Mis-sold Finance Claim?

asurya

I was wondering if anyone could point me in the direction of help with something, or equally just tell me I'm wrong and I'll drop it.

Around this time last year I got a new-used car on HP from a dealership and the finance is with Motonovo. It's a Hyundai i30 with emissions low enough that the road tax is £0, which I 'paid' online the other day, but this got me thinking.

The day I picked up the car I was informed that there was a mistake made with regards to the road tax and that the road tax for 12 months was £140 - which they just added onto the finance for the vehicle. Although the mistake was corrected, it wasn't in time before the finance application and so in order to refund me I also received a cheque from the dealership to the value of £140 - all good right.

However, it got me to thinking, sure I got a cheque to the value of £140, but £140, spread over 5 years with interest means that I'll end up paying back more, not only in the road tax, but on the car as well?

Now, at the time I wish I had thought about it, but in the excitement of getting my 1st new car in around 13 years I wasn't really thinking everything through.

Do I have any claim or comeback at all?

Thanks in advance.

neilmcl

That old, overused word again "Mis-sold"!

There was no mis-selling, it was just a mistake, plain and simple. Just contact the dealer and speak to them about your concerns regarding interest. It might be worth working out how much interest you'll be charged over the extra £140.

motorguy

asurya wrote: »

I was wondering if anyone could point me in the direction of help with something, or equally just tell me I'm wrong and I'll drop it.

Around this time last year I got a new-used car on HP from a dealership and the finance is with Motonovo. It's a Hyundai i30 with emissions low enough that the road tax is £0, which I 'paid' online the other day, but this got me thinking.

The day I picked up the car I was informed that there was a mistake made with regards to the road tax and that the road tax for 12 months was £140 - which they just added onto the finance for the vehicle. Although the mistake was corrected, it wasn't in time before the finance application and so in order to refund me I also received a cheque from the dealership to the value of £140 - all good right.

However, it got me to thinking, sure I got a cheque to the value of £140, but £140, spread over 5 years with interest means that I'll end up paying back more, not only in the road tax, but on the car as well?

Now, at the time I wish I had thought about it, but in the excitement of getting my 1st new car in around 13 years I wasn't really thinking everything through.

Do I have any claim or comeback at all?

Thanks in advance.

As has been said already - you werent "mis-sold" the finance, nor the car for that matter. It was a simple mistake.

You've got the £140 back and granted, yes theres a bit of interest - probably a few pounds tops - over the term of the loan, however you have that £140 cash.

If it concerns you so much, put the £140 into your savings account and get the interest on it to offset the interest you're paying.

In the grand scheme of car ownership, the loss of maybe £3 in interest over the term of the loan is a mere drop in the ocean of motoring costs.

arcon5

Make an overpayment on the loan to the value of £140... problem solved

eschaton

asurya wrote: »

I was wondering if anyone could point me in the direction of help with something, or equally just tell me I'm wrong and I'll drop it.

Around this time last year I got a new-used car on HP from a dealership and the finance is with Motonovo. It's a Hyundai i30 with emissions low enough that the road tax is £0, which I 'paid' online the other day, but this got me thinking.

The day I picked up the car I was informed that there was a mistake made with regards to the road tax and that the road tax for 12 months was £140 - which they just added onto the finance for the vehicle. Although the mistake was corrected, it wasn't in time before the finance application and so in order to refund me I also received a cheque from the dealership to the value of £140 - all good right.

However, it got me to thinking, sure I got a cheque to the value of £140, but £140, spread over 5 years with interest means that I'll end up paying back more, not only in the road tax, but on the car as well?

Now, at the time I wish I had thought about it, but in the excitement of getting my 1st new car in around 13 years I wasn't really thinking everything through.

Do I have any claim or comeback at all?

Thanks in advance.

Why didn't you think about this when you got the £140 back?

If you're that concerned, ask them to refund the interest on £140 over 5 years less interest that you could earn on that £140.

And finally what do you think was mis-sold?

AdrianC

The car very probably would have been £0 VED if registered before April last year, but £140 after. The change in VED regime is not something within the finance company's control.

Nodding_Donkey

arcon5 wrote: »

Make an overpayment on the loan to the value of £140... problem solved

This

Job jobbed.

Rotor

AdrianC wrote: »

The car very probably would have been £0 VED if registered before April last year, but £140 after. The change in VED regime is not something within the finance company's control.

But misrepresenting the tax status of the car is not showing 'reasonable' care. It's not £140 pounds the OP has lost ( if they hadn't been reimbursed) but £140 each and every year they ran it. is the garage offering to keep reimbursing?

The OP was told tax was £0 - not £140 - this sort of amount (£700 over 5 years )would influence many buyers.

You may say the buyer should know this but the retailer is the professional and telling untruths about something that would very likely influence buying decisions could leave them vulnerable.

jimjames

Rotor wrote: »

But misrepresenting the tax status of the car is not showing 'reasonable' care. It's not £140 pounds the OP has lost ( if they hadn't been reimbursed) but £140 each and every year they ran it. is the garage offering to keep reimbursing?

The OP was told tax was £0 - not £140 - this sort of amount (£700 over 5 years )would influence many buyers.

No, reading the OP it's the opposite way round. Hence they've been refunded £140 they shouldn't have paid. The tax is £0 not £140. The garage may have made a mistake with the tax status but I can't see many people having a complaint upheld that they're saving £140 per year so would prefer to pay more

societys_child

£140 each and every year they ran it

No, it isn't . . It's zero per annum.

Rotor

jimjames wrote: »

No, reading the OP it's the opposite way round. Hence they've been refunded £140 they shouldn't have paid. The tax is £0 not £140. The garage may have made a mistake with the tax status but I can't see many people having a complaint upheld that they're saving £140 per year so would prefer to pay more

Oh ok , fair enough.