Hi there, just joined on here and looking to discuss my current predicament:
Basically, I bought an 'approved' used VW car over the weekend and signed my Hire Purchase agreement. Since signing off I realised the following:
The amount of credit on which my monthly payments are based on includes a £399 charge for GAP insurance which I was told is free. Upon querying this with the dealership today, I was told that it is 'free' however as they purchased it and have to show it on record, they have reduced the £399 from the value of my used car which I traded in. So surely this is not free as it affects my monthly outgoings.
So just to clarify:
Price of new car was £9450 and I accepted an offer for £1650 for my old car (to be used as my deposit). So the amount of credit should have been £7800. However the amount of credit shows a figure of £8199, i.e. My deposit amount has been reduced from £1650 to £1251.
I have told them that this is not acceptable as I was not willing to pay for GAP insurance (would rather shop around around as can get a better price) and only accepted it as it was offered for 'free'. I have been told that they will look into this further and get back to me.
My question is, that as I have already signed off the finance agreement, what are my rights? Can I still persist for this to be amended? If they refuse to do so (as it has been signed off) is there any action I can take? Surely there must be something I can do it seems to be misrepresentation on their part of offering something as a free add-on and then cheekily deducting the amount from my old car price traded in?
Be great to see what you guys think of this!
Basically, I bought an 'approved' used VW car over the weekend and signed my Hire Purchase agreement. Since signing off I realised the following:
The amount of credit on which my monthly payments are based on includes a £399 charge for GAP insurance which I was told is free. Upon querying this with the dealership today, I was told that it is 'free' however as they purchased it and have to show it on record, they have reduced the £399 from the value of my used car which I traded in. So surely this is not free as it affects my monthly outgoings.
So just to clarify:
Price of new car was £9450 and I accepted an offer for £1650 for my old car (to be used as my deposit). So the amount of credit should have been £7800. However the amount of credit shows a figure of £8199, i.e. My deposit amount has been reduced from £1650 to £1251.
I have told them that this is not acceptable as I was not willing to pay for GAP insurance (would rather shop around around as can get a better price) and only accepted it as it was offered for 'free'. I have been told that they will look into this further and get back to me.
My question is, that as I have already signed off the finance agreement, what are my rights? Can I still persist for this to be amended? If they refuse to do so (as it has been signed off) is there any action I can take? Surely there must be something I can do it seems to be misrepresentation on their part of offering something as a free add-on and then cheekily deducting the amount from my old car price traded in?
Be great to see what you guys think of this!
Question on Hire Purchase Car Finance
