Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • MSE Kelvin
    • By MSE Kelvin 6th Mar 18, 1:24 PM
    • 28Posts
    • 79Thanks
    MSE Kelvin
    The Great Hunt: Been mis-sold car finance?
    • #1
    • 6th Mar 18, 1:24 PM
    The Great Hunt: Been mis-sold car finance? 6th Mar 18 at 1:24 PM
    If you've bought a car in the last couple of years and think you were sold a finance deal you didn't fully understand, or were persuaded to buy extras (eg, wheel and paint protection) you didn't need, we want to hear from you.

    Thanks in advance for your help.

    Follow MSE on other Social Media:
    MSE Facebook, MSE Twitter, MSE Deals Facebook, MSE Deals Twitter, Forum Twitter, Instagram, Pinterest
    Join the MSE Forum
    Get the Free MoneySavingExpert Money Tips E-mail
    Report inappropriate posts: click the report button
    Point out a rate/product change
    Flag a news story: news@moneysavingexpert.com
Page 2
    • Deastons
    • By Deastons 8th Mar 18, 6:50 AM
    • 229 Posts
    • 117 Thanks
    Deastons
    the sales guy left me and I was joined by their financial advisor. I was very abrupt with him when he tried to interest me in a finance plan with additional insurance extras such as gap insurance and upholstery cover etc. This really irritated me as I kept having to say, it is a cash purchase and at one point he even wanted to know where the cash was coming from - irrelevant!
    Originally posted by kazt2006
    Similar to my experience. But they told me that it was because of the FSA - they had to make me aware of finance options by law. I wasn't sure if that was true but sat through all the sales patter anyway.
    • Gwendo40
    • By Gwendo40 8th Mar 18, 7:07 AM
    • 120 Posts
    • 120 Thanks
    Gwendo40
    I was brought up to be prudent, sensible with money and live modestly within my means... can I claim some form of mis-selling compo on the grounds that I should instead have been educated to be a careless, financially irresponsible debt junkie living a ten bob millionaire lifestyle who will be rewarded and bailed out when the piper comes calling?
    • Robby1988
    • By Robby1988 8th Mar 18, 9:34 AM
    • 41 Posts
    • 14 Thanks
    Robby1988
    I have signed up for alloy wheel cover, GAP insurance etc. when I have bought cars on finance in the past. I was never mis sold it, the salesperson offered it, I accepted and it was always printed in black & white on the contract I signed.

    No doubt some lawyer is now going to tell me that I am entitled to compensation because they didn't disclose the commission rate or some other nonsense.
    • Keep pedalling
    • By Keep pedalling 8th Mar 18, 9:51 AM
    • 5,094 Posts
    • 5,679 Thanks
    Keep pedalling
    So if I take out a term life insurance policy, but fail to die during that term I must have been mis-sold the insurance because with hindsight I never needed it.
    • sammyjones1974
    • By sammyjones1974 8th Mar 18, 11:34 AM
    • 1 Posts
    • 0 Thanks
    sammyjones1974
    Unfortunately for me I bought a brand new car two years ago and only last month I learnt that the finance I had was pcp and not HP as i originally understood.

    I had all sorts of extras added on as the sales guy urged me to stay on the safe side. This was the first time I had bought a new car and i probably made the mistake of telling him that i knew nothing about cars but I did and I don't think I did myself any favours.

    I purchased the vehicle for £40k I have so far paid half, I was told by a car dealer that my car is now only worth £16k... After speaking with the finance company they said I still owe them £20k which confuses me... Its very clear I'm clueless to how this all works and I'm now paying way over, I wish i had someone i could of taken with me who could of advised me, Im a single parent with a contract for a car which im unable to afford as I have run into financial difficulty and I am working 24/7 so I don't default on payments. I did not realise I had to pay a larger sum of money at the end of the contract either to make the car mine.

    I'm so confused and really upset for being an idiot and signing paperwork without really understanding what i was signing for. This has been a massive and very expensive lesson to learn
    • rudekid48
    • By rudekid48 8th Mar 18, 12:08 PM
    • 2,082 Posts
    • 3,565 Thanks
    rudekid48
    Unfortunately for me I bought a brand new car two years ago and only last month I learnt that the finance I had was pcp and not HP as i originally understood.

