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Sparta Vs On:line Finance (Gmac)


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A bit of advice would be greatly received. I bought a car where the finance was underwritten by online finance (gmac really). It was from an "auto parc" where there are lots of small dealerships and they all use one agent onsite to sort the finance out. The finance was agreed to me but, the salesman said, after speaking on the phone to online, that I have to take their highest ppi insurance possible and "GAP" insurance. Over the full 5 year term, the total equates to nearly £2000. The salesman also never made any enquiries into my circumstances as I was about to become a full time student in a couple of months time, so the policy would not have been any use to me anyway; let alone the salesman informing me that a 3rd party policy could offer the same cover at a greatly reduced rate.

 

They have replied to this letter airing my grievances by stating that they merely received paperwork from the "dealership" and that any problems, the dealership were at fault not them and they would not refund and this was their final response and then the stuff about the financial ombudsman to take it further.

 

Can that defence actually stand up to scrutiny? Surely they have a duty of care to ensure their products are sold appropriately and they are just trying to fob me off at the first contact? The actual salesman/company does not seem to be there anyway. I do have all the forms filled out for the financial ombudsman complaint, and have no fear in taking them on as they have been brutal in there exploitation on the contract/law with me if I was ever late with a payment etc.

 

Any thoughts would be greatly appreciated.

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This policy has been mis sold to you. You have a legitimate claim agauns the company. The salesman was acting as an agent and should not have sold you the policy knowing that you would be in full time education so soon into the policy being sold to you.

I am sure you will get more help with this but in the meantime have a look at the threads in the stickies section at the top of the forum!

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[sIGPIC][/sIGPIC]

 

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This policy has been mis sold to you. You have a legitimate claim agauns the company. The salesman was acting as an agent and should not have sold you the policy knowing that you would be in full time education so soon into the policy being sold to you.

I am sure you will get more help with this but in the meantime have a look at the threads in the stickies section at the top of the forum!

Hello Freaky Friday

 

Nice to see you over in this neck of the woods

 

There are a few cag members posting with this problem of late, as lots of brokers or salesmen sell this ridulous policies and franky and blatantly mis-sell them for commission.

 

This makes interesting reading

 

visit: FLA E-Recruitment System

Decision in Hurstanger v Wilson

[2007] EWCA Civ 299

This is may be of relevance to all members who pay fees to brokers.

Case Summary

The borrowers (Mr Wilson and Ms Burton) obtained a loan through a

broker. The broker had a fiduciary relationship with the borrowers and

received commission from the lender.

At issue was whether the broker had received secret commission from the

lender and whether informed consent had been given by the borrowers.

The borrowers signed a form which indicated that commission might be

paid but they argued that informed consent had not been given because

they did not know the amount of the commission.

It was held that the broker may only receive commission if the borrower

consented to this with full knowledge of all material circumstances. The

Court of Appeal held that the commission, in this case, was not “secret”

but informed consent had not been given as the amount of commission

had not been disclosed. (Accordingly they awarded the amount of the

commission plus 1.29% simple interest from the date of the agreement’s

inception).

The Court also held that in cases where the broker does not disclose

that she is in receipt of commission from the lender, the commission will be

“secret”, the broker potentially guilty of fraud, and the entire loan liable to

be rescinded.

Implications

The legal teams of all members who pay commission to brokers should

consider the impact of the decision on their business.

We could do with some useful information and advice on these matters to help caggers faced with this problem.

 

 

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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Hello HH! Thought I would see how the other half live!:)

 

The PPI forum is under refurbishment and will hopefully be sorted in the next couple of weeks. This should make things alot clearer for anyone with questions on this subject!

 

There is plenty of information available in the stickies but you do have to search for it at the moment. We are hoping to have a user friendly Guide in place before long!

[sIGPIC][/sIGPIC]

 

Welcome to the Consumer Forums

Free advice and support to to solve your consumer problems.

You will soon discover what a friendly place this is and get lots of hints about standing up to consumer bullies or dealing with other consumer rights.

 

Which guide to the Sale Of Goods Act

 

New advice guide explains credit card rights

 

Help the CAG!!

Make a donation

 

ARE YOU A VICTIM OF COWBOY BUILDERS?

 

Has your RBS account been transferred to Santander?

 

Forum rules. Please read these before posting

 

PLEASE CHECK OUT THE CAG LIBRARY!! IT HAS LOADS OF USEFUL STUFF IN THERE. CLICK HERE

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  • 2 weeks later...

Following the final response from on:line saying it was the "dealership" not their fault I made the complaint to the financial ombudsman and got a letter saying they can't help as they werent under the juristiction when the poluicy was sold back in 2003. :(

 

Not sure what to do now. Obviously only court action is open to me now. I have no problems doing this as its something I feel strongly about. However, I think I need to read round the arguments that would be used to lodge the court claim so I can get my head round it and feel comfortable before starting any action. Pointers towards other's threads where the court action has been involved would be gratefully received!

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  • 2 weeks later...

Hi Spartagates the way I see it is the policy is through GMAC not the dealership so any grievance should be direct with them, regardless who sold the policy if it aint of any use to you then wheres the argument. The fact the dealer is no longer there is irrellevant in my opinion and GMAC should be looking into the circumstances that you have explained to them, im sure you wont be the only one who has brought this to their attention.

I will see if I can get some more help for you on this.

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