Verbal agreements during car finance discussions can be unreliable and potentially misleading for several reasons:
Difficulty of Enforcement:
Misunderstandings Can Occur:
Protecting Yourself:
Additional Resources:
By understanding the limitations of verbal agreements, you can prioritize getting everything in writing to ensure clear and accurate car finance terms. A written agreement protects your interests and provides a stronger foundation if you ever need to make a mis-selling claim.
Difficulty of Enforcement:
- He Said, She Said: In a dispute, it becomes a matter of "your word against theirs." Without written proof, it's challenging to enforce what was verbally agreed upon.
- Memory is Fallible: Both you and the salesperson might have different recollections of the conversation over time, making it difficult to determine what was truly promised.
Misunderstandings Can Occur:
- Unclear Communication: Complex financial terms or hurried conversations can lead to misunderstandings about interest rates, fees, or included extras.
- Unintentional Misleading Statements: The salesperson might unintentionally make misleading statements due to miscommunication or unclear company policies.
Protecting Yourself:
- Written Confirmation is Key: A written car finance agreement acts as a legally binding document outlining the agreed-upon terms. It protects you from relying solely on memory or potentially inaccurate verbal promises.
- Examples of Mis-Selling: Verbal promises that contradict the written agreement can be evidence of mis-selling. For instance, a salesperson verbally assuring a low interest rate that isn't reflected in the final agreement.
Additional Resources:
- The Financial Conduct Authority (FCA)
By understanding the limitations of verbal agreements, you can prioritize getting everything in writing to ensure clear and accurate car finance terms. A written agreement protects your interests and provides a stronger foundation if you ever need to make a mis-selling claim.
