Pcp missell

bigkevfto

I got my car from arnold clark 2018 and now feel that when I look again through the paperwork that I have been done. The PCp says there was a hire purchase fee of £3187. My trade in car was £9700, I paid a £300 deposit, was given £4000 cash back I was also talked into taking gap insurance. If I want to complain, can this be done as almost half way through and if so do I raise with arnold clark, black horse or both as some don't make sense?

doningtonphil

so what was mis-sold?  What figures have you listed there that you didn't read through/know about when you signed the deal?
Can you supply all the figures:
- New car value
- Customer Deposit
- Any Dealer deposit contribution
- Guaranteed future value
-Total payable
What APR are you borrowing at?

flusteredmotorist

The figures were there in black and white back in 2018 much as they are there to be read now. Why didn’t you read them prior to signing the agreement?

DrEskimo

The hire purchase fee is probably relating to the total interest payable.

Why didn't you use the £4k towards the car?

Why did you want GAP at the time and what's changed?

bigkevfto

This was my first new car purchase and I probably panic bought as the trade in car kept breaking down after I inherited it with a warranty due to expire and I had a baby on way so wanted a car I could trust.. The salesman made the insurance sound like a good idea. 
New car value £24,756
- Customer Deposit  I paid £300 but paperwork mentions £6000
- Any Dealer deposit contribution
- Guaranteed future value £9037
-Total payable£27947.02
What APR are you borrowing at? 5.8%
When I looked at a car with arnold clark vw they said would use trade in towards price of car but when I decided to go with peageot the guy said, no that's throwing your money away.

bigkevfto

Amount of credit. £18759

DrEskimo

A a car with a trade-in price of £9,700 was deemed unreliable...? Why didn't you just pay to extend the warranty?

Anyway, yes the fee is the interest. You took out a £18,759 loan to buy a £24,756 car. The total amount payable is £27,947.02. Subtract that from the car amount and you get the amount you are being charged in interest (+ probably a small £10 optional purchase fee).

Your trade-in car was £9,700 and you took £4,000 back. The deposit is therefore made up of the remaining £5,700 and your £300 deposit. This is why it states £6,000 deposit. 

GAP is good idea if your car is written off....

bigkevfto

Thanks for clearing up

bigkevfto

Wasn't given option to extend warranty. Also mentions amount of credit £21947.02. Sorry but doesn't quite add up to the total payable. The only way I seem to get the total payable is if the amount borrowed was full value of car 

neilmcl

bigkevfto said:

Wasn't given option to extend warranty. Also mentions amount of credit £21947.02. Sorry but doesn't quite add up to the total payable. The only way I seem to get the total payable is if the amount borrowed was full value of car 

Total amount payable includes any deposit, so £21947.02 + £6000 = £27947.02.

There's nothing wrong with the figures, I don't see how you've been missold.

daveyjp

This looks more of a case of 'mis-buying'.