purchase when they were giving me more than book price for my trade-in too - they took it off the car rather than bumping up the part exchange.

As for the HP and insurance being seperate products - they are but aren't you financing the balance therefore paying for the insurance through the finance?

Oh and losing a £1000 deposit to save less than £500 isn't exactly a good idea.

ynwa6

Hi, in follow up to my previous posts, we have cancelled the insurance policies and also the HP agreement (as thankfully it hadn't been executed by the time we rang the dealership). All agreed to go ahead with the purchase as planned with previously agreed price. However, just done a HPI check and the car has now come back with outstanding finance. Any ideas where to go from here? We will call the finance company in the morning and find out whether they have interest in the car. If they do, we will pull out of the deal, but still concerned regarding the £1000 deposit we paid. Are we protected in any way given that this is a VW dealership and presumably will have run HPI checks themselves?

ynwa6

Tried to ring to finance company and consumer rights this morning, but both are closed.

The HPI check says the outstanding finance is to VWFS Dealer Funding, which having googled suggests this may be finance that the dealer has taken out on the car to maintain stock levels/cash flow? But still the dealership has not made any attempt to inform of this and now we have no way of confirming if the finance is active until after the bank holiday. Argggh!

plane_boy2000

Fair chance that its VW Financial Services - most likely that its the dealer financing the stock, or could it be that they have logged your finance against it already (not sure how quick these things happen)