The Office of Fair Trading has reached an
agreement with UK
car finance
company GMAC UK. The OFT and GMAC agreed that the latter would
alter their
credit
advertising, to make it easier for consumers to
understand.
Vehicle finance ads placed in newspapers and on the
Saab website were found to be in breach of regulations by the
OFT. Regulations of this nature are put in place to make sure that
all advertising in truthful and transparent, as well as providing
customers with a balanced picture of the product being
offered.
GMAC reportedly did not entirely agree with the OFT regarding all
issues, but suffice to say the advertising will be changed to
fulfil a list of criteria. These include: showing all relevant
financial information, giving typical APR, and further
regulations.
According to reports, the OFT is also approaching other
car finance companies for their advertising.
