Hi Nish CONGRATULATIONS AND WELL DONE!!!! I would love to know more as I am still in dispuite with these guys for mis selling gap insurance which following a no fault acident has left me with a finance shortfall of over 10 grand. Thx :grin:

Hi Nish CONGRATULATIONS AND WELL DONE!!!! I would love to know more as I am still in dispuite with these guys for mis selling gap insurance which following a no fault acident has left me with a finance shortfall of over 10 grand. Thx

Thank you for your responses. I am still in discussion with the company and have initiated a complaint with the FSA. Your advise has been invaluable ... Will keep you all posted

Thx for the response. I have started my own thread under general debts. Would love to have your advice

I purchased a car last year in Sept 2008 from a company called Approved Car Finance. As part of their package they initially pre-arranged finance form a company called The Funding Corporation. After I was told how much I could borrow I was allowed to choose a vehicle from their stock list. At this point I was encouraged to purchase GAP insurance, which was sold to me on the basis that if the vehicle was declared a total loss then my insurance company would pay the current market value and the GAP would cover the difference between that and the remainder of the finance. I had a no-fault accident this year in July and the vehicle was written off by my insurer. They have now settled and I naturally thought that the GAP insurance would cover the remainder of the settlement figure. They however have only paid a fraction of the balance, stating that their policy only covers up to the recommended book price (Glasses Guide) at the time of purchase. They go on to suggest that the vehicle was £3500 over priced at the time of sale. I have checked the wording of my insurance contract and it does state this fact in the small print. This has left me with a balance of £3500 and the finance company are threatening that if I do not pay this with 14 days then I will be liable for the full remainder of the loan which is over £10,000. My question is this. Can the retailer who sold me the vehicle, knowingly sell me a car that is substantially over priced and at the same time arrange finance with a insurance product that they must have known would not cover the full amount of the loan in the event of a total loss? Pls advise as I really don't know where else to turn. I do not have the means to pay the £3500 and I am worried that I will be left with a substantial debt. This feels completely unfair to me but I need to know if it is also illegal?

I am in a similar position see below....if you get some good advice pls pass it on... I purchased a car last year in Sept 2008 from a company called Approved Car Finance. As part of their package they initially pre-arranged finance form a company called The Funding Corporation. After I was told how much I could borrow I was allowed to choose a vehicle from their stock list. At this point I was encouraged to purchase GAP insurance, which was sold to me on the basis that if the vehicle was declared a total loss then my insurance company would pay the current market value and the GAP would cover the difference between that and the remainder of the finance. I had a no-fault accident this year in July and the vehicle was written off by my insurer. They have now settled and I naturally thought that the GAP insurance would cover the remainder of the settlement figure. They however have only paid a fraction of the balance, stating that their policy only covers up to the recommended book price (Glasses Guide) at the time of purchase. They go on to suggest that the vehicle was £3500 over priced at the time of sale. I have checked the wording of my insurance contract and it does state this fact in the small print. This has left me with a balance of £3500 and the finance company are threatening that if I do not pay this with 14 days then I will be liable for the full remainder of the loan which is over £10,000. My question is this. Can the retailer who sold me the vehicle, knowingly sell me a car that is substantially over priced and at the same time arrange finance with a insurance product that they must have known would not cover the full amount of the loan in the event of a total loss? Pls advise as I really don't know where else to turn. I do not have the means to pay the £3500 and I am worried that I will be left with a substantial debt. This feels completely unfair to me but I need to know if it is also illegal?

I purchased a car last year in Sept 2008 from a company called Approved Car Finance. As part of their package they initially pre-arranged finance form a company called The Funding Corporation. After I was told how much I could borrow I was allowed to choose a vehicle from their stock list. At this point I was encouraged to purchase GAP insurance, which was sold to me on the basis that if the vehicle was declared a total loss then my insurance company would pay the current market value and the GAP would cover the difference between that and the remainder of the finance. I had a no-fault accident this year in July and the vehicle was written off by my insurer. They have now settled and I naturally thought that the GAP insurance would cover the remainder of the settlement figure. They however have only paid a fraction of the balance, stating that their policy only covers up to the recommended book price (Glasses Guide) at the time of purchase. They go on to suggest that the vehicle was £3500 over priced at the time of sale. I have checked the wording of my insurance contract and it does state this fact in the small print. This has left me with a balance of £3500 and the finance company are threatening that if I do not pay this with 14 days then I will be liable for the full remainder of the loan which is over £10,000. My question is this. Can the retailer who sold me the vehicle, knowingly sell me a car that is substantially over priced and at the same time arrange finance with a insurance product that they must have known would not cover the full amount of the loan in the event of a total loss? Pls advise as I really don't know where else to turn. I do not have the means to pay the £3500 and I am worried that I will be left with a substantial debt. This feels completely unfair to me but I need to know if it is also illegal?