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Financial Conduct Authority, relevance to purchase of 2nd hand car for cash
oldstoat
post Sun, 16 Jan 2022 - 16:35
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This is a question based on being lied to at CarSupermarket/motor depot.

I have decided that I need a newer car.

I saw a car I liked at the above mentioned company. I am purchasing it for cash.

I put a deposit down.

I went for a test drive 16.1.22.
Now here come the lies (at least I think they are lies), which have left a bad taste in my mouth.

I asked the salesman, if I could get a discount on the vehicle, or could he include the service and extended warrenty in the price, considering it was a cash purchase.

He bluntly said NO. We are regulated by the FCA. IS A CASH SALE governed by the FCA?

He then brought someone he called a Compliance manager across "to ensure I have done all the paperwork correctly"

The compliance manager immediately atempted to sell GAP Insurance.

I declined. The compliance manager then insisted that she had to tell me what it was all about, because they were regulated by the FCA. I again declined.

The compliance manager, then requested, I sign a form, on which she had ticked a box saying I was undecided. I then told her that I had declined GAP Insurance, she became quite unpleasant, and insisted that as FCA involved, I had 4 days to change my mind.

In the end she angrily circled and ticked the declined box.

Can anyone with knowedge of the FCA explain, how a cash sale can in anyway involve the FCA? Nothing I was purchasing could, as far as I can see, be considered a regulated activity.

Glad to be corrected if I am incorrect.

Cheers


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post Sun, 16 Jan 2022 - 16:35
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Spandex
post Mon, 17 Jan 2022 - 09:35
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QUOTE (TMC Towcester @ Mon, 17 Jan 2022 - 07:15) *
I've yet to meet anyone dumb enough to Gap insure a car they paid outright for, although for sure the broker will love the business............

I’ve definitely heard of plenty of people (posting on car forums) who get gap insurance on non-financed purchases. I don’t see the point myself, but clearly other people do.
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mickR
post Mon, 17 Jan 2022 - 10:23
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so you go into a showroom and buy a new car, drive it away and only use it very rarely. a few months later gets written off.
do you think your ins company will pay for the replacement with a new car? you will have a fight to get anywhere near the replacement value and won't get a new car. gap ins will get you another new car.
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DancingDad
post Mon, 17 Jan 2022 - 11:08
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QUOTE (mickR @ Mon, 17 Jan 2022 - 10:23) *
so you go into a showroom and buy a new car, drive it away and only use it very rarely. a few months later gets written off.
do you think your ins company will pay for the replacement with a new car? you will have a fight to get anywhere near the replacement value and won't get a new car. gap ins will get you another new car.


Which is good argument for GAP insurance but doesn't excuse a salesperson ticking the box that says undecided when the customer has said no.
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Tarantula
post Mon, 17 Jan 2022 - 11:19
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QUOTE (mickR @ Mon, 17 Jan 2022 - 10:23) *
so you go into a showroom and buy a new car, drive it away and only use it very rarely. a few months later gets written off.
do you think your ins company will pay for the replacement with a new car? you will have a fight to get anywhere near the replacement value and won't get a new car. gap ins will get you another new car.


Most comprehensive insurance comes with a 1-year new replacement guarantee. So the answer to the question is yes.

QUOTE (The Rookie @ Sun, 16 Jan 2022 - 21:14) *
QUOTE (TMC Towcester @ Sun, 16 Jan 2022 - 17:57) *
As above. No Gap insurance as there's no gap to insure, so either the FCA or the retailer are completely daft. Don't know which.

There is always a gap to insure. There is more than just the gap to outstanding loan you can insure.

In this case I’m not sure if you are the one completely daft or just ill informed, let me know.


OP was talking about buying 2nd hand car so there is no immediate depreciation so the gap is pretty small.
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The Rookie
post Mon, 17 Jan 2022 - 13:55
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QUOTE (Tarantula @ Mon, 17 Jan 2022 - 11:19) *
QUOTE (mickR @ Mon, 17 Jan 2022 - 10:23) *
so you go into a showroom and buy a new car, drive it away and only use it very rarely. a few months later gets written off.
do you think your ins company will pay for the replacement with a new car? you will have a fight to get anywhere near the replacement value and won't get a new car. gap ins will get you another new car.


Most comprehensive insurance comes with a 1-year new replacement guarantee. So the answer to the question is yes.

QUOTE (The Rookie @ Sun, 16 Jan 2022 - 21:14) *
QUOTE (TMC Towcester @ Sun, 16 Jan 2022 - 17:57) *
As above. No Gap insurance as there's no gap to insure, so either the FCA or the retailer are completely daft. Don't know which.

There is always a gap to insure. There is more than just the gap to outstanding loan you can insure.

In this case I’m not sure if you are the one completely daft or just ill informed, let me know.


OP was talking about buying 2nd hand car so there is no immediate depreciation so the gap is pretty small.

If you think there is no immediate depreciation you may end up sadly disappointed.


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Slapdash
post Mon, 17 Jan 2022 - 13:57
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But in, say 3 years time, when it's worth half what he paid rhe gap cover would make it up so he can get into a carcthe same age he originally bought, not one 3 years older.

I have never bought gap myself, but I can see why people choose to.

Shades of "new for old".

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TMC Towcester
post Mon, 17 Jan 2022 - 18:22
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QUOTE (mickR @ Mon, 17 Jan 2022 - 10:23) *
so you go into a showroom and buy a new car, drive it away and only use it very rarely. a few months later gets written off.
do you think your ins company will pay for the replacement with a new car? you will have a fight to get anywhere near the replacement value and won't get a new car. gap ins will get you another new car.


Yes it will.....or might.

I was offered a warranty for a £16.99 kettle in Curry's a while back - the warranty was £18.99 per year................

Fighting is free.............
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