Car finance - hidden commission payments
Discussion
I’ve now had ( both from Novuna ) one letter from their complaints dept just telling me of extended response times and one email regarding my other agreement with them but telling me that was unregulated so not covered by the review.
Geeks is therefore “ winning “ thus far with one positive hidden commission acceptance.
Geeks is therefore “ winning “ thus far with one positive hidden commission acceptance.
From memory ( I didn’t keep the papers but Novuna sent me a copy from 2015 ) it was all to do with the rate I was given at the time and the size of loan and the “ flexible “ repayments and the fact I wanted to pay it back quicker than a conventional loan.
Eyes wide open when I signed so no complaints from me but obviously couldn’t recall this specifically when I emailed.
Eyes wide open when I signed so no complaints from me but obviously couldn’t recall this specifically when I emailed.
Random_Person said:
Which company? Still nothing from mine
Close Brothers. Logged about 2 weeks back. I had the standard response email from them when I sent it advising of wait times etc. Had a standard response from Black Horse (x2) and Fiat Finance about wait times too. Will see what they sayI sent one MSE Email to VWFS, for a PCP deal from 2018, and another to Santander for an HP deal from 2011.
I got the standard receipt acknowledgment from VW
But Santander have confirmed that a DCA was in place
So we’ll see what comes of that. Might look out details of the wife’s purchases now too.
I got the standard receipt acknowledgment from VW
But Santander have confirmed that a DCA was in place
So we’ll see what comes of that. Might look out details of the wife’s purchases now too.
I bought a Focus RS on PCP finance back in my early 20s. When I was looking at the paperwork to enquire about DCA, I realised that the interest rate was 13%!!! At a time when base rate was 0.5%.
No idea what I was doing at the time, just wanted the shiny new car I guess. However, I do distinctly remember telling the dealer what I wanted the monthly payments to be (£350/month) and how much deposit I had. Amazingly, it all came back matching exactly what my top budget was.
Yep, I was naive and stupid and would not do this now I’m older and wiser but feels like my openness with the dealer when arranging the finance was used against me a bit.
Anyway, had a reply earlier today confirming the contract was subject to DCA and they have lodged a formal complaint.
No idea what I was doing at the time, just wanted the shiny new car I guess. However, I do distinctly remember telling the dealer what I wanted the monthly payments to be (£350/month) and how much deposit I had. Amazingly, it all came back matching exactly what my top budget was.
Yep, I was naive and stupid and would not do this now I’m older and wiser but feels like my openness with the dealer when arranging the finance was used against me a bit.
Anyway, had a reply earlier today confirming the contract was subject to DCA and they have lodged a formal complaint.
"How much is this lovely bunch of bananas?"
"How much money do you have?"
"I have £3"
"The bananas are £3"
"Great, thank you, I'll take them"
Later..........."that banana salesman is an absolute scammer - he has the nerve to charge people what they are happy to pay. I WANT MY MONEY BACK....."
"How much money do you have?"
"I have £3"
"The bananas are £3"
"Great, thank you, I'll take them"
Later..........."that banana salesman is an absolute scammer - he has the nerve to charge people what they are happy to pay. I WANT MY MONEY BACK....."
OddCat said:
"How much is this lovely bunch of bananas?"
"How much money do you have?"
"I have £3"
"The bananas are £3"
"Great, thank you, I'll take them"
Later..........."that banana salesman is an absolute scammer - he has the nerve to charge people what they are happy to pay. I WANT MY MONEY BACK....."
And the car salesmen were not selling goods, but financial products, which (as has been said ad infinitum in this thread) have different rules governing how they are sold to the public. Because they are not bananas, but financial products. "How much money do you have?"
"I have £3"
"The bananas are £3"
"Great, thank you, I'll take them"
Later..........."that banana salesman is an absolute scammer - he has the nerve to charge people what they are happy to pay. I WANT MY MONEY BACK....."
Perhaps individuals and organisations who found selling financial products too complicated or too risky or just too regulated for their taste might consider going to sell bananas somewhere.
John3l said:
I sent one MSE Email to VWFS, for a PCP deal from 2018, and another to Santander for an HP deal from 2011.
I got the standard receipt acknowledgment from VW
But Santander have confirmed that a DCA was in place
So we’ll see what comes of that. Might look out details of the wife’s purchases now too.
I’ve just had an email from VWFS saying that their original 28 days has slipped. They have promised a response within a further 30 days. They have also said if they find a DCA they will open a complaint on my behalf and go from there. Be interesting to see where it all ends up.I got the standard receipt acknowledgment from VW
But Santander have confirmed that a DCA was in place
So we’ll see what comes of that. Might look out details of the wife’s purchases now too.
Isn't a solution to put a strict wall between the sales and credit broker people in a dealership, as it appears they are unable to do this in their heads (role as a car sales vs role as a credit broker). Plus the skills required are different (getting the best deal for the dealership, vs getting the best deal for the customer)
Or just get out of the business (of being an arranger of finance) We sell you a car, go talk to a bank about a loan.
An issue is of course the big manufacturer finance houses have an inside view on future values, plus we have an odd system where finance is used to avoid 'realistic' market values of cars with PCP/ lease deals usually obviously assuming a lower value of the car than the sticker price.
Doesn't happen for other goods/ assets.
Or just get out of the business (of being an arranger of finance) We sell you a car, go talk to a bank about a loan.
An issue is of course the big manufacturer finance houses have an inside view on future values, plus we have an odd system where finance is used to avoid 'realistic' market values of cars with PCP/ lease deals usually obviously assuming a lower value of the car than the sticker price.
Doesn't happen for other goods/ assets.
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