Car finance - Black Horse - VT and GAP

jimrc80

The £305 is for the GAP insurance. The GAP price alone was £429+£115.32 for total credit charge.
I have not missed any payments, only deffered them due to COVID-19 as no income.

This is where it gets more confusing... bear with....

When I bought the car in 2018 from Motorpoint, I was asked what the intention of purpose was and I told them the vehicle would be used for 'hire and reward' as I was in the process of becoming self employed as a Private Hire/taxi driver. They asked what mileage I'd be doing so I estimated 30K/year. If I recall back then GAP was mentioned but there was some uncertainty from Motorpoint if I would be covered, anyway they talked about some other cover like GAP (I cant remember, I find the whole buying a new car process quite overwhelming) and said I would be covered.

Looking into GAP more, should I have been sold this if using for hire or reward?Please see image

If this was misold where does this leave me now?

1.Am I expected to still pay the remaining GAP if it was misold?
2.Should I contact motorpoint to ask them what actual insurance I was sold?
3. How would this alter my draft letter

Thanks for the continued support with this.

 

Herzlos

You'll need to pay it to get out of the contract. You should be able to claim it back from Motorpoint if it was missold, but expect them to resist it.

jimrc80

After doing further digging it seems I was sold something similar to GAP, something Motorpoint refer to as 'Asset Protection (Hire & Reward)'

See below

I then contacted Motorpoint help chat online and it seems I can claim for money back from this insurance from 'Autoprotect' the company that administrates the insurance products for them. See below.

Now do I pay up or question the insurance payments?

Any help is greatly appreciated.

Many thanks

DrEskimo

jimrc80 said:

After doing further digging it seems I was sold something similar to GAP, something Motorpoint refer to as 'Asset Protection (Hire & Reward)'

See below

I then contacted Motorpoint help chat online and it seems I can claim for money back from this insurance from 'Autoprotect' the company that administrates the insurance products for them. See below.

Now do I pay up or question the insurance payments?

Any help is greatly appreciated.

Many thanks

I think that is a question you need to ask Motorpoint. If the account was paid from them, then the refund from the insurance company may be paid back to them too. 

I would also asking them about the £305 figure. If the total cost, including interest over the full 48months was £544.32, then it stands to reason that any settlement must be lower (i.e. saving on interest you are not paying by terminating the agreement early).

If the settlement is £305, and you've made 22 payments at £11.34, then that would mean paying £554.38 in total, £10 more than you would have paid if you just let the policy run the full term. Unless your £11.34 figure isn't correct, or they are charging an early settlement fee, that doesn't make sense.

AdrianC

jimrc80 said:

When I bought the car in 2018 from Motorpoint, I was asked what the intention of purpose was and I told them the vehicle would be used for 'hire and reward' as I was in the process of becoming self employed as a Private Hire/taxi driver 

Umm, wouldn't that put it into the realms of a commercial transaction, not a consumer one, therefore outside of the scope of the consumer credit act - which is where the right to VT comes from...?

jimrc80

Not sure
Sole trader, not a limited company, regardless I told them what I was doing.