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Thread: Mis-sold finance?

  1. #1
    Regular Member um20's Avatar
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    Default Mis-sold finance?

    Right, bit of a story to this! I'm looking to buy a new runaround for me (about £5k) and sell my corsa (£2.5k) to offset the cost. What I'm planning is a loan for the £5k and I was going to use the corsa money to make overpayments on the Vectra GE finance so we reduce that payment to make the new payment seem like less (£2.5k loans are virtually non-existent and those that can be found are high APR).

    The missus phoned up GE and was told that we cannot make overpayments, yet the VX salesman when we bought the car said we could (we can make overpayments on the mortgage and I remember thinking about that when the VX salesman said the same can be done with the GE loan).

    So my question is - were we mis-sold the VX/GE finance, and do you think we can do anything about it? I'm expecting them to say we should have read the small print and that we can't prove the salesman said that to us...

    Your thoughts are appreciated!!

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    Regular Member Gsi3.2's Avatar
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    i think you've summed it up there.. the burden of proof is on you to prove what the salesman said..... i think you've been had matey.... with little chance of recourse, unless you're within the seven day 'cooling off' period..

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    Regular Member Top Turkey's Avatar
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    You could try and argue that the contract was based on the understanding that you could make over payments. However, with no proof of this agreement with the saleman and your signature signing up to the terms and conditions of GM Finance, my view is that they have you over a barell.

    Might be worth a letter to the Principal of the dealer concerned , but legally, it sounds like you have no recourse.

    Just my view....

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    Regular Member chinky's Avatar
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    try looking for martin lewis site hes the guy that trys save you money he was on the radio the other day talking about mis selling of loans im sure you will find it on his site

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    Regular Member deanos's Avatar
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    Yes post in the finance forum on MSE you will good advice on there

    http://forums.moneysavingexpert.com/

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    Regular Member BigMan's Avatar
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    When i bought my current Vectra from The Car Shop in Northampton, they too told me that you could make overpayments on your finance, and my finance was also with GE.

    When i came to settle the car up, the bloke on the phone asked me how much i was paying off, i queried it and he told me you can pay, by debit/credit card as much as you like off, but it wont lower your monthly payment, it will just shorten the term of the finance.

    Dont know if this helps or not. I will try and dig my old GE Finance Agreement out and see if it is in black and white.

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    Regular Member Ridaz's Avatar
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    Quote Originally Posted by chinky View Post
    try looking for martin lewis site hes the guy that trys save you money he was on the radio the other day talking about mis selling of loans im sure you will find it on his site
    Heard that show myself too.......
    was the sneaky term he used "fully protected"?

    If anyone can help then im sure the folk at his site can Best of luck

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    Regular Member markm's Avatar
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    Quote Originally Posted by BigMan View Post
    i queried it and he told me you can pay, by debit/credit card as much as you like off, but it wont lower your monthly payment, it will just shorten the term of the finance.

    .
    I could be wrong, I think this is the case with any finance you can pay off chinks of my, like bigMan says, it will just shorten the duration , check with C.A.B as I think its a legal requirement on any loan type agreement,

    Hope it helps

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