GE Capital car finance misselling

Hissingsid226

Hello,
Just wondering if anyone else took out a car loan with GE Capital finance and is trying to check if they were missold. I bought a car with their f8nance in 2005 and have all the details but the company no longer exists.
Is anyone else in this position?
Thanks

Nearlyold

https://www.gecapital.com/contact-us/uk

Hissingsid226

That brilliant thanks for that.

Stevec78

Hi, yes I’m in the same position as I bought a car on finance from then in 2001, seems a touch harsh that GE can absolve responsibility by saying that arm of the business is no longer trading, let’s hope this gets resolved 

Nasqueron

Stevec78 said:

Hi, yes I’m in the same position as I bought a car on finance from then in 2001, seems a touch harsh that GE can absolve responsibility by saying that arm of the business is no longer trading, let’s hope this gets resolved 

Per the MSE site, 2001 is almost certainly before the scope of the investigation (est. April 2007-Jan 2021) and if the firm that sold you finance is no longer trading, who is there to complain to? A firm doesn't automatically take on liability if they take over a company that isn't trading.

dunstonh

Stevec78 said:

Hi, yes I’m in the same position as I bought a car on finance from then in 2001, seems a touch harsh that GE can absolve responsibility by saying that arm of the business is no longer trading, let’s hope this gets resolved 

How is it harsh?    The issue didn't exist before 2007.  

chailady_123

Hello we took a car lease with SG Fleet financed by CLose Brothers in 2023 on a salary sacrifice scheme but not told that if my husband leave his job which he did that we could not hand back the cars and the payments more than doubled which we could not afford.  Any advice please all solicitors seems to only deal with commission.  thank you 

dunstonh

chailady_123 said:

Hello we took a car lease with SG Fleet financed by CLose Brothers in 2023 on a salary sacrifice scheme but not told that if my husband leave his job which he did that we could not hand back the cars and the payments more than doubled which we could not afford.  Any advice please all solicitors seems to only deal with commission.  thank you 

You should really start your own thread as your question has nothing to do with this one (which is also a dead thread)

However, its worth noting a couple of things.
a) Solicitors are rarely involved in commission misselling.  That tends to be claims companies.  Claims companies wont be able to help as they are not solicitors and lack the expertise.
b) these types of agreements document the various scenarios that could occur.  Such as leaving employment.  So, you need to look at the T&C to see what it says.   Whatever it says is what you agreed to.  What did they say about leaving employment?

V_interested

Potentially a new strand to this chat or something that has been discussed already … but here goes anyway … if a car finance company has been bought/merged/acquired by another … say Citroen Finance by Stellantis - will the new provider inherit the claim related liabilities of the old provider?

MFAPB

Does anyone know if the Section 404 redress scheme for car finance mis-selling is definite? And if finance providers will have to proactively contact customers to offer redress, what happens if you have moved house several times since taking out an agreement. I can't find details of former agreements to complain, and am worried that having moved house, I'll miss out if they will be contacting people. 

dunstonh

Does anyone know if the Section 404 redress scheme for car finance mis-selling is definite?

Not yet.  The last statement from the FCA is that if the Supreme Court, rules against the lenders in the appeal the FCA will consult on the redress scheme.    This makes it pretty much nailed on, especially as the FCA have now cancelled the publication of its report that was due in May.

And if finance providers will have to proactively contact customers to offer redress, what happens if you have moved house several times since taking out an agreement.

The FCA will publish the information for things like that but with other S404 redress schemes, you will be able to provide information to help them match things up.

. I can't find details of former agreements to complain, and am worried that having moved house, I'll miss out if they will be contacting people. 

You wont miss out.  Wait until the FCA publish and when the scheme is up and running, provide the lender with your address history.