Mis sold Unsecured car loan

Biggaz1979

Apples2 wrote: »

Without reading the first post this is a simple misunderstanding by OP that it was APR being mentioned.

Car salesman always quote the Interest rate (Flat Rate) which is about half of the APR, they all do it because it sounds better. Coupled with thae lure of that shiny tin box sitting ready to drive away in, punters simply don't listen or care for what they are agreeing to.

If you have a pice of paper with 8% APR written on it, you stand a chance but it is unlikely.
You are simply another in a loooooong list of people who were so keen to grab the car they didn't care enough to read the agreement.

I wasn't told interest rate. I was told APR! Which is the only reason I didn't read the paperwork before signing, it was on the screen in front of me via Barclay's. I would never think that was untrue from a company like Barclay's. Would you? And the two figures were not explained to me as Barclay's said they should have been.

This is another case of a dealer scamming a buyer, nothing else.

gazman100

What others have said with regards flat rate vs APR. I would also suggest you try and get a clear understanding of the facts if you want to argue this any further (e.g. it is not 8% monthly APR), because this is very common and also legal. Personally I don't think you've got a chance I'm afraid.

Edi81

You didn't bother reading it and believe everything you were told by a used car salesperson. More fool you and you won't get anything back.

The only thinkpg that Barclays Finance may do is have a word with the dealership which may result in them withdrawing their credit facilities. I know this would occasionally happen when I worked for another hp company and we had complaints about the same dealer.

Biggaz1979

At the end of the day. The figure 16% was never even mentioned apart from when I was told if I didn't take out the GAP and warranty the APR would double to 16%.. The APR not Interest rate. SCUMBAGS is all they are. I will just put it into a debt management facility!

PeacefulWaters

Biggaz1979 wrote: »

I will just put it into a debt management facility!

Do that and you'll be positively celebrating the next time you're offered credit as cheap as 16% APR.

Pursue your complaint by all means. I believe you've allowed yourself to be had.

But pay what's owed when due and learn from the experience. Don't snooker yourself.

ratrace

Im going to buy a recording device and a hidden camera next time i buy a car, if i dont ill just read the agreement before i sign the dotted line............

Biggaz1979

I'm sorry I even joined this forum now. Yeah I was made a (text removed by MSE Forum Team) fool of by falling for their bull and what was shown to me on screen. What I don't need is mindless morons making me feel even worse than I already do.

Just forget I ever (text removed by MSE Forum Team) posted or ban me from the forum.

Thanks for the very few mature responses I had nonetheless!

Marktheshark

You were given the facts by people who have saved others thousands of pounds.
In your situation, you made a mistake of not reading the contract.
We have laws based upon case law in this country and when you sign a contract it is what is on that contract that binds you legally, nothing else.
This is one of life's learning curves, the world is full of trickery and deception.

Learn from your mistake, don't try to put the blame on others, had you have taken a copy of the contract home and asked here first, you would have been given the straight advice about the interests rates.
You did not, so why you feel you can blame people here pointing out the legal situation puzzles me.
We see many people make this mistake of not reading the contract before signing only to realise they have signed up to something else to what they thought they were signing.
Thats why we are taught to read at school.

jellie

Biggaz1979 wrote: »

She told me the monthly payment, which was £197.56 which I thought was high. She then explained that the warranty and GAP had been added to the payments to take it up to that amount. They said I could have the car for £6.995 as it was up for £7,495 so the overall amount for credit was then £8,467 So they has added around £1,500 for the warranty and GAP. I thought, Okay better to be safe than sorry, even though ideally I wanted to keep the installments down. I didn't know how this worked so I went along with it and didn't question what they said at the time.

So you are happy with the amount you are repaying, it's just that the APR is higher than you were told it was? If the figures are ok to you, why does it matter what the APR is?

Biggaz1979 wrote: »

I signed the paperwork without reading each page, because I had trusted what I'd seen on the screen. I trusted this because it was a Barclay's Partner Finance window with text fields that were not editable. So to me at that time, the 8% APR was what I was getting, and that was what it would say on the paperwork also.

How do you know the fields couldn't be edited and why does it matter?

Biggaz1979 wrote: »

I admit I was very excited at the idea of having a nearly new car for the first time in my life as well.

Hmm

Biggaz1979 wrote: »

I even got rid of the car in anger just to get some money back in my pocket, even though I now stand to lose thousands over this. I part exchanged the car for a 2004 audi A4 and £2,100 in cash. The car I had was a 2010 Renault Megane Coupe DCI. I now know why they really wanted me to have the warranty. Within a month of taking the car home, the turbo blew on it, and it took them nearly a week to sort it. And then it started making a funny noise again, so I just got rid of it before something else went wrong with it.

So did you sell in anger or because it had a fault, which the warranty paid out for? Given that the warranty paid for repairs, I imagine you're happy the dealership sold you the cover, so it seems a bit odd that you're complaining about this being added.

As there seems to be no dispute about the amount of monthly repayments and the total repayable, I can't see you getting very far unfortunately.

Biggaz1979

I didn't want the warranty originally, I was told I had to have it to keep the APR at 8%. It was just lucky that I did when the turbo went, which showed exactly why they made sure I had it don't you think?

I was a bit shocked at the monthly payments, because they told me beforehand it would be around £170. It is the principle of the fact they have clearly lied to me about the APR and I should be paying less.

And I know what fields on a form that cannot be edited look like, they were not editable. They were the same colour as the rest of the form, not white as editable would be. They had shown me the interest rate and not explained it all properly. They were very clever with what they told me and how they conducted the sale..

Okay look. I am a mug, no need for any more replies. I will just have to deal with it. Thanks to the few of you that bothered to reply to me in a mature manner.