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  • FIRST POST
    • asurya
    • By asurya 12th Mar 18, 10:35 AM
    • 2Posts
    • 1Thanks
    asurya
    Mis-sold Finance Claim?
    • #1
    • 12th Mar 18, 10:35 AM
    Mis-sold Finance Claim? 12th Mar 18 at 10:35 AM
    I was wondering if anyone could point me in the direction of help with something, or equally just tell me I'm wrong and I'll drop it.

    Around this time last year I got a new-used car on HP from a dealership and the finance is with Motonovo. It's a Hyundai i30 with emissions low enough that the road tax is 0, which I 'paid' online the other day, but this got me thinking.

    The day I picked up the car I was informed that there was a mistake made with regards to the road tax and that the road tax for 12 months was 140 - which they just added onto the finance for the vehicle. Although the mistake was corrected, it wasn't in time before the finance application and so in order to refund me I also received a cheque from the dealership to the value of 140 - all good right.

    However, it got me to thinking, sure I got a cheque to the value of 140, but 140, spread over 5 years with interest means that I'll end up paying back more, not only in the road tax, but on the car as well?

    Now, at the time I wish I had thought about it, but in the excitement of getting my 1st new car in around 13 years I wasn't really thinking everything through.

    Do I have any claim or comeback at all?

    Thanks in advance.
Page 1
    • neilmcl
    • By neilmcl 12th Mar 18, 11:48 AM
    • 10,943 Posts
    • 7,763 Thanks
    neilmcl
    • #2
    • 12th Mar 18, 11:48 AM
    • #2
    • 12th Mar 18, 11:48 AM
    That old, overused word again "Mis-sold"!

    There was no mis-selling, it was just a mistake, plain and simple. Just contact the dealer and speak to them about your concerns regarding interest. It might be worth working out how much interest you'll be charged over the extra 140.
    • motorguy
    • By motorguy 12th Mar 18, 12:40 PM
    • 16,605 Posts
    • 9,794 Thanks
    motorguy
    • #3
    • 12th Mar 18, 12:40 PM
    • #3
    • 12th Mar 18, 12:40 PM
    I was wondering if anyone could point me in the direction of help with something, or equally just tell me I'm wrong and I'll drop it.

    Around this time last year I got a new-used car on HP from a dealership and the finance is with Motonovo. It's a Hyundai i30 with emissions low enough that the road tax is 0, which I 'paid' online the other day, but this got me thinking.

    The day I picked up the car I was informed that there was a mistake made with regards to the road tax and that the road tax for 12 months was 140 - which they just added onto the finance for the vehicle. Although the mistake was corrected, it wasn't in time before the finance application and so in order to refund me I also received a cheque from the dealership to the value of 140 - all good right.

    However, it got me to thinking, sure I got a cheque to the value of 140, but 140, spread over 5 years with interest means that I'll end up paying back more, not only in the road tax, but on the car as well?

    Now, at the time I wish I had thought about it, but in the excitement of getting my 1st new car in around 13 years I wasn't really thinking everything through.

    Do I have any claim or comeback at all?

    Thanks in advance.
    Originally posted by asurya
    As has been said already - you werent "mis-sold" the finance, nor the car for that matter. It was a simple mistake.

    You've got the 140 back and granted, yes theres a bit of interest - probably a few pounds tops - over the term of the loan, however you have that 140 cash.

    If it concerns you so much, put the 140 into your savings account and get the interest on it to offset the interest you're paying.

    In the grand scheme of car ownership, the loss of maybe 3 in interest over the term of the loan is a mere drop in the ocean of motoring costs.
    "We have normality. I repeat, we have normality. Anything you still can't cope with is therefore your own problem."
    • arcon5
    • By arcon5 12th Mar 18, 12:47 PM
    • 13,533 Posts
    • 8,596 Thanks
    arcon5
    • #4
    • 12th Mar 18, 12:47 PM
    • #4
    • 12th Mar 18, 12:47 PM
    Make an overpayment on the loan to the value of 140... problem solved
    • eschaton
    • By eschaton 12th Mar 18, 5:52 PM
    • 1,756 Posts
    • 1,528 Thanks
    eschaton
    • #5
    • 12th Mar 18, 5:52 PM
    • #5
    • 12th Mar 18, 5:52 PM
    I was wondering if anyone could point me in the direction of help with something, or equally just tell me I'm wrong and I'll drop it.

    Around this time last year I got a new-used car on HP from a dealership and the finance is with Motonovo. It's a Hyundai i30 with emissions low enough that the road tax is 0, which I 'paid' online the other day, but this got me thinking.

    The day I picked up the car I was informed that there was a mistake made with regards to the road tax and that the road tax for 12 months was 140 - which they just added onto the finance for the vehicle. Although the mistake was corrected, it wasn't in time before the finance application and so in order to refund me I also received a cheque from the dealership to the value of 140 - all good right.

