The Great Hunt: Been mis-sold car finance?

Gwendo40

I was brought up to be prudent, sensible with money and live modestly within my means... can I claim some form of mis-selling compo on the grounds that I should instead have been educated to be a careless, financially irresponsible debt junkie living a ten bob millionaire lifestyle who will be rewarded and bailed out when the piper comes calling?

Robby1988

I have signed up for alloy wheel cover, GAP insurance etc. when I have bought cars on finance in the past. I was never mis sold it, the salesperson offered it, I accepted and it was always printed in black & white on the contract I signed.

No doubt some lawyer is now going to tell me that I am entitled to compensation because they didn't disclose the commission rate or some other nonsense.

Keep_pedalling

So if I take out a term life insurance policy, but fail to die during that term I must have been mis-sold the insurance because with hindsight I never needed it.

sammyjones1974

Unfortunately for me I bought a brand new car two years ago and only last month I learnt that the finance I had was pcp and not HP as i originally understood.

I had all sorts of extras added on as the sales guy urged me to stay on the safe side. This was the first time I had bought a new car and i probably made the mistake of telling him that i knew nothing about cars but I did and I don't think I did myself any favours.

I purchased the vehicle for £40k I have so far paid half, I was told by a car dealer that my car is now only worth £16k... After speaking with the finance company they said I still owe them £20k which confuses me... Its very clear I'm clueless to how this all works and I'm now paying way over, I wish i had someone i could of taken with me who could of advised me, Im a single parent with a contract for a car which im unable to afford as I have run into financial difficulty and I am working 24/7 so I don't default on payments. I did not realise I had to pay a larger sum of money at the end of the contract either to make the car mine.

I'm so confused and really upset for being an idiot and signing paperwork without really understanding what i was signing for. This has been a massive and very expensive lesson to learn

rudekid48

sammyjones1974 wrote: »

Unfortunately for me I bought a brand new car two years ago and only last month I learnt that the finance I had was pcp and not HP as i originally understood.

I had all sorts of extras added on as the sales guy urged me to stay on the safe side. This was the first time I had bought a new car and i probably made the mistake of telling him that i knew nothing about cars but I did and I don't think I did myself any favours.

I purchased the vehicle for £40k I have so far paid half, I was told by a car dealer that my car is now only worth £16k... After speaking with the finance company they said I still owe them £20k which confuses me... Its very clear I'm clueless to how this all works and I'm now paying way over, I wish i had someone i could of taken with me who could of advised me, Im a single parent with a contract for a car which im unable to afford as I have run into financial difficulty and I am working 24/7 so I don't default on payments. I did not realise I had to pay a larger sum of money at the end of the contract either to make the car mine.

I'm so confused and really upset for being an idiot and signing paperwork without really understanding what i was signing for. This has been a massive and very expensive lesson to learn

Sorry to appear unsympathetic but if you are a single parent with tight finances what on earth possessed you to buy a £40k car??

motorguy

sammyjones1974 wrote: »

Unfortunately for me I bought a brand new car two years ago and only last month I learnt that the finance I had was pcp and not HP as i originally understood.

I had all sorts of extras added on as the sales guy urged me to stay on the safe side. This was the first time I had bought a new car and i probably made the mistake of telling him that i knew nothing about cars but I did and I don't think I did myself any favours.

I purchased the vehicle for £40k I have so far paid half, I was told by a car dealer that my car is now only worth £16k... After speaking with the finance company they said I still owe them £20k which confuses me... Its very clear I'm clueless to how this all works and I'm now paying way over, I wish i had someone i could of taken with me who could of advised me, Im a single parent with a contract for a car which im unable to afford as I have run into financial difficulty and I am working 24/7 so I don't default on payments. I did not realise I had to pay a larger sum of money at the end of the contract either to make the car mine.

I'm so confused and really upset for being an idiot and signing paperwork without really understanding what i was signing for. This has been a massive and very expensive lesson to learn

You have options.

• You could look at Voluntary Termination of the agreement, which you can do once you've paid 50% of the total cost (including deposit, residual value, fees and interest), with nothing further to pay, subject to fair wear and tear and possibly mileage constraints.
• You can continue to make the payments until the end of the finance term and hand it back (subject to fair wear and tear and possibly mileage constraints)
• You can continue to make the payments until the end of the finance term and sell it on for possibly more than the residual value.
• You can continue to make the payments until the end of the finance term and then refinance the balance.

LandyAndy

rudekid48 wrote: »

Sorry to appear unsympathetic but if you are a single parent with tight finances what on earth possessed you to buy a £40k car??

It was two years ago. Maybe the OP's circumstances have changed dramatically in the meantime?

almillar

the finance I had was pcp and not HP as i originally understood

As I understand, PCP is a form of HP. What you're thinking of would be described sometimes as 'straight HP'. If you really were shown everything and it didn't include a massive balloon payment, that would be mis-selling. But if it's there and you simply didn't read it...

System

MSE_Kelvin wrote: »

If you've bought a car in the last couple of years and think you were sold a finance deal you didn't fully understand, or were persuaded to buy extras (eg, wheel and paint protection) you didn't need, we want to hear from you.

Thanks in advance for your help.

Why, are you looking to get into bed with an ambulance chasing law firm? Advertising and click through revenue not generating enough profit for you?

I get enough of this crap in the post, I don't expect to get it on here.

John-K_3

sammyjones1974 wrote: »

I purchased the vehicle for £40k I have so far paid half, I was told by a car dealer that my car is now only worth £16k... After speaking with the finance company they said I still owe them £20k which confuses me..

How so? Cost £40, you’ve paid £20, so £20 left to pay.