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Black Horse Car Finance - rules and regulations?

Last post Sat, Sep 03 2011, 7:04 PM by nicolam84. 7 replies.
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  •  Sat, Sep 03 2011, 7:04 PM

    Re: Black Horse Car Finance - rules and regulations?

    I just applied for car finance iv amazing credit but only provisional and its went out of date will this debt my application is there any way round this if so thanks
    • Post Points: 5
  •  Wed, Apr 16 2008, 11:46 AM

    Re: Black Horse Car Finance - rules and regulations?

    I work for a Finance Company and my role is to coach and train Sales Executives and Business Managers on how to sell finance. We would always advise the dealer to appoint the customers before discussing finance figures, part exchange values etc etc. The dealer won't be able to add any value to the products they are selling by discussing them over the phone.

    The reason the dealer are not giving you the quote is because, they will earn a commission from Black Horse and they don't want you to shop around. In some cases the dealer will earn as much in finance commission as they will make profit in the car sale. The dealer have a legal requirement to provide you with a written quote if asked. If they don't provide with a quote tell them you will a) buy a car elsewhere b) arrange your own funding.

    With regard to the FSA, they only govern the sale of insurance products on finance agreements. The dealer will need to do an initial disclosure document and a demands and needs before they can discuss and try and sell you credit protection insurance.

    With regard to taking the documents home and signing them, you won't be able to do that, as the dealer will be sent Non Cancelable Documents. Have a look at the documents and ask to take away a copy of the "Pre Contract Information". This is basically a copy of the finance document without the signature boxes. Think about it for a few hours or few days and then go back to the dealer and sign the documents. They have to be signed on trade premises.

    Another thing to check is that the documents are Regulated Hire Purchase (or Regulated Personal Contract Hire). If the documents are for a personal loan, don't sign them as your consumer rights are reduced. With HP or PCP the documents will have a section titled "Termination- Your Rights". This allows to to hand the vehicle back to the finance company when you have paid more than half the total amount payable. Although you would only do this if you had negative equity.

    Another area of protection you would get, that you wouldn't get from a personal loan, is that the vehicle belongs to the finance company until the final payment is made (Hence Hire Purchase) and if you end up with a problem vehicle and the dealer can't or won't fix, you would be able to write to the finance company and reject the vehicle, as it is not fit for the purpose (Sale of Goods Act). You would only reject it as a last straw but the finance company would take up the issue with the dealer to attempt to get the vehicle fixed.

    When will these dealer's learn that by being honest with you, will increase their chances of selling to you.

    • Post Points: 20
  •  Mon, Apr 14 2008, 5:35 PM

    Re: Black Horse Car Finance - rules and regulations?

    And best of all - get it all in writing before you sign :)
    • Post Points: 20
  •  Mon, Apr 14 2008, 5:34 PM

    Re: Black Horse Car Finance - rules and regulations?

    I have just spoken with the FSA (which I probably should have done first!) and they have informed me that they dont regulate Black Horse Car Finance at all - it's just the insurance division that they control.

    Thanks for the reply - calling the garage now... :)

    That loan agreement will come under the OFT office of fair trading regulation. http://www.oft.gov.uk/oft_and_cd/

    When you sign a finance agreement on the traders licenced premises it takes away your cooling off period, so if you want time to consider it then take it home and sign it. !!

    Also watch that the interest rate quoted is APR% not a flat rate, that equates to roughly double the APR rate. ? it is misleading...be careful.

    Make sure you are aware of everything you are to re-pay, and that you do not take payment protection against your will or extended warranty, they are often added onto the finance so you end up paying interest on the lot.....be cautious !!

    • Post Points: 20
  •  Mon, Apr 14 2008, 5:21 PM

    Re: Black Horse Car Finance - rules and regulations?

    Go get 'em - If I were you, I would go along the lines that you will not go and see them on Friday until they have E-MAILED you over the quotation in full!! :-) (Also neatly getting around any make-believe claptrap about not being able to disclose things over the phone).

    Jim

    • Post Points: 5
  •  Mon, Apr 14 2008, 5:15 PM

    Re: Black Horse Car Finance - rules and regulations?

    jimboban:
    bethnicky:

    I have recently applied for, and been accepted on Black Horse a car finance package at a local dealership.
    I am scheduled to test drive the car (and probably purchase) this Friday - but the dealership is refusing to tell me of my finance package details either over the phone, or in writing - stating that 'they are governed by the FSA and are only permitted to inform me of the deal in person'.
    I am rather sceptical of this and cannot get there before Friday - does anyone actually know whether this is true?

    Im starting to suspect that theyve got me a bad deal and am worried I may pull out or finad an alternative - and am not too happy about buying a car from a lying garage...

    Whilst I am by no stretch of the imagination qualified to advise, from my experience, this sounds like a typical sales ploy - and of course you will know that any reputable company will happily talk figures / APR's etc. over the phone - this is not confidential, sensitive or secret in any way. The only reason (IMHO) that they will not tell you over the phone is that they want you to go down there so they can 'close' you.

    Jim

    I have just spoken with the FSA (which I probably should have done first!) and they have informed me that they dont regulate Black Horse Car Finance at all - it's just the insurance division that they control.

    Thanks for the reply - calling the garage now... :)

    • Post Points: 35
  •  Mon, Apr 14 2008, 3:45 PM

    Re: Black Horse Car Finance - rules and regulations?

    bethnicky:

    I have recently applied for, and been accepted on Black Horse a car finance package at a local dealership.
    I am scheduled to test drive the car (and probably purchase) this Friday - but the dealership is refusing to tell me of my finance package details either over the phone, or in writing - stating that 'they are governed by the FSA and are only permitted to inform me of the deal in person'.
    I am rather sceptical of this and cannot get there before Friday - does anyone actually know whether this is true?

    Im starting to suspect that theyve got me a bad deal and am worried I may pull out or finad an alternative - and am not too happy about buying a car from a lying garage...

    Whilst I am by no stretch of the imagination qualified to advise, from my experience, this sounds like a typical sales ploy - and of course you will know that any reputable company will happily talk figures / APR's etc. over the phone - this is not confidential, sensitive or secret in any way. The only reason (IMHO) that they will not tell you over the phone is that they want you to go down there so they can 'close' you.

    Jim

    • Post Points: 20
  •  Mon, Apr 14 2008, 3:35 PM

    Black Horse Car Finance - rules and regulations?

    I have recently applied for, and been accepted on Black Horse a car finance package at a local dealership.
    I am scheduled to test drive the car (and probably purchase) this Friday - but the dealership is refusing to tell me of my finance package details either over the phone, or in writing - stating that 'they are governed by the FSA and are only permitted to inform me of the deal in person'.
    I am rather sceptical of this and cannot get there before Friday - does anyone actually know whether this is true?

    Im starting to suspect that theyve got me a bad deal and am worried I may pull out or finad an alternative - and am not too happy about buying a car from a lying garage...

    • Post Points: 20