MSE's reclaim mis-sold car finance loans for FREE guide 11 April 2022 at 11:31AM in Motoring 18 replies 3.1K views

MSE_Kit

Hello everyone,

We've written a brand new guide on Reclaiming Mis-sold Car Finance Loans. This is the discussion thread for that guide.

If you haven't already, join the forum to reply.

Thanks,

Kit

tonyh66

All im going to say is F,F,S,, does anybody take responsibility for their own financial decisions anymore?

Are car dealerships not allowed to make any money on a sale? Should we pay car salesmen minimum wage?

I have never worked in car sales but they provide a service that has to be paid for. I have read through the guide and most of the 'reasons' are pathetic.

frankflowers

tonyh66 said:

All im going to say is F,F,S,, does anybody take responsibility for their own financial decisions anymore?

Are car dealerships not allowed to make any money on a sale? Should we pay car salesmen minimum wage?

I have never worked in car sales but they provide a service that has to be paid for. I have read through the guide and most of the 'reasons' are pathetic.

Its Claim Britain isnt it?

Wheres theres blame, theres a claim

I can imagine the swathes of people now claiming because they "cant afford" the car that they happily signed up for when it was shiny and new.

People need to take responsibility for their own actions. 

k3lvc

tonyh66 said:

All im going to say is F,F,S,, does anybody take responsibility for their own financial decisions anymore?

Are car dealerships not allowed to make any money on a sale? Should we pay car salesmen minimum wage?

I have never worked in car sales but they provide a service that has to be paid for. I have read through the guide and most of the 'reasons' are pathetic.

I've gone one further and reported the post - I can cope with the legal scammers and their dubious claims but when MSE start to encourage people to challenge decisions they historically and legally signed up to there's something wrong with the world

Hopefully some of the dealer groups will stand up to these claims and people will stop signing up to nice shiny things they can't afford then blame someone else when it goes wrong

Grumpy_chap

I think I was missold my car. 

It's a clapped out Focus and I paid peanuts.

Noone told me I could have got a shiny new Bentley then whinged about the deal after a little while and end up keeping that for nothing more than the Focus.

Ebe_Scrooge

Grumpy_chap said:

I think I was missold my car. 

It's a clapped out Focus and I paid peanuts.

Noone told me I could have got a shiny new Bentley then whinged about the deal after a little while and end up keeping that for nothing more than the Focus.

Aha, I might finally be able to get my hands on that shiny new Lamborghini I've always wanted.  There's no way I could afford to run it - but then, it appears that'll work in my favour and I'll get to keep it for nowt.

That guide is dodgy at best.  Next thing, they'll be telling us that car salesman have always earned commission on every car they sell.  Maybe, in fact, the majority of sales-people earn commission?  What a ridiculous notion.

[Deleted User]

• Paying over the odds due to commission. You might've been sold a deal that was more expensive because your dealer stood to earn a hefty commission by charging you more.

How do you prove that? What evidence can you provide that they inflated the price or that you could somehow have qualified for a better deal?

• The dealership/finance company didn't check you could afford the loan. The company selling you car finance MUST examine your finances to ensure you can afford it.

In the last 6 years (or more but 6 years for the purposes of the 6 year rule) they would have gone through the cost in detail with anyone buying the car, particularly since they became regulated

• The car wasn't fit for purpose, as described, or was just downright faulty.

This isn't being miss-sold finance

• In 2021, more than 9,000 car finance complaints were brought to the FOS, of which 40% were found in favour of the customer.

The FOS page says that they look at all sorts of complaints, from faulty car to unsuitable mileage allowances, to end of agreement charges - this does not mean the 40% of complaints were saying finance was miss-sold. Look at the case studies - someone complained that they were charged for handing back a car that they'd scratched!

The FOS gives some ludicrous decisions too - "Claire" said she was not aware of the mileage limit on the HP

We noted that the agreement clearly showed there was an annual mileage cap of 6,000 miles and that Claire had signed it. 
We thought it more likely than not that Claire didn’t know that there was a mileage cap in the agreement.

Grumpy_chap

Ebe_Scrooge said:

Grumpy_chap said:

I think I was missold my car. 

It's a clapped out Focus and I paid peanuts.

Noone told me I could have got a shiny new Bentley then whinged about the deal after a little while and end up keeping that for nothing more than the Focus.

Aha, I might finally be able to get my hands on that shiny new Lamborghini I've always wanted.  There's no way I could afford to run it - but then, it appears that'll work in my favour and I'll get to keep it for nowt.

That guide is dodgy at best.  Next thing, they'll be telling us that car salesman have always earned commission on every car they sell.  Maybe, in fact, the majority of sales-people earn commission?  What a ridiculous notion.

Hey, this guide could be helpful to @utopia55. Who bought an M4 but a regular car would have been more suitable with softer ride, more predictable handling and better fuel economy.
https://forums.moneysavingexpert.com/discussion/6349315/f82-bmw-m4-competition-thoughts#latest

Brie

frankflowers said:

Its Claim Britain isnt it?

Wheres theres blame, theres a claim

I can imagine the swathes of people now claiming because they "cant afford" the car that they happily signed up for when it was shiny and new.

People need to take responsibility for their own actions. 

Oh @frankflowers!  what kind of grammar is that!?!  The line is "it's claim Brittan, innit?"

Yes - I've wondered about all the lack of caveat emptor etc.  That said once at a dealership I had the finance guy (nicely talking down to me, the little woman) tell me not to worry about APR as it really wasn't relevant with car finance.  He couldn't (or wouldn't) explain how the finance was structured either.  Personally I think he expected 1) to be talking to my husband and b) that despite knowing that I worked in finance that I'd be too stupid to understand anything.   

ontheroad1970

Another unnecessary post encouraging ambulance chasing.  Is MSE trying to get sponsorship from these charlatans?

MSE_Kit

Hi everyone.

Thanks for all your valued feedback so far. 

For clarification, it's not our intention to encourage people to make a spurious claim when they haven't been mis-sold - rather, this guide is aimed at people who were potentially legitimately taken advantage of.

However, as this is the first incarnation of this guide, we'll be taking your feedback on board as we refine the guide over the coming days and weeks.

Any other feedback you have, please let us know.

Thanks as always and best wishes,

Kit