GAP insurance on car finance agreement

halejovi

i bought a 2nd hand car from a well known dealership in dec09. i was offered gap insurance and had how it works explained to me and i agreed to have it but i was charged £777 for it. This was added to the finance agreement which turned out to be a personal loan so have been charged interest by the company through which the finance was agreed on top. It has just been brought to my attention that i could have purchased gap insurance seperately that probably would have cost me only a third of the price and paid for upfront (ie no interest). i have contacted the finance manager and been told it is too late to cancel the GAP policy (He wasnt best pleased at my query) is this true? have i Been miss-sold gap insurance or do i just have to try and pay for my nieve mistake and lump it struggling financially at the min so any pennies saved will help!

NeverEnough

How can the GAP insurance have been "missold" if it was explained to you and you agreed to have it? Its not been missold just because you could have bought it cheaper elsewhere! You should have checked with other providers before agreeing to the policy - invariably, much cheaper GAP insurance is available from independent providers. Misselling is about selling a product that is unfit for the use the buyer thought it was meant for - ie the seller misleads the buyer into believing that a certain product would meet their needs when it won't, like the PPI saga. Selling a perfectly good product more expensively than someone else does, does not constitute misselling - you will have to put this one down to experience and learn from it!!

iolanthe07

Gap insurance is a good idea, but you need to shop around. Dealers' gap insurance is usually very expensive as you have discovered; but I don't think it was 'missold'.

Apples2

It's a bit like walking into a BMW Dealer and saying you want to buy a car.

He is going to sell you one of his brand new BMW's, he won't tell you to go down the road to Fat Larry's who has a nice Nissan Micra for much less.

Xbigman

Also, if you had £777 in cash to pay up front why didn'y you put down a £777 bigger deposit and borrow that much less in the first place?





X

halejovi

if i had had £777 cash to put on as a deposit i would have but as my trusty old banger had decided to quit life on the side of a moor in minus 20degrees c between xmas and new year and i had clients breathing down my neck i needed a car on the road ASAP else i would never have bought the b!**%y thing i stupidly put my trust in what i hoped were a fairly honest reputable company. i didnt know at that time that GAP insurance could be sold seperately elsewhere to car finance agreements .One or two people i have talked to in the last week or two have commented to me that the gap insurance could well be classed as miss-sold (not to mention i found out i actually paid £2000 more for the car than it was worth didnt know about glasses guide then either) as of its seemingly high cost compared to other quotes. It would seem not from the responses on here

chanz4

simple its a business, they make profit. Tesco dont tell you things can be bought cheaper in asda do they?

Apples2

halejovi wrote: »

(not to mention i found out i actually paid £2000 more for the car than it was worth didnt know about glasses guide then either) as of its seemingly high cost compared to other quotes.

Defo mis-sold. Go get your full refund for both GAP Insurance AND the car, not forgetting an extra £2k they tried to rip you off on top as a bonus.

iolanthe07

Some people just don't do irony, do they Apples?

chanz4

no just think the op is living in cloud coocoo

iolanthe07

iolanthe07 wrote: »

Some people just don't do irony, do they Apples?

I see that the post this refers to has been removed!