Car credit provider in breach of regulations says OFT

The Office of Fair Trading (OFT) has ruled that a major car credit provider is in breach of the Consumer Credit (Advertisements) Regulations. After liaising with the OFT, car credit provider GMAC UK has agreed to change its credit advertising. The OFT had found them to be in breach of, not only Consumer Credit regulations, but also Section 46 of the Consumer Credit Act. These policies are in place to ensure adverts are truthful and transparent and give the consumer an accurate idea of what is being offered. GMAC UK have responded positively to the ruling, and while not concurring with every aspect of the OFT analysis, they have nevertheless agreed they will include all relevant items of financial information in a credit advertisement. The company has also agreed to give a single typical APR in a credit advertisement and ensure that credit advertisements do not give the misleading impression that monthly payments in a credit agreement are for less than a stated amount, when in fact they can be more.