yes car credit/dircet auto finance

[JedPM]

it seems i have been foolish and purchased not 1 but 2 cars from these people. car 1 is gone and car 2 was purchased in Sept 04 f0r £7458.24 (Incl interest) and also had the PPI and GAP insurance (£2967.36). i was under the understanding that i had to pay these even though i was self employed at the time. i pay £217.20 over 48 months of which we are now in month 30.now it has come to my attention that i should claim back the insurances, yet am unsure how to. also i have surpassed the amount i need, to terminate the agreement and hand back the car (3729.12), but the question i'm asking is do i go for the refund of insurances before i terminate the agreement or can i still chase the refund after i terminate ? either way i have been bent over and done!!!!

[oneofakind]

Yes, you and me both! You can VT (voluntary return) the car and walk away once you've made half the payments on the car loan itself. BUT the insurances have to be paid off in their entirety, unless you can prove they were mis-sold to you. this mis-selling seems to have happened a lot with self-employed customers who were told 'no insurance - no deal!'. THAT'S UNLAWFUL!!!There are other contributors on this forum who can tell you better than me; have a browse around some of the other threads.

[oneofakind]

I didn't read that properly, did I? I'm not answering your question. You can return the vehicle, and you SHOULD continue to pay the insurance element of your payments. But if you start action to recover mis-sold insurances, you place the account 'in dispute', and you won't have to pay any more until a final decision is made. (AS FAR AS I UNDERSTAND THE MATTER... ANYONE ELSE CARE TO COMMENT ??)d.

[calvi36]

Maybe I can help on this one as I work in vehicle finance. If you have the vehicle on a straight regulated HP agreement then you are entitled to hand the vehicle back under what's known in the industry as halves and thirds rule. Regarding the mis-selling of gap and ppi which you had no coverage from as you are self-employed then in the first instance write to the compliance manager of the finance company and raise your concers over mis-selling. This normally does the trick as the compliance mgr is the one who ensures FSA regs are adhered to. Failure to resolve at this stage then procedd directly to the FSA. Hope this helps bud. If it had been an unregulated agreement then you would have been stuffed.

[JedPM]

Maybe I can help on this one as I work in vehicle finance. If you have the vehicle on a straight regulated HP agreement then you are entitled to hand the vehicle back under what's known in the industry as halves and thirds rule. Regarding the mis-selling of gap and ppi which you had no coverage from as you are self-employed then in the first instance write to the compliance manager of the finance company and raise your concers over mis-selling. This normally does the trick as the compliance mgr is the one who ensures FSA regs are adhered to. Failure to resolve at this stage then procedd directly to the FSA. Hope this helps bud. If it had been an unregulated agreement then you would have been stuffed.

 

 

and how do i contact this compliance finance guy and is there a template letter i can use...sorry for being a thicko

[chaplinsbabe]

hello there JedPM. I feel that although Calvi36 makes a very good point about you contacting the compliance manager at Direct Auto Finance, there are a few things you should be made aware of that Oneofakind has miss informed you on. I am a person who has been caught by Yes Car Credit and their tactics.

 

Can I first of all say to you - whatever you do DO NOT stop paying for the car. This will lead to a lot more problems and recently we have seen an upsurge in debts being passed to collection agencies and people being taken to court.

 

My best advice to you is to VT the car. This will mean that as you have had the car for 30 months as long as you have never fallen into arrears you will not owe any more money for the car. You will however be chased for the remaining insurances of which you should get a rebate as you have terminated the contract early. Once you have terminated the agreement and the car has gone back then I would write to the people at DAF and explain to them that were self employed at the time of taking the vehicle and therefore you have been paying for a worthless policy.

 

You may have to weigh up the costs here though. You could only have a few hundred pounds left to pay on the insurances to be clear of YCC. To face a lengthy battle with them over the mis-selling of PPI (as seems to be happening at the moment) could cost you £0000s. By all means write to them and put your point across but I would VT the car first.

 

Also to clear up a point Calvi36 made, YCC were not regulated by the FSA in 2004. They were only regulated in 2005 and this was in turn the downfall of their business. The FSA also will not answer individual complaints on the company as several of us have tried.

 

For more info why don't you visit www.saynotoyes.co.uk. This is a specialist site dealing with all things Yes Car Credit related and I'm sure they will be a great help to you, they were to me.

[JedPM]

thx..i have already registered on that website and YCC rang me today!!!!...they will accept the VT if i give them £80 to take it to Leeds (the auction place) and they want Half the insurance (i got 50% off) which is approx £588 and the whole affair will be completed. i complained about A) the £80...it didnt state anywhere i would have to pay and B) the fact i am self employed for the last 7 years. i was told to put it all in writing and they will see what arrangement can be done...so i will be doing just that. any ideas how i should word my letter?

[oneofakind]

So how am I misinforming? I did NOT say to stop the payments, and I made it clear I am no expert, and invited the views of others. If I'm leading someone down the garden path, PLEASE let me know, 'cos that's not what I'm on this forum for! All my suggestions are based on things learned from my own bitter experience.

 

I'm not looking for an argument, I am perfectly willing to be corrected.

 

D.:-|

[JedPM]

thx for EVERYOES input....its a lot easier when given a little info to help