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Hi, i went to buy a car at carshop in swindon and wanted to do a finance.
They told me today that the finance (over 5 years) by Santander was accepted but there is one condition: i have to take their RAC GAP insurance which cost £399!!! I just called Santander to confirm that, they told me that i don't have to take the GAP insurance.
I'm going to collect the car tomorrow evening, so I need some help please!!!! Santander customer services close at 5pm but i collect the car at 7pm, so i can't prove to carshop that they are lying to me regarding the gap insurance!!!
I believe it is unlawful to make an insurance policy part of the purchase conditions (other than requiring you to insure the car for driving purposes of course)
It might be that Santander insist on this as part of the loan agreement a bit like a mortgage on a house where buildings insurance is a requirement as part of the agreement or may be as a guarantor. The rules as I understand it are that that if insurance is required then it must not be tied to the same company supplying the loan i.e. you are free to go elsewhere.
However, I would think it is just the salesman trying to up his commission and if it turns out Santander don't need it I'd be having a gentle word ( six inch nails and lump hammer) with him.
I've been reading just lately that Santander have been up to some unusual practices just lately so there might be something to it.
It can change overnight and there have been cases where it has on other products/consumer items or whatever. I'm saying check with Santander first because at the moment it's a distinct possibility. It depends on how they have assessed the risk. The one thing we all know is that it does not have goes through a linked provider to either Santander or the dealer and if it is a condition of the loan then you are free to get the required insurance from anyone.
That aside, if we were to look at the number VT difference in payments queries that have cropped up and the number that are potentially to come up in the next year then I see this scenario as a quite probable requirement in the future given the ending soon of Government supported scrappage schemes when used car values I reckon will reduce considerably.
Car finance hire purchase and GAP insurance
was accepted but there is one condition: i have to take their RAC GAP insurance which cost £399!!! I just called Santander to confirm that, they told me that i don't have to take the GAP insurance.
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