HP

katelou1s3

Morning, 

I was wondering if anyone knows the conduct HP providers have to adhere to. 

I’ve just taken a new HP finance with the same company my old car was with. The first quote they gave me while I was at the dealership was 12.9% APR which I flatly refused so I went off to shop around with a broker. I was surprised when he came back with 9.9% from the same lender that had just offered me 12.9%. Obviously I took the deal they offered through the broker. I signed all of the paperwork then as they were about to payout they called the broker to tell him they had changed their mind and wanted a bigger deposit which I didn’t have so the deal was off. The following day my broker called to say he had managed to get them to change their mind and the deal went ahead. 

Now while I found this all very annoying I didn’t think it was out of the ordinary. I just assumed it was typical tactics of finance companies trying to get more money out of you but the car dealership said they are not supposed to do this. That when you put in an application for finance they have to give you their best offer first. That they also can’t ask you for  more money after agreeing terms with you. He said these are new laws brought in to protect the consumer. Does anyone know if this is correct?  

retiredbanker1

They offered you credit at x% - your rights are to accept or decline that offer.
You have the right to look elsewhere for alternative credit.

I do not think they have done anything wrong but good on you not taking the first offer - always shop around.