| Viewing Single Post From: Approved Car Finance/ Cooperate Funding | |
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| groovyglo | Aug 23 2006, 04:09 PM |
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Approved Car Finance/cooperate funding-VICTIM -------------------------------------------------------------------------------- I am desperate for some serious advice. I was going through a really bad patch being self employed last year and was offered a contract on condition that I had a car. So I found out about approved car finance and was so determined to get a car, I did not read the small print. Nothing was explained to me about insurance, but I was given the impression that without the ppi or gap insurance I would not be able to get the car. In my haste I signed and accepted on 29/10/05. The terms were not explained to me and I was not aware of what the policy was all about which really was my fault because I did not read the documentation until I got home and took some time out after a few months. I was really shocked. This was for a BMW X reg Credit sale Insurance Total Cash Price £12000.00 £5,406.50 £17,406.50 Less Advance payment £ 5.00 £0000 £ 5.00 finance charges £7,915.88 £3,806.14 £11.722.02 Arrangement fee £ 250.00 £000 £ 250.00 Total Charge for Credit £8,360.88 £3,806.14 £12,167.02 Credit facility fee £ 195.00 £00000 £ 195.00 So the total amount payable was £29,573.52 at an instalment value of £606.74 after which I was not made aware of my rights to claim under the insurance policy and had to take the car in to BMW 2 months after purchase due to a mechanical fault. I was advised by friends and family that it didn't make sense to pay so much for a car. I took their advise and requested to return the car because at that the time as well I realised that I would not be able to keep up with the payments. As my hours had been reduced on my contract. I was never advised what the best step was and I guess I never sought any proffessional advice. I just kept on demanding they collect the car. They finally collected in June after making numerous requests. I have now received a phone call from some legal department representing cooperate funding informing me that the vehichle has now been sold and that I owe them £21,000.00. The lady was insisting I make an arrangement with her over the phone when I informed that I need to receive this in writing she insisted that an arrangement be made over the phone. I informed that I was at work and until I RECEIVE A LETTER IN WRITING INFORMING OF HOW THE AMOUNT WAS ARRIVED AT I would not be prepared to make an arrangement. She continued to harass me over the phone and so I cut the call. Please advise me as to what would be the best step. It appears I still have to pay for the gap and payment protection insurance plus interest even though I no longer have the car. I am not sure how to address this issue. 
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| Approved Car Finance/ Cooperate Funding · Approved Car Finance | |
7:52 AM Nov 29