    I had all sorts of extras added on as the sales guy urged me to stay on the safe side. This was the first time I had bought a new car and i probably made the mistake of telling him that i knew nothing about cars but I did and I don't think I did myself any favours.

    I purchased the vehicle for £40k I have so far paid half, I was told by a car dealer that my car is now only worth £16k... After speaking with the finance company they said I still owe them £20k which confuses me... Its very clear I'm clueless to how this all works and I'm now paying way over, I wish i had someone i could of taken with me who could of advised me, Im a single parent with a contract for a car which im unable to afford as I have run into financial difficulty and I am working 24/7 so I don't default on payments. I did not realise I had to pay a larger sum of money at the end of the contract either to make the car mine.

    I'm so confused and really upset for being an idiot and signing paperwork without really understanding what i was signing for. This has been a massive and very expensive lesson to learn
    Originally posted by sammyjones1974
    Sorry to appear unsympathetic but if you are a single parent with tight finances what on earth possessed you to buy a £40k car??
    All matter is merely energy condensed to a slow vibration, we are all one consciousness experiencing itself subjectively, there is no such thing as death, life is only a dream, and we are the imagination of ourselves.
    • motorguy
    • By motorguy 8th Mar 18, 12:09 PM
    • 16,750 Posts
    • 9,934 Thanks
    motorguy
    Unfortunately for me I bought a brand new car two years ago and only last month I learnt that the finance I had was pcp and not HP as i originally understood.

    I had all sorts of extras added on as the sales guy urged me to stay on the safe side. This was the first time I had bought a new car and i probably made the mistake of telling him that i knew nothing about cars but I did and I don't think I did myself any favours.

    I purchased the vehicle for £40k I have so far paid half, I was told by a car dealer that my car is now only worth £16k... After speaking with the finance company they said I still owe them £20k which confuses me... Its very clear I'm clueless to how this all works and I'm now paying way over, I wish i had someone i could of taken with me who could of advised me, Im a single parent with a contract for a car which im unable to afford as I have run into financial difficulty and I am working 24/7 so I don't default on payments. I did not realise I had to pay a larger sum of money at the end of the contract either to make the car mine.

    I'm so confused and really upset for being an idiot and signing paperwork without really understanding what i was signing for. This has been a massive and very expensive lesson to learn
    Originally posted by sammyjones1974
    You have options.
    • You could look at Voluntary Termination of the agreement, which you can do once you've paid 50% of the total cost (including deposit, residual value, fees and interest), with nothing further to pay, subject to fair wear and tear and possibly mileage constraints.
    • You can continue to make the payments until the end of the finance term and hand it back (subject to fair wear and tear and possibly mileage constraints)
    • You can continue to make the payments until the end of the finance term and sell it on for possibly more than the residual value.
    • You can continue to make the payments until the end of the finance term and then refinance the balance.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • LandyAndy
    • By LandyAndy 8th Mar 18, 12:16 PM
    • 24,316 Posts
    • 51,372 Thanks
    LandyAndy
    Sorry to appear unsympathetic but if you are a single parent with tight finances what on earth possessed you to buy a £40k car??
    Originally posted by rudekid48


    It was two years ago. Maybe the OP's circumstances have changed dramatically in the meantime?
    • almillar
    • By almillar 8th Mar 18, 1:11 PM
    • 7,374 Posts
    • 2,991 Thanks
    almillar
    the finance I had was pcp and not HP as i originally understood
    As I understand, PCP is a form of HP. What you're thinking of would be described sometimes as 'straight HP'. If you really were shown everything and it didn't include a massive balloon payment, that would be mis-selling. But if it's there and you simply didn't read it...
    • Tarambor
    • By Tarambor 8th Mar 18, 3:46 PM
    • 3,041 Posts
    • 2,200 Thanks
    Tarambor
    If you've bought a car in the last couple of years and think you were sold a finance deal you didn't fully understand, or were persuaded to buy extras (eg, wheel and paint protection) you didn't need, we want to hear from you.

    Thanks in advance for your help.
    Originally posted by MSE Kelvin
    Why, are you looking to get into bed with an ambulance chasing law firm? Advertising and click through revenue not generating enough profit for you?

