Why can I only pay £500 off a £16,000 car brought at the car shop

macman

Worth noting that it's always a good idea to put a minimum £100 on your credit card as part of the deposit. This gives you full S75 protection up to a purchase value of £30K, regardless of how you pay the balance.

jonesMUFCforever

macman said:

Worth noting that it's always a good idea to put a minimum £100 on your credit card as part of the deposit. This gives you full S75 protection up to a purchase value of £30K, regardless of how you pay the balance.

The price of the goods must be between £100 and £30,000 to get S.75 cover but in theory you only have to put one penny on a credit card to get full cover.

Dr_Crypto

Is that the total price or the price you pay? For example if a car was £40k and you paid £25k and financed or part exed the over £15k would it still be covered? 

jonesMUFCforever

Dr_Crypto said:

Is that the total price or the price you pay? For example if a car was £40k and you paid £25k and financed or part exed the over £15k would it still be covered? 

If the car is priced at £40,000 then you get no S.75 cover whatsoever - it does not matter how you finance it.

Dr_Crypto

Thanks very clear now. 

eskbanker

jonesMUFCforever said:

Dr_Crypto said:

Is that the total price or the price you pay? For example if a car was £40k and you paid £25k and financed or part exed the over £15k would it still be covered? 

If the car is priced at £40,000 then you get no S.75 cover whatsoever - it does not matter how you finance it.

Strictly true as stated but it is possible to achieve coverage via section 75A, if a linked credit agreement (e.g. a dealer loan) is specifically arranged for financing a purchase of between £30,000 and £60,260:

https://www.moneysavingexpert.com/reclaim/section75-protect-your-purchases/#over30k