Guest colin campbell Posted February 14, 2006 Share Posted February 14, 2006 i bought a classic 644 new last april. i was in two minds whether to do finance or sell assets and pay cash later on in the year.. i was sent a fax by hymer uk saying i could get 4.9 if i bought by end of month, a great rate i thought. i signed for a 10 year loan and did not see a credit agreement or a finance rate for some months. when capital bank finally sent my loan agreement the rate turned out to be 8.9 apr. over 10 years. my credit card is better than that. when i complained i was told that 4.9 was the flat rate and that was always quoted. well not by any financial institution i know, i am taking hymer uk to the county court for gaining 'pecunary advantage by deceptive means'. has anyone else had this experience.????? Link to comment Share on other sites More sharing options...
Guest bill h Posted February 14, 2006 Share Posted February 14, 2006 Inform BBC TV Watchdog programme also. High profile publicity usualy brings results. bill h Link to comment Share on other sites More sharing options...
Guest Mel E Posted February 15, 2006 Share Posted February 15, 2006 I thought, by law, you have 10 days to reject an HP agreement after the papers are provided to you? I also thought that advertising/brochure material and any agreement provided to you sign has, by law, to show the APR. Am I wrong? With all such agreements always check 3 things: 1. The APR (the effective annual rate of interest) 2. Can you pay off the loan early and, if so, what penalties/savings apply. 3. What happens if you are late with a payment of a payment fails (e.g., if a direct debit fails because your bank account is emptier than you thought!) Hope you succeed - and don't forget to consult Tradings Standards - they love this sort of thing! 2. Link to comment Share on other sites More sharing options...
Guest Mick t Posted February 15, 2006 Share Posted February 15, 2006 I agree with you Mel E, partially to your first paragraph. Link to comment Share on other sites More sharing options...
Guest martin Posted February 15, 2006 Share Posted February 15, 2006 Don't forget the FSA! You should have been asked to sign standard forms required by the Financial Standards Authority confirming each step of the process had been explained and you accepted them. These are standard in the motor industry now ... even if you're paying cash - which means money laundering rules apply under the same regulations! Yes there is a statutory cooling off period - this is quite specific and clear - again contact the FSA. Capital is part of HBOS - go for their juggular too - they are more vulnerable. Oh and try 'Money Box' on Radio 4 too - it is right up their street. Good luck - sounds like you were mugged! Link to comment Share on other sites More sharing options...
Guest Mel B Posted February 15, 2006 Share Posted February 15, 2006 Agree with Mel E's sentiments. My only bit of advice which is not much use to you Colin I'm afraid, but to anyone wanting to get a loan to buy a motorhome, or anything for that matter, is to do a bit of research on the internet, or at least ring a few places for comparisons. I don't like these loans that you get from dealers, for cars motorhomes, caravans etc. They usually have up front costs as well as redemption costs which the dealers aren't always too keen to tell you about! As they are then in effect 'secured' on the vehicle itself, if you have say a 5 year loan and want to change the vehicle in 3 years, you usually have to pay off the loan early, with the repayment penalties and early settlement costs, and then take out another loan which in part is paying for interest on the interest for the previous loan! Plus the vehicle is not your's until the last payment, or full settlement is made. The loan 'sales people' will try to tell you there are advantages to be had by using this type of 'secured' loan but we've never heard a convincing argument yet. We much prefer to get a loan from a building society - you don't even have to go into see them now as many do on-line ones. They are normal type loans, ie no set-up or end of the loan term costs, they are not secured on the vehicle so you can change it whenever you like without having to redeem the loan and often they quite a bit cheaper. If you finish them early there will be a reduction in the overall cost of the interest for the full term but the reduction is usually much better than the 'secured'loans and something which not all of them do. If a deal is really good, don't take the sales persons's word for it, remember they are usually on commission so make sure you ask lots of questions and make them work for it! Then once you've got all the info go away to think about it - you do legally have a cooling off period but how many people would really want to admit that they'd made a mistake! I hope you get things sorted Colin, let us know how you get on. Link to comment Share on other sites More sharing options...
Guest martin Posted February 16, 2006 Share Posted February 16, 2006 A senior moment I'm afraid: FSA = Financial Services Authority (not Standards - that is what they are suposed to uphold!) See also www.dashboard.co.uk Capital's site Link to comment Share on other sites More sharing options...
Guest colin campbell Posted February 19, 2006 Share Posted February 19, 2006 thanks for the words of encoutragement. i knew the model hymer i wanted and live in newcastle. i did al preliminary stuff by phone. when i was hesitating was when the fax was sent up to me by hymer uk wit 4.9 on. i was also sent up a copy of a credit agreement as i did not want early redemption penalties. this credit agreemnt was someone elses and showed an apr of 12.9%. this reinforced my impression that 4.9 must be A.P.R.. the first time i met the salesman was when i went to preston to sign the vehicle order form and pay my £2000 deposit.the saleman was a clever man , but i have no doubt in my mind that a judge will agree with me and i shall be awarded compensation., i have all papers here. financial ombudsman and F.S.A have washed hands, capital bank and hymer say not their problem. i shall keep you all posted as to court result. thanks. colin Link to comment Share on other sites More sharing options...
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