    I get enough of this crap in the post, I don't expect to get it on here.
    • John-K
    • By John-K 8th Mar 18, 7:27 PM
    • 654 Posts
    • 1,016 Thanks
    John-K
    I purchased the vehicle for £40k I have so far paid half, I was told by a car dealer that my car is now only worth £16k... After speaking with the finance company they said I still owe them £20k which confuses me..
    Originally posted by sammyjones1974
    How so? Cost £40, you’ve paid £20, so £20 left to pay.
    • andrar
    • By andrar 8th Mar 18, 11:45 PM
    • 265 Posts
    • 1,271 Thanks
    andrar
    Firstly I’m pretty shocked by some of the comments being left on this thread. The MSE forum has traditionally always been a supportive place and quite a few of these comments are shaming people for not being as clever as you are. Why would anyone want to post their comment following that? Well I will and troll away shamers...

    I bought my car a few years ago now so not sure it quite fits your two year timeline but I feel it’s relevant. It was the first car I’d ever bought and I was in a fairly vulnerable position having just lost my parents at 23. I definitely felt rushed into making a decision after only two test drives. The pressure succeeded in doing its job and I bought the car, the sales guy sent me to a room with a different man in and shut the door - he was there to sell me an extra three years cover for ‘parts’ or something of the like on the car. I wasn’t sure what to do to be honest and wasn’t confident enough to ask the right questions, he made me feel I’d be an idiot not to sign he deal. It ended up costing me 100s of pounds more than I would have paid for the car and I still don’t fully understand now what it was I signed up to.

    This wasn’t me being a “financially irresponsible debt junkie” as mentioned in a comment above - this was me being a vulnerable 23 year old with no experience of buying a car, no one to support me who had that experience and then taking full advantage of that.

    I can look back on this now as a learning experience, hindsight is fantastic but it doesn’t help you in the moment. Hopefully some of the shaming commenters can have a little heart in future - some of us aren’t as lucky or supported and knowledgable as you.
    • Mercdriver
    • By Mercdriver 9th Mar 18, 1:40 AM
    • 1,677 Posts
    • 1,136 Thanks
    Mercdriver
    Firstly I’m pretty shocked by some of the comments being left on this thread. The MSE forum has traditionally always been a supportive place and quite a few of these comments are shaming people for not being as clever as you are. Why would anyone want to post their comment following that? Well I will and troll away shamers...

    I bought my car a few years ago now so not sure it quite fits your two year timeline but I feel it’s relevant. It was the first car I’d ever bought and I was in a fairly vulnerable position having just lost my parents at 23. I definitely felt rushed into making a decision after only two test drives. The pressure succeeded in doing its job and I bought the car, the sales guy sent me to a room with a different man in and shut the door - he was there to sell me an extra three years cover for ‘parts’ or something of the like on the car. I wasn’t sure what to do to be honest and wasn’t confident enough to ask the right questions, he made me feel I’d be an idiot not to sign he deal. It ended up costing me 100s of pounds more than I would have paid for the car and I still don’t fully understand now what it was I signed up to.

    This wasn’t me being a “financially irresponsible debt junkie” as mentioned in a comment above - this was me being a vulnerable 23 year old with no experience of buying a car, no one to support me who had that experience and then taking full advantage of that.

    I can look back on this now as a learning experience, hindsight is fantastic but it doesn’t help you in the moment. Hopefully some of the shaming commenters can have a little heart in future - some of us aren’t as lucky or supported and knowledgable as you.
    Originally posted by andrar
    So he held a gun to your head to do the deal?

    You have no responsibility for your own decisions at the age of 23?

    Should we raise the age of responsibility to 25?

    Grow up. If you are old enough to take on a debt you are old enough to take responsibility for it by working out your outgoings against your income. No one forced you to buy a car. You could have walked away but you chose not to walk away.

    By going through the experience you learned some valuable lessons, I am sure.
    • andrar
    • By andrar 9th Mar 18, 8:29 AM
    • 265 Posts
    • 1,271 Thanks
    andrar
    You’re missing the point entirely - I could afford the payments I just ended up paying more in the long term than I needed to. It wasn’t about ‘taking responsibility’, I did that, it was about a salesperson pressuring a vulnerable young adult into signing a document they didn’t understand, and making money from that. That was the irresponsible thing to do in that situation.

