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Faulty car bought on finance? What are my consumer rights?
Have you ever had a faulty car bought on finance?
What are my consumer rights?, and am I able to get the car fixed or possibly get some kind of reimbursement? To answer them two questions it depends were you bought a faulty car on finance from and what were the terms and conditions on the finance agreement.
You will have more protection if you have bought the car on finance from a car dealer or dealership however if you was to finance a car from a private seller you would have hardly no protection. Depending on the fault that has affected your car.
What should I do if I bought a faulty car on finance?
If you have bought a faulty car on finance in the UK here are 5 steps to take to hopefully resolve the situation.
Check the T&Cs of your finance agreement: Your finance agreement ought to specify your consumer rights, including the steps to take in case the car you bought turns out to be defective. Additionally, it’s crucial to verify any warranties or guarantees that the car might have come with.
Contact the car dealer who sold you the car: Get in touch with the seller and explain the issue with the car as soon as possible after discovering the fault. The seller may offer to repair, or replace the car or provide a refund.
Seek advice: If the seller is unwilling or unable to resolve the issue, you may need to seek from car and finance experts. You can contact the FCA which regulates the finance industry in the UK and also the motor ombudsman service which regulates the motor industry.
Contact the finance company: If you have a finance agreement, contact the finance company and explain the issue with the car. They may be able to help you resolve the issue with the seller or offer you a refund.
Contact Trading Standards: If you have exhausted all other options, you can contact your local Trading Standards office for advice and assistance.
Remember, if you bought the car from a dealership or trader, you may have additional protections under the Consumer Rights Act 2015, which may entitle you to a refund or replacement if the car is faulty.
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What are my consumer rights for a faulty car bought on finance?
Your consumer rights act can play an important role if you have a faulty car bought on finance, lets take a look at the act.
The Consumer rights act was introduced UK law on the 1st October 2015
This protects consumers from being put into a difficult position if the product, service or car purchased in this case was not up to satisfactory quality.
When purchasing car finance through a dealer or dealership the car should be in good working condition as you would not pay for a car that had a fault.
If you have bought a faulty car on finance you should look through you car finance agreement to see what information your car dealer or car financier have put on their terms and conditions if there was a fault to ever happen with the car.
After speaking to the car dealer about the fault, if things get stressful and you are being made liable or receive a bill for the fault you can always seek legal help or contact the Financial Ombudsman for free.
Returning a car on finance due to faults
If you are trying to return a car on finance due to faults it is always important to make sure you know who to contact.
If you are returning the car due to faults make sure to log down the faults with the finance company and the car dealership who sold you the car.
Always make sure to log the complaint with the finance company first as they are the ones where your monthly payments are going.
Most likely if you a returning a car due to faults it will be because the car is used and most likely old.
Used cars will tend to break down or show signs of faults due to the age of the car.
If by any chance the car dealership is being hard to deal with like not answering calls and blaming you for the damage then don’t worry as they are options for you.
When a car dealership is blaming you for faults and you know 100% it was not your fault then we would strongly urge you to make a complaint through the motor ombudsman and the FCA (Financial Conduct Authority).
Who are the FCA (Financial Conduct Authority)
The financial conduct authority is a government body that regulates the finance industry within the UK.
They offer a free service on their website where you can log a complaint about the finance you have taken out if you feel like you have mis-sold your car finance due to faults.
You can make a complaint here to the FCA.
Car finance is the most complained about financial product in the UK.
Mainly because dodgy salespeople want to earn as much commission as they can.
This has led to car finance consumers being sold faulty cars and cars that consumers can’t even afford.
Used Faulty car bought on finance, Do I still have my consumer rights?
If you was to buy a used car on finance and it became faulty you would still have your consumer rights.
The same still applies as if it was a new car as car finance like pcp and hire purchase are a financial product.
Can I claim if I bought a faulty car on finance and it wasn’t my fault?
Yes, well you have a claim most certainly if you bought a faulty car or motor on finance as it was not your fault the more recent the you raise a claim the better.
if this is a manufacturing error made by the car manufacture themselves, and they can be hold to account or made liable depending on the fault.
If this is a used car however lets say 5 years you could not be covered by the car or motor manufacture as part of their warranty but if you recently bought a faulty car on finance on pcp or hire purchase you can most certainly raise a dispute or seek free legal advice if this was 100% not your fault.
As in the recent Mercedes emission scandal were, they were caught manipulating devices they installed in all of diesel cars they would show false co2 emission readings.
This called for a massive recall of cars from across the world and Mercedes being hit with a massive fine and thousands of people in the uk being due compensation as this was a fault made by the manufacture and they
To read more about Mercedes diesel claims and if you can claim compensation click here
Can I get a refund if I bought a faulty car on finance?
If you bought a faulty car on finance or a motor that developed a fault and it was not your fault you can 100% make a complaint to your finance providor and car dealer.
When you first bought the car on finance you wouldn’t have bought the car let’s say if it had an engine failure, you would want a car that had no issues at all so you could do your day-to-day stuff.
Now all of a moment your car is now off the road and still paying monthly instalments towards the agreement.
Some dealerships may help towards fixing the car as long as you pay an excess fee but depending on the problems this could cost hundreds of pounds.
If the dealerships try to say it is not their fault and try to blame you or the car manufacturer this can leave you thinking about what to do next.
Depending on how recently you bought a faulty car finance can help, if you were to buy a car on a
PCP or hire purchase and 1 month later the car had an engine or brake fault then would stand a better claim.
If you are unsure on what to do you can always speak to us here at mis sold car finance and we can help determine if you was mis sold car finance or if you bought a faulty car on finance.
By Frank hugh
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Mis Sold Car Finance Explained
Example 1
- A PCP car on a finance deal was not the best option, it would of worked out 40% cheaper if the customer had used a higher purchase agreement.
- The customer felt that they were pushed into making the wrong decision without complete understanding.
Mis Sold Car Finance PCP Agreement