MSE's reclaim mis-sold car finance loans for FREE guide

born_again

Re above. Please do not take this as a dig at you. As I'm sure you do aim it at the "legitimately taken advantage of"

Working in banking I had the pleasure of dealing with many PPI claims. It was amazing the number of claims from people claiming mis selling. Yet had actually received a PPI payout in the past.
So sadly these guides do encourage the "Jump on the bandwagon" crowd.

In fact I would say the "taken Advantage of" group are the very people that either never bother to claim, or if they do are yet again taken advantage of by the 3rd party companies that jump on the money making train.

So any chance of a guide to assist these people do it themselves & to avoid paying a 3rd party who is making more out this. As well as lobby the FCA to outlaw these leeching companies.

iwb100

I don’t understand how anyone can be sold a more expensive deal unless we are talking second hand PCP. For finance deals on new cars offers are advertised by manufacturer and it’s very easy to see what the deal is at the time you are about to go to the dealership. 

The other thing is that car finance isn’t very hard to understand. It wouldn’t take anyone more than half an hour to have a really decent grasp of it and understand the options, pitfalls and restrictions involved.

[Deleted User]

iwb100 said:

I don’t understand how anyone can be sold a more expensive deal unless we are talking second hand PCP. For finance deals on new cars offers are advertised by manufacturer and it’s very easy to see what the deal is at the time you are about to go to the dealership. 

The other thing is that car finance isn’t very hard to understand. It wouldn’t take anyone more than half an hour to have a really decent grasp of it and understand the options, pitfalls and restrictions involved.

The PPI firms have moved onto PCP as their next target - they claim sales staff deliberately agreed higher rates with the lenders for more commission. It's utter nonsense, no-one will ever be able to prove it (or if they believed they were being miss-sold, could have tried to get finance elsewhere)

shrouded

Hi everyone, 
I was hoping that since this went live last April to hear some stories of people that had submitted a claim and what the response has been from the dealerships/lenders.
But all I can see is people that are either in the trade or largely in opposition of the whole thing. Car manufacturers (VW diesel gate) and car dealers don't have a great reputation traditionally for their honesty, so I don't see anything wrong in people attempting to exercise this.
I agree with some of the comments telling people to take better responsibility of the financial affairs, i.e. understanding the figures and thoroughly reading the small print. I must admit that I felt exhausted after reading and trying to understand the total cost and weighing my options, but like many I was dazzled by PCP sales process
a). The 'special' offer - low APR rate 
b). The so called 'manager' contribution towards deposit
c). The relatively low monthly contributions
d). Access to a brand new car

I don't have a maths degree but I calculated this to be decent offer.
But 3 years on, the car is (as others have said) no longer shiny, reams of ongoing issues with it, warranty squabbles, poor after care, etc.
It really dawned on me when I saw my first year payment summary which laid out just how much I had paid and the mountain of debt that was still unpaid, I'd not even paid the VAT on yet! 

I definitely recall feeling a little bit pushed into the purchase, definitely wasn't told that I had the choice to get finance / Gap insurance elsewhere, and made an absolutely dumb decision on my part by committing to it before even test driving the model?? (it was a new model, lock downs etc). 

Dreaded impulse purchase comes to mind (buying during lock down, being at low emotional state etc - maybe this is real issue here people bought carelessly and maybe car dealerships exploited this a bit? 

Well anyway my point is that I don't think it's going to be easy for any of us to prove much beyond wallowing in that deep feeling of regret having signed up for something that didn't pan out as well as we'd hoped.

I am hoping that those of that did but a car though PCP can see now that it is pretty much a marketing trick to make you feel comfortable about buying something that you ultimately cannot afford and never really own. 

Good luck everyone, all the best for 2023

Herzlos

That may be pressure selling, but did the dealer do anything dishonest?

Buyers regret is a real thing though, which is why there's a lot of pressure to get you to commit to it on the spot rather than going away to think about it.

shrouded

Thanks for the reply Herzlos,

That may be pressure selling, but did the dealer do anything dishonest?

I think yes, blurred dishonesty -  the figures were cleverly presented and artfully explained so the focus was always with the monthly payments, not the interest or balloon payment that was almost omitted from those sales chats. I recall having having a wobble around my affordability before committing and he reeled off how great the deal and the car was, rather than responsibly asking about my discomfort with the finance, really wish I had listened to my gut feel then?!. But this is certainly not any concrete wrong doing that I could prove

I was not told about any commission and not sure if that is something the dealer or finance company were required to mention or will ever divulge to me, but am I right in thinking that the apr interest that I'm paying is their commission? and is that is the key aspect of the FCA ban? 

Buyers regret is a real thing though, which is why there's a lot of pressure to get you to commit to it on the spot rather than going away to think about it.

Yes I was certainly prey to this pressure at a vulnerable time

Thanks everyone

sammiebabes

If you've got several reasons to complain about should you put them within the same letter or on separate letters?

Rialto02

How does one go about establishing whether there was 'hidden commission' if it's not explicitly shown on the finance agreement? 

redjamie

where do we find if there is high commission or hidden or a higher rate who do we go to 

motorguy

redjamie said:

where do we find if there is high commission or hidden or a higher rate who do we go to 

the fact there was commission paid is NOT the issue.