    I suppose if you’ve always felt confident, never been in a situation where you’ve been left without any family at a young age to rely on for support, and have always been knowledgeable about the sales industry and their techniques then it can be difficult to understand how other people might be affected by this but I urge you to try and understand rather than jumping to slurs and attacking people for not being as intelligent as you.
    Last edited by andrar; 09-03-2018 at 8:34 AM.
    • motorguy
    • By motorguy 9th Mar 18, 8:38 AM
    • 16,750 Posts
    • 9,934 Thanks
    motorguy
    Firstly I!!!8217;m pretty shocked by some of the comments being left on this thread. The MSE forum has traditionally always been a supportive place and quite a few of these comments are shaming people for not being as clever as you are. Why would anyone want to post their comment following that? Well I will and troll away shamers...

    I bought my car a few years ago now so not sure it quite fits your two year timeline but I feel it!!!8217;s relevant. It was the first car I!!!8217;d ever bought and I was in a fairly vulnerable position having just lost my parents at 23. I definitely felt rushed into making a decision after only two test drives. The pressure succeeded in doing its job and I bought the car, the sales guy sent me to a room with a different man in and shut the door - he was there to sell me an extra three years cover for !!!8216;parts!!!8217; or something of the like on the car. I wasn!!!8217;t sure what to do to be honest and wasn!!!8217;t confident enough to ask the right questions, he made me feel I!!!8217;d be an idiot not to sign he deal. It ended up costing me 100s of pounds more than I would have paid for the car and I still don!!!8217;t fully understand now what it was I signed up to.

    This wasn!!!8217;t me being a !!!8220;financially irresponsible debt junkie!!!8221; as mentioned in a comment above - this was me being a vulnerable 23 year old with no experience of buying a car, no one to support me who had that experience and then taking full advantage of that.

    I can look back on this now as a learning experience, hindsight is fantastic but it doesn!!!8217;t help you in the moment. Hopefully some of the shaming commenters can have a little heart in future - some of us aren!!!8217;t as lucky or supported and knowledgable as you.
    Originally posted by andrar
    So wheres the mis-selling? He sold you some sort of warranty / insurance policy and there was a value add for that purchase.

    Just because someone is "sold" something that they later regret buying, doesnt mean they were "mis-sold" it.

    There is a huge mis-use of the terms "mis-sold", "not fit for purpose" and "scandal" these days - usually by people who want to jump on the compensation band wagon in blame & claim culture Britain.

    As adults we need to take responsibility for our own decisions, and ensure we read and understand what we are signing up for rather than being blinded by the shiny new car in the showroom.

    I've done it BTW - i've bought cars in hindsight i shouldnt have, did deals that werent necessarily in my best interests but i "own" those mistakes, not try to weedle a way out of them by blaming others- as will an awful lot of debt junkies out there today if they are given half an opportunity to.

    Life is about actions and consequences. We cant just walk away from our actions because we dont like the consequences.
    Last edited by motorguy; 09-03-2018 at 9:11 AM.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • almillar
    • By almillar 9th Mar 18, 1:21 PM
    • 7,374 Posts
    • 2,991 Thanks
    almillar
    I could afford the payments I just ended up paying more in the long term than I needed to
    andrar - I'm not here to tell you off, but you weren't mis-sold, you were UP-sold. It's what salesmen do. Whatever decision you were rushed into, it was a 'yes/no' decision, and I assume you were free to say 'no'.
    If you don't like the place, walk out and go elsewhere. If you think you were pressured into selling any finance product, you have a 14 day cooling off period
    • motorguy
    • By motorguy 9th Mar 18, 1:33 PM
    • 16,750 Posts
    • 9,934 Thanks
    motorguy
    andrar - I'm not here to tell you off, but you weren't mis-sold, you were UP-sold. It's what salesmen do. Whatever decision you were rushed into, it was a 'yes/no' decision, and I assume you were free to say 'no'.
    If you don't like the place, walk out and go elsewhere. If you think you were pressured into selling any finance product, you have a 14 day cooling off period
    Originally posted by almillar
    +1

    Great summary
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

951Posts Today

6,907Users online

Martin's Twitter