Mis-sold car finance, partly to blame

n_tag

I'm 6 months into a car finance agreement and have just discovered that whilst I asked for 20,000 miles per year, and everything I discussed with the salesman was supposed to be based on that mileage - he put it through as 12,000 per year.

I do feel very silly, and yes I know I should have checked everything I was signing but he was very slick and rushed me through the paperwork at the end.

Now I'm left with either having to pay an additional £80/month to up the limit -or- try and get rid of it somehow taking an enormous hit on the negative equity.

Do I have any legal standing to argue it was mis-sold? I'm not one of these complain at everything people but this has really upset me and is going to cost me a lot.

Cheers.

LandyAndy

You signed a contract. Dont think you can do much about it.

KTF

Did you get the opportunity to go over all the details before you signed it?

Whats the mileage on it at the moment? Could you change your use to lower the average?

asandwhen

How much is it for each extra mile at the end of the scheme? I know ours is 6p a mile so if you went 24000 miles over ( 3 x 8000 ) it would cost you £1440. If you pay £80 extra a month it will cost you £2880 ( 36 x £80 ). Surely you would lose more than 1440 if you got rid now.

Hintza

I have been hearing that some leasees quote the minimum mileage to keep monthly payments down but at the end of the contract they pay the balloon payment and then sell the car.

n_tag

asandwhen wrote: »

How much is it for each extra mile at the end of the scheme?

Extra miles are 12p, so yearly I'm down 8,000 meaning:

= (0.12 x 8,000) x 3
= £2,880 (same as £80/month for 3 years)

Yep if I sell now I would lose approx £7k so looks like I'll be keeping it for a while.

n_tag

KTF wrote: »

Did you get the opportunity to go over all the details before you signed it?

The salesman just held out each page for me to sign....

KTF wrote: »

Whats the mileage on it at the moment? Could you change your use to lower the average?

I'm 7 months in and already have 11k on it

KTF

The mileage is only a problem if you were planning to return the car at the end.

If not, then dont worry about it, pay the balloon payment at the end of the lease period then sell the car privately/trade it in at another garage, etc. to recover some of the cost.

colino

No, unfortunately you are "stuck" with it, otherwise every taxi driver and courier would be taking a minimum mileage deal and looking for the get out of jail card too.