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Hi, I wonder if anyone can help me.
I purchased a car on finance about 6 months ago. It had some bodywork issues at the start, where I had to return it for two weeks. I also found it cheaper elsewhere so they had to then honour a price guarantee and refund me some money (I had to battle for this). Then, a few weeks ago they randomly deposited over £1k into my account by mistake, calling me the other day to ask for it back (I hadn't noticed it prior to that). I will be returning that to them.
However, that last matter did make me look at my contract again, just in case there was something amiss.
I noticed there was a 1.5k cashback on the items. At first I thought maybe they were supposed to give me a cashback and didn't, so looked into it further with a friend who is a car salesman. He said as I signed up for some insurance products, such as alloys, bodywork, etc... they would have put it as cashback and then used that money to buy the insurances through the credit agreement. So they effectively took a loan in my name for the insurances, without telling me.
But that means I am also paying interest on the insurance products, and there is nothing on any paperwork to state that. I assumed it would have maybe come out of the 5k deposit or something, but really I didn't give much thought to how it worked. I don't feel it was/is transparent enough though, and have lost some confidence in the dealership to the point I would just give back the car in return for the deposit if I could. I know I can't until I have paid at least 50% of the finance - but I was wondering whether, since they (apparently) broke FCA rules by not showing the insurance products as itemised with their interest, would that mean maybe I could return the car as the contract is voided or something?
To be clear, I am happy with the car itself - just no trust/confidence in the dealer, and unhappy to be tied to them for the next four years.
Thanks in advance.
Steve
I purchased a car on finance about 6 months ago. It had some bodywork issues at the start, where I had to return it for two weeks. I also found it cheaper elsewhere so they had to then honour a price guarantee and refund me some money (I had to battle for this). Then, a few weeks ago they randomly deposited over £1k into my account by mistake, calling me the other day to ask for it back (I hadn't noticed it prior to that). I will be returning that to them.
However, that last matter did make me look at my contract again, just in case there was something amiss.
I noticed there was a 1.5k cashback on the items. At first I thought maybe they were supposed to give me a cashback and didn't, so looked into it further with a friend who is a car salesman. He said as I signed up for some insurance products, such as alloys, bodywork, etc... they would have put it as cashback and then used that money to buy the insurances through the credit agreement. So they effectively took a loan in my name for the insurances, without telling me.
But that means I am also paying interest on the insurance products, and there is nothing on any paperwork to state that. I assumed it would have maybe come out of the 5k deposit or something, but really I didn't give much thought to how it worked. I don't feel it was/is transparent enough though, and have lost some confidence in the dealership to the point I would just give back the car in return for the deposit if I could. I know I can't until I have paid at least 50% of the finance - but I was wondering whether, since they (apparently) broke FCA rules by not showing the insurance products as itemised with their interest, would that mean maybe I could return the car as the contract is voided or something?
To be clear, I am happy with the car itself - just no trust/confidence in the dealer, and unhappy to be tied to them for the next four years.
Thanks in advance.
Steve
