Any help appreciated.
My parents (both trusting pensioners) have today received a copy of an Hp agreement they signed on the dealer’s premises only to discover that the deal they discussed is not what has been financed by the dealer. They expected to be financing about £1000 less that the document states.
The purchase price of the vehicle was not as they had remembered £4700, but stated as £5022. They part exchanged 2 vehicles for what they thought was £400 each i.e. £800, but the agreement only shows £400. When they signed the HP agreement they were not given a copy, nor were they given a purchase invoice or any paperwork which detailed the deal they thought they had agreed. Therefore they had not had an opportunity to check the figures until the HP agreement arrived today 19% APR, They were told the rate was 9%, which is actually 9% fixed.
I today accompanied my Father to the dealers to obtain a breakdown of the amount financed to discover that the dealer has added other items such as Gap Insurance, fuel for the car, an amount for the Status check.
My Father did not even know what GAP insurance was.
The dealer had explained that they would be insured for 7 days and thought that perhaps that was what the charge was for until he realised it was £299.
My Father told the salesman today he had not agreed to GAP insurance and would consult with his wife.
I understand they do not have a cooling off period. If they withdraw from the HP agreement they will have to repay the full amount borrowed plus interest calculated on a daily basis
I have advised them enquire about a bank loan hoping to save them money in the longterm.
Can CAB or Trading standards do anything about how the dealers have behaved which cannot be right.
What rights do my parents have in respect of the dealer, shouldn't they have been given an apportunity to check the figures.
My parents (both trusting pensioners) have today received a copy of an Hp agreement they signed on the dealer’s premises only to discover that the deal they discussed is not what has been financed by the dealer. They expected to be financing about £1000 less that the document states.
The purchase price of the vehicle was not as they had remembered £4700, but stated as £5022. They part exchanged 2 vehicles for what they thought was £400 each i.e. £800, but the agreement only shows £400. When they signed the HP agreement they were not given a copy, nor were they given a purchase invoice or any paperwork which detailed the deal they thought they had agreed. Therefore they had not had an opportunity to check the figures until the HP agreement arrived today 19% APR, They were told the rate was 9%, which is actually 9% fixed.
I today accompanied my Father to the dealers to obtain a breakdown of the amount financed to discover that the dealer has added other items such as Gap Insurance, fuel for the car, an amount for the Status check.
My Father did not even know what GAP insurance was.
The dealer had explained that they would be insured for 7 days and thought that perhaps that was what the charge was for until he realised it was £299.
My Father told the salesman today he had not agreed to GAP insurance and would consult with his wife.
I understand they do not have a cooling off period. If they withdraw from the HP agreement they will have to repay the full amount borrowed plus interest calculated on a daily basis
I have advised them enquire about a bank loan hoping to save them money in the longterm.
Can CAB or Trading standards do anything about how the dealers have behaved which cannot be right.
What rights do my parents have in respect of the dealer, shouldn't they have been given an apportunity to check the figures.