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ACF Car Purchase and The Funding Corporation HELP NEEDED

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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? :confused:

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Amazing you buy a product that is supposed to give you peace of mind and it didn't...!! may I ask how much the 'gap' insurance was ? how much did they pay out on this ? Do you have any free legal coverage on your car insurance ? You could possibly claim the rest of the balance from the other party in the accident, but I am throwing ideas around and am not experienced in these scenarios. Were there any other kind of insurances (PPI for example) you paid for ? It sounds to me as if the policy wasn't really worth the paper it was printed on !! Have you raised any sort of dispute ? How were you supposed to know the car was overvalued ??!!....

Have you got all your paperwork ?


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