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Car finance 'clarity' call LV.com (blog)

01.05.10

Which? has called for car finance deals to follow the same practices as banks, while claiming dealers were not being clear about interest payments.

The car magazine said customers were being "taken for a ride" following an undercover investigation involving visits to 15 dealership belonging to Audi, Citroen, Fiat, Peugeot and Vauxhall.

It said not one of the test cases verbally told the research customer the total cost of interest on a finance agreement and all failed to explain the deal properly.

Furthermore, two-thirds failed to mention the APR (annual percentage rate) and a third also did not include it on their written quote - which goes against the Consumer Credit Act.

Which? Car stressed that car buyers need this information to calculate how much interest they would pay on a finance deal.

One salesman even refused to give a written quote at all, wrongly claiming that to do so would break the law, the consumer group said.

Which? Car said that on a typical car such as a £13,000 Fiat Bravo, a bank loan would cost a customer £15,319, whereas hire purchase with payment protection insurance would cost them £18,433.

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