GAP insurance

Finance confusion: new scheme to help drivers pick more honest dealers

Finance confusion

The customer thinks he understands what the dealer’s saying but actually he could be about to buy something he doesn’t need

Finance confusion is leading drivers to feel as if they’ve been overcharged or mis-sold products when they buy a car. But that could be about to change.

Dealers selling financial packages are being encouraged to sign up to a new accreditation scheme. This will enable customers to tell instantly whether their dealer has any code of conduct to abide by when selling financial and insurance products. The aim is to stop dealers bamboozling car buyers with confusing jargon to sell them things they may not need.

What’s behind the changes?

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New car add-ons: Do you really need them?

new car add-ons

They might not be smiling as much when they realise they’ve paid over the odds for a product they don’t need…

September is one of the busiest months for new car sales. For the tens of thousands of drivers upgrading their car, one thing’s certain: they won’t escape the dealership without being offered a host of new car add-ons which will come with the promise of protecting their investment. But do drivers really need them?

For sales executives, extras such as GAP insurance, wheel and tyre protection, an extended warranty and pre-paid servicing are ways of getting extra money out of customers. Just as extended warranties are a tried and trusted means of electrical goods retailers getting customers to pay more for their purchases, so are new car add-ons. We look at the most popular and assess whether they’re worth ticking on the list or flicking and ignoring.

New car add-ons: servicing packages

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