Advice regarding GAP insurance

sophieschoice

Good luck, let us know how you get on!

FlySi

Couple of questions:

1) This seems a silly question to ask, but on a car finance agreement do you have a cooling off period in which to reconsider and cancel?

2) Does the customer copy of the finance agreement have to be identical to the finance company's copy? For example, if there is a declaration and a set of options to be ticked (or not) on the finance company's copy does this also have to be included on the customer's copy? If there's a legal requirement I'd be grateful if somebody could point me in the right direction.

Once I have an update on the situation regarding the GAP complaint I'll let you know.

Aimfire

Hello,
How did you get on with this?
I have a 5year agreement with motor point and 3 years in, my settlement figure is a lot more than my cars value. I was also sold GAP insurance…
Is there anything to reclaim? or get the overall cost down at all?
Thanks

Nasqueron

Aimfire wrote: »

Hello,
How did you get on with this?
I have a 5year agreement with motor point and 3 years in, my settlement figure is a lot more than my cars value. I was also sold GAP insurance…
Is there anything to reclaim? or get the overall cost down at all?
Thanks

You can't "reclaim" insurance, you can complain it was miss-sold but it's highly unlikely they would agree because GAP is a good product and there are no issues with it, the fact you can get it cheaper elsewhere is irrelevant, you wouldn't expect Waitrose staff to tell you your shopping would be cheaper at Aldi.

Cars depreciate, any car finance with interest is going to result in you paying more than the car is worth and the car decreasing value means the settlement may well cost more.

The figures would all be in the paperwork you signed. At best you might be able to try and get a cheap loan and pay off the car and save some interest