Contacted regarding missold PCP

Purpleee

Please find attached the response I've received from VWFS
I won't lie, I'm obviously not a boffin when it comes to these things
Any constructive and helpful input on whether to pursue or to drop the matter would be most welcome

Purpleee

Sorry! Now attached! I must admit, I was surprised at the tone of the letter and some of the grammar, might just be me but it reads quite confrontational

Grumpy_chap

I would not take that as being confrontational but a firm statement of facts and mostly standard text 
Are there any of the statements that are incorrect?

k3lvc

It's telling you quite bluntly (and IMO correctly) that you don't have a leg to stand on - they told you commission would be earned on the deal (irrespective of who paid it) and that you had plenty of time to agree the interest rate (which you did and then signed you agreement). Given the number of alternative funding methods you had I'm not sure what what arguments you're planning to use next

DrEskimo

What was the APR you were offered, and how did that compare to the representative rate being advertised?

Was this a new or used car?

The general argument for these claims as I understood it, is that people were given higher APR's than their risk profile would have dictated in order for the sales person to receive a higher commission.

If you received the headline representative rate, then well...you can't possibly have a claim.
If you didn't, you still have a very hard time arguing that you were actually eligible for a lower APR but weren't offered it.

WKZ12

Interesting to see this and the replies, thanks OP for sharing.

It's good to see that it looks like the proper processes were followed. 

Sorry if I missed it, I've only skimmed this thread, but has anyone ever heard of a success story with these PCP Finance companies?

aoleks

let me save you some time...

you have NOT been mis-sold PCP and all the points you raised are addresses in any standard loan contract, be it a car, a phone, a fridge or a credit card. the commission (which you have nothing to do with, it doesn't go out from your pocket), the APR, the monthly payments, the penalty fees and much, much more.

whoever thinks they can get some cash for buying a car is delusional.

Purpleee

ontheroad1970 said:

Is anyone really under any illusion that car salesmen get paid commission on everything they sell?  Really?  There are more dim witted people than I thought.

aoleks said:

let me save you some time...

you have NOT been mis-sold PCP and all the points you raised are addresses in any standard loan contract, be it a car, a phone, a fridge or a credit card. the commission (which you have nothing to do with, it doesn't go out from your pocket), the APR, the monthly payments, the penalty fees and much, much more.

whoever thinks they can get some cash for buying a car is delusional.

Honestly speaking, believe it or not, there actually is a way of communicating with people without coming across as rude and sarcastic (see bold)

If you have nothing constructive to say, don’t comment
If you have nothing nice to say, don’t comment
If you have nothing helpful to say, don’t comment

It’s really not difficult. Nevertheless, I wish you both a pleasant day, and I will not be replying further. Thanks

[Deleted User]

WKZ12 said:

Interesting to see this and the replies, thanks OP for sharing.

It's good to see that it looks like the proper processes were followed. 

Sorry if I missed it, I've only skimmed this thread, but has anyone ever heard of a success story with these PCP Finance companies?

There won't be any success stories, it's just claims companies trying it on.

The basis of the "claim" (really a complaint) is that the salesperson inflated the finance rate in order to get more commission from the finance firm. It's utter hogwash - commission is perfectly legitimate, finance firms choose what rate you get, sales people can't affect that. The only way you could ever prove this happened would be to somehow show you could have got a lower rate from that finance company, for the exact same deal - not a lower deal from another firm, not a cheaper loan etc but a like for like, in writing, that shows you paid more.

I would hazard a guess there was one dodgy sales guy taking backhanders and somehow that was inflated to being the entire industry

bazzyb

Deleted_User said:

WKZ12 said:

Interesting to see this and the replies, thanks OP for sharing.

It's good to see that it looks like the proper processes were followed. 

Sorry if I missed it, I've only skimmed this thread, but has anyone ever heard of a success story with these PCP Finance companies?

The basis of the "claim" (really a complaint) is that the salesperson inflated the finance rate in order to get more commission from the finance firm. It's utter hogwash - commission is perfectly legitimate, finance firms choose what rate you get, sales people can't affect that. 

Sorry but this is incorrect, DiC commission has been the norm for years, particularly in car finance. This allowed dealers to adjust the rate and commission. 

That’s not to say that these claims have any merit, as can be seen with the response above the customers were always aware of the existence of commission and the payments, APR etc.