Mis-sold car finance

[sheepcote]

My partner recently took out finance, I wondered if he signed demands and needs for PCP and ended up with HP would that be mis-sold, also he was told APR was 4.6 and ended up with 8.9. All this was signed for on point of sale electronically, then subsequently emailed to him, in other words never shown written copies. Furthermore we have been charged excess mileage on a VT and that VT used as a deposit on new car but not deducted from total price. Any advice welcomed. Thank you

[Amethyst]

Re: Mis-sold car finance

How long ago is recently ?

Signed electronically - on the trade premises ? Could you post a copy of the agreement up please ( remove personal info)

The VT issue - was that for the deposit on the same vehicle (as the mis-sold HP) ?

[sheepcote]

Re: Mis-sold car finance

Thanks for your reply, I will post up agreement later as partner has it. The VT amount was transferred against new vehicale as deposit, but was not deducted from total amount as originally told. My partner signed on a box (like signing for a parcel ) and was emailed documents after on to his phone.

[Amethyst]

Re: Mis-sold car finance

So he did not have opportunity to read the documents before signing?

When was this?

[sheepcote]

Re: Mis-sold car finance

This was over 14 days ago we have since cancelled and paid off all finance plus interest, but are looking to try and get our deposit back as compensation for mis-selling as HP instead of PCP, also excess mileage payment on previous car also a APR of 8.9 rather than 4.6. This is through BMW, we had the old car on PCP at BMW with another dealer and had no problems. We were told we were borrowing £40,000 as the £3,900 my partner paid on other car was the deposit (we were given signed receipt as it being deposit for new car) on new car. The loan agreement Emailed on request 5 days later stated we had borrowed all the money and no deposit had been paid. ie £44,000

[Feebz11]

Re: Mis-sold car finance

Hi, inJuly 2013 I bought a 12 month old Honda Civic from a main Honda dealer with whatI incorrectly assumed was a normal car HP / loan deal but whichis actually a Barclays Finance PCP with no guaranteed final value & nomileage cap. There is a balloon payment at the end but as I was not evenaware of what a PCP was this is fairly irrelevant. None of this wasexplained to me at time of purchase and I assumed it was standard HP.
Basically the loan is NOT secured on the vehicle so I find myself 3.5 yearsinto a 4 yr agreement owing £10162 with a vehicle currently valued atc£8300-£8500. The current settlement figure until 5/9/16 is £9588, so I amstill £1100 short and worse if I don't sell the car before 5/9. The newregistrations will be out by then and the cap value will reduce further. I havehad issues trying to buy a new car as the finance is not secured on thevehicle, and I am having to also put a large lump sum deposit to get to an evenposition before I can even consider a new car finance deal. Any advice or suggestionson how I can proceed and whether I have any claim for being mis-sold carfinance?