    However, it got me to thinking, sure I got a cheque to the value of 140, but 140, spread over 5 years with interest means that I'll end up paying back more, not only in the road tax, but on the car as well?

    Now, at the time I wish I had thought about it, but in the excitement of getting my 1st new car in around 13 years I wasn't really thinking everything through.

    Do I have any claim or comeback at all?

    Thanks in advance.
    Originally posted by asurya


    Why didn't you think about this when you got the 140 back?

    If you're that concerned, ask them to refund the interest on 140 over 5 years less interest that you could earn on that 140.

    And finally what do you think was mis-sold?
    • AdrianC
    • By AdrianC 12th Mar 18, 6:00 PM
    • 17,362 Posts
    • 15,701 Thanks
    AdrianC
    • #6
    • 12th Mar 18, 6:00 PM
    • #6
    • 12th Mar 18, 6:00 PM
    The car very probably would have been 0 VED if registered before April last year, but 140 after. The change in VED regime is not something within the finance company's control.
    • Nodding Donkey
    • By Nodding Donkey 12th Mar 18, 6:17 PM
    • 2,532 Posts
    • 2,142 Thanks
    Nodding Donkey
    • #7
    • 12th Mar 18, 6:17 PM
    • #7
    • 12th Mar 18, 6:17 PM
    Make an overpayment on the loan to the value of 140... problem solved
    Originally posted by arcon5

    This

    Job jobbed.
    • Rotor
    • By Rotor 12th Mar 18, 8:03 PM
    • 925 Posts
    • 1,035 Thanks
    Rotor
    • #8
    • 12th Mar 18, 8:03 PM
    • #8
    • 12th Mar 18, 8:03 PM
    The car very probably would have been 0 VED if registered before April last year, but 140 after. The change in VED regime is not something within the finance company's control.
    Originally posted by AdrianC
    But misrepresenting the tax status of the car is not showing 'reasonable' care. It's not 140 pounds the OP has lost ( if they hadn't been reimbursed) but 140 each and every year they ran it. is the garage offering to keep reimbursing?

    The OP was told tax was 0 - not 140 - this sort of amount (700 over 5 years )would influence many buyers.

    You may say the buyer should know this but the retailer is the professional and telling untruths about something that would very likely influence buying decisions could leave them vulnerable.
    Finding an exception is NOT the same as disproving the rule.
    • jimjames
    • By jimjames 12th Mar 18, 8:30 PM
    • 12,582 Posts
    • 11,229 Thanks
    jimjames
    • #9
    • 12th Mar 18, 8:30 PM
    • #9
    • 12th Mar 18, 8:30 PM
    But misrepresenting the tax status of the car is not showing 'reasonable' care. It's not 140 pounds the OP has lost ( if they hadn't been reimbursed) but 140 each and every year they ran it. is the garage offering to keep reimbursing?

    The OP was told tax was 0 - not 140 - this sort of amount (700 over 5 years )would influence many buyers.
    Originally posted by Rotor
    No, reading the OP it's the opposite way round. Hence they've been refunded 140 they shouldn't have paid. The tax is 0 not 140. The garage may have made a mistake with the tax status but I can't see many people having a complaint upheld that they're saving 140 per year so would prefer to pay more
    Remember the saying: if it looks too good to be true it almost certainly is.
    • societys child
    • By societys child 12th Mar 18, 8:31 PM
    • 5,197 Posts
    • 5,734 Thanks
    societys child
    140 each and every year they ran it
    No, it isn't . . It's zero per annum.

    • Rotor
    • By Rotor 12th Mar 18, 8:55 PM
    • 925 Posts
    • 1,035 Thanks
    Rotor
    No, reading the OP it's the opposite way round. Hence they've been refunded 140 they shouldn't have paid. The tax is 0 not 140. The garage may have made a mistake with the tax status but I can't see many people having a complaint upheld that they're saving 140 per year so would prefer to pay more
    Originally posted by jimjames
    Oh ok , fair enough.
    Finding an exception is NOT the same as disproving the rule.
    • asurya
    • By asurya 13th Mar 18, 11:32 AM
    • 2 Posts
    • 1 Thanks
    asurya
    Apologies for the mis-sold phrase - I suppose that's what happens when every single TV ad break has the guy from Gladstone Brooks reminding me my PPI was mis-sold.

    Thanks for the advice folks - turns out I did the math and like most have said, it's a drop in the ocean.

    Probably should have done what before posting huh.....
    • AdrianC
    • By AdrianC 13th Mar 18, 11:41 AM
    • 17,362 Posts
    • 15,701 Thanks
    AdrianC
    Apologies for the mis-sold phrase - I suppose that's what happens when every single TV ad break has the guy from Gladstone Brooks reminding me my PPI was mis-sold.
    Originally posted by asurya
    Simple solution: Don't watch rubbish TV...
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