Had my car finance loan payout amount quoted wrong :/

[Jase]

Hi Guys,

Recently I sold one of my cars, prior to doing so I rang the finance company and asked for a payout amount.

I then asked if that amount included any refunds from my loan insurance etc, to which they replied; no, that they had nothing to do with the insurance and I would have to contact my insurer.

Contacted insurance and figured out likely refund amount, no worries.

Now based off the payout figure quoted and the fact that it was not to include any refunds I sold the car reasonably cheap for a quick hassle free sale and cleared the loan, knowing I would have a reasonable insurance refund to come.

A few days later, after funds cleared, I cancelled my all my insurances.

After a while most refunds were in, except for the loan insurance. Rang insurance mob, they said it had been sent back through the finance people.

Rang the finance guys and they are now saying that the insurance refund was included in my pay out amount, and therefore there was no refund.

The refund was quite substantial, ~$5000. I could have quite easily sold the car for more than I did and recovered this amount.

I sent a email to the finance guys asking why I was told that it wasn't included when it infact was, and that I am now out of pocket $5000. They replied via mail, with no contact name, with a break down of costs and said looking at the above figures it is clear your insurance refund was included in the payout amount.

Now I am not sure what do do?
I clearly asked the guy on the phone if the refund was included and he said no.

The payout letter that was sent out at a later date just states the amount, and has no break down of costs, the only breakdown I had seen was in their recent reply to my email.

I cant see anything in any of the documents regarding payout amounts and refunds etc.

Based of the over the phone advice, I made a financial decision, only to be later told their advice was wrong, now I am out of pocked $5k.

I will probably try ring them again next week, but I already know how that will go.

What are my chances of recovering some of this money?
Will there be much point in pursuing it? or will they just keep feeding me the same line?
I could always go to the ombudsmen, but want too see if anyone thinks its worthwhile?

End of the day, the loan in paid out - which is most important. But their advice has cost me a fair amount of money.
They also charged me nearly $2000 in 'Break cost' and 'cancellation fees', which is a bit rude - but thats another story.

Thanks