Mis sold Unsecured car loan

Adam3

Unfortunately sales people are target driven and feed off gaining the trust of the purchaser to secure a deal.

Sadly, it is such the world we live in. Alas you the monthly amount given was representative of the higher rate? Please don't take my next statement as sarcasm, because it isn't. Is this buyers remorse? Regardless of which rate was used as a sales pitch you were happy with the figure given per month.

Unless you have evidence of the 8% being used as the rate used the FOS will favor the company

jjlandlord

You paid £1,500 extra, and in fact borrowed it, in order to supposedly pay 8% over £8,467 (you made a down payment of £28?) rather than 16% over £6,995.

16% of £6,995 is £1,120 and 8% of £8,467 is £677, so the difference is £443.
As such I suspect that what you would have save interests would have been eaten by the extra £1,500 upfront.

Term seems to be ~5.5 years which is rather long.

You started pretty badly, IMHO.

littlerock

Sorry there are so many smart asses on here, OP, just sneering at you. We seem to be infested with these roaches at present. Sadly car salesmen and women, are often in the same class as mobile phone salesmen ie will bend the facts to get a sale. My OH is about to upgrade his phone, and due to misunderstanding last time, wants their promises in writing, will they do that, will they heck.

As the roaches are crawling round here, you are best off taking your case direct to Financial Ombudsman who will at least ask garage to confirm what they told you, if they take up your case. Just a thought, have you spoken to Trading Standards, they may have complaints on record if garage has form?

ViolaLass

Biggaz1979 wrote: »

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?

They wanted you to have the cover because it would make them more money, no other reason.

Lungboy

If the car was nearly new the turbo would have been covered anyway wouldn't it? Or are turbos wear and tear items?

youmadbro

Tell me if I'm wrong, but didn't you say the monthly payments were something that you thought were high, but still agreed to and also overall cost of credit has not changed? I would say if you agreed to those two the actual APR makes no difference in real terms.

andyfromotley

Hi Biggaz,

Theres no point in getting into an argument with the other people on here.

The reason they are being a bit off with you is that they expect people to check what they are signing. these are big financial decisions and not to check this stuff out is naive. You can't go through life trusting what people tell you or you will be taken advantage of. You don't seem to accept that you were foolish to behave like this.

Good luck with your complaint. Either way take this as a wake up call and never sign ANYTHING without reading and understanding it. Even if you have to take it away with you to do so. Don't ever sign anything unless you are 100% sure you are happy with it, Its been a hard lesson for you.

meer53

At the end of the day OP, the loan wasn't mis-sold, it was mis-bought by you. It happens a lot, best to learn from it and move on.

ViolaLass

This thread died in January. Let it go.