Ombudsman Decision - Return On Car Finance Payments

JohnDoe42

Hi there

Does anyone here have any experience on ombudsman decisions for car finance payments?

A quick summary - I bought a car on finance about 2 years ago. Reported noises in the first week that went away. Came back 2 months later. Went back to the garage twice with no fix. I tried to reject but both garage and finance company refused. I put the car into storage and took it to the ombudsman. Finally got the decision in my favour but the compensation on the payments I've made over the last 2 years is abysmal, only 20% return...the interest part of those payments was nearly 70% in the first few months! Which means the finance company have still received 100% profit even though the decision is against them!

My questions - The car has been deemed unsatisfactory from the date 2 months after purchase.

1. I have written documentation that shows I made a report in the first week, so there is case to say that the car should have been taken there and then. in this situation would I get a full return on all my payments?

2. If the date of unsatisfactory condition is 2 months after ownership, and over the 2 years the car was probably used 6 months in total, then in this case I assume I would need to take reduced cost on the capital part of my repayments, but surely not the interest parts? All interest amounts should be repaid as if not then the finance company would have made profit simply by refusing my rejection and making me wait for the ombudsman?

3. I actually paid off the finance a few months ago while waiting because I couldn't afford to keep paying the heavy interest monthly payments. Trading standards advised this was fine as the complaint would still stand with the finance company, can anyone else confirm this is correct?

Thank you,

MattMattMattUK

Appealing ombudsman decisions is possible, I is up to the route you t

For clarity because you have not provided all the data.
How much did you borrow? (Net of interest)
How much did you repay? 
What were your storage costs?
How much recompense did you receive? 

Manxman_in_exile

Is it possible to post up the decision or a link to it so we can see the reasoning behind the decision?

Was it a decision by an actual ombudsman or just a report from an FOS investigator?