Supreme Court decision re car sale commission

[Garry Edwards]

I think that the potential issue here is that, although many of us are financially aware, literate and numerate and perfectly capable of making sure that they get the right info, there are plenty of people out there who have poor credit history, have little common sense and only care about finding a supplier who will give them credit, and about the amount of the monthly payment. I suspect that most of the people who have been overcharged fall into that category.

 

[munch]

One of the problems with trying to get finance that isn't through the dealership is getting everything to be in place at the time you want to pick up the car. As some people are buying a car because there existing car has been stolen, crashed, failed it's MOT, become uneconomical to repair etc. Then these people often don't have the time to go through "what best loan" before going and buying a car.

 

[mj4456]

bit difficult when you are sat in a car dealers showroom.

That’s when I handed over the finance documents for people to read, really the main page covers the financial terms and payments. Sub prime finance, for those at most risk of default usually took longer to organise and the companies tried to ensure clients were aware of what was the costs to minimise the risk of default, folk in this position usually what to expect.

 

[AndrewFlannigan]

That’s when I handed over the finance documents for people to read,

My personal experience of such documents was that they were too long, the print was too small and they used sudo-legalese to obfuscate what came down to: "we're always right, you're always wrong and we'll drag you into court at the drop of a hat".

It's about fifteen years since I looked at such a missive, so perhaps subsequent legislation has forced them to tone it down. Mind you, I find it hard to believe that they've stopped trying to get signatures on documents that Lucifer would consider over the top!