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Hire Purchase agreement with 3rd Party Insurance

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I recently decided to hire purchase a car.

The car company allowed me 7 days to drive the car on their insurance, the finance agreement had not be finalised at the sale, but I was expecting a call.


Soon as I got home I immediately went online to purchase insurance, the cheapest Comprehensive insurance offer was over £7000!!!


I proceeded to purchase 3rd 'party only' insurance for £2500. I returned to the Car company soon after where it was then explained that the finance agreement requires Comprehensive Insurance!!!


With the best will in the world, we could not find Comprehensive insurance for less than £7000!!!!


I had not yet finalised the finance agreement and was prepared to walk away. The Car Company suggested and faxed the 3rd Party insurance to the finance company in the hope they would accept it no questions asked... They did!!!


I got the car, they got paid...


Only, when I purchased the insurance I had entered the date when I initially passed my driving test (4 years ago) and not the most recent pass after being revoked. My mistake was corrected by the Insurance company and due to the cost of the policies available, some as high as £10,000! I had no choice but to cancel.


I explained the situation to the Car Company and asked them if the Finance agreement is Binding because I didn't have 'Comprehensive insurance' as required.


They said that it didn't matter and after 'some negotiation' agreed to Cancel the finance agreement for £1000.


I am tempted to pay and end the nightmare, but feel a bit swindled if I do...


Confused.really confused!

Edited by Binding????
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Hi Binding????

Welcome to The Consumer Action Group.



I am just letting you know that as you haven't had any replies to your post yet, it might be better if you post your message again in an appropriate sub-forum. You will get lots of help there.


Also take some time to read around the forum and get used to the layout. It is a big forum and takes a lot of getting used to.



Once you start to find your way, you will soon realise that it is fairly easy to get round and to get the help you need.


It can be bit confusing at first.

Please be advised that my time will be limited for the next few weeks.Thanks for your understanding.

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Welcome to the site binding.

Will move your thread for further specific help.

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.



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Thank you for your Help.

This is my first time posting, I have read some of the other posts and have seen some sound advice...

This is a much more relevant forum Thanks.


I didn't mention before that I have returned the car to the Company forecourt. It has been there for 3 Weeks and I am approaching the second finance payment.


During this time I have sent a letter to the 'Manager' of the Car company, and recieved no reply. During all conversations the staff have reverted to 'Pay £1000'.


I am unsure of my position if I speak directly to the finance company?


I would be grateful if someone had any guidance.



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