The tagline "terms and conditions apply" is a cover-all clause used in financial services radio advertising.

As the marketing of cars increasingly relies on finance deals, it is starting to appear in motor advertisements.

Fiat's new radio campaign for its Punto is the most extreme example.

The advertisement says several times that you can drive away a Punto for £1 (€1.27) and only the tagline "terms and conditions apply" gives a hint that all is not what it seems.

In the chatty radio advertisement, a young man goes to his bank manager for a car loan.

After a bit of "when I was your age I had a bicycle" dialogue the youth admits that all he needs is £1.

A cheery female voice chimes in to tell you that you can drive away a Fiat Punto for £1.

It's cute, it's catchy and the terms-and-conditions apply line ensures it follows the letter of the law.

But such an extreme promotional approach does raise the question of whether the radio advertisement is responsible or even misleading.

"It's a cheeky little gimmick that shows you don't need a deposit to buy the car, that's all," says Mr Steve Shanahan, chief executive of the Institute of Advertising Practitioners, who does not think the advertisement is misleading in any way.

"No one would expect to get a car for £1."

It's a fair argument and one that is repeated by Mr Jeff Culkin, marketing director of Fiat Ireland. "It's not misleading. You can drive away a car for £1," says Mr Culkin, although he does admit that you won't be driving away anywhere if you don't sign on the dotted line for a finance deal.

The basic Fiat Punto costs £8,920, the cost of the credit is £2,113 and there is a balloon payment of £2,676.

The aforementioned single £1 doesn't really seem to have much to do with it.

The Fiat press advertisement is quite different and highlights the inconsistencies in the regulations.

The pricing structure of the finance arrangement is laid out clearly. "There is only so much you can put in a 30-second radio advertisement. If you look at any financial advertising, you'll see the same terms and conditions line," says Ms Carol Lambert, creative director of QMP Darcy, which devised the campaign.

"It's not in any way misleading because it is run at the same time as the press advertisement which spells out the details."

Mr Culkin said: "This is a very competitive market and you'll see that most car manufacturers are offering deals, whether they are £2,000 scrappage deals or finance deals." He added: "Consumers are very sophisticated; they know they won't get a car for £1."

Advertising in Ireland is a self-regulated industry, with the Advertising Standards Authority of Ireland acting as enforcer. There is a code to which agencies voluntarily adhere and its basic thrust is that all advertising has to be legal, decent, honest and truthful.

"Implicit in that is that advertising has to be responsible," says Mr Shanahan.

With an increasing number of advertisements for financial services - and these now cover a range of products from car finance to credit offers for home furnishings - it seems likely that a consistent approach in terms of exactly what is spelled out in advertising across all media is going to have to be devised.