Millions who bought a car pre-2021 could be due a payout as mis-selling investigation launched

dunstonh

Jonty6262 said:

45 week?  is that the norm?

", in respect of complaints concerning motor finance agreements with discretionary commission arrangements, the date that we must issue you with a final response has been delayed by 45 weeks." 

Yes, it is the norm.  As mentioned multiple times on the thread, the FCA have suspended complaints in this area until September to allow it to decide if there is a wrongdoing or not and what actions should be taken if there is.

zebra7t4

I’ve had a response from Hyundai, but am confused. I’ve only ever had car finance with Hyundai once, they say the agreement number I have on my paperwork had no DCA, but I have no idea what the other agreement number relates to. 

Should I just contact them and ask?.. I guess they won’t disclose by email though. 

“Having checked our records, we confirm that there was not a DCA in place between us and the credit broker relating to the following finance agreement(s): xxxxxxxxxx22.

However, we can confirm that a DCA was in place between us and the credit broker relating to the following finance agreement(s): xxxxxxxxxx412.

We understand from your request that this is the only information required to fulfil your Data Subject Access Request and therefore we now consider that your request has been resolved.

As there was a DCA in place for xxxxxxxxxx412, we have forwarded your email to our Commissions department to log your complaints.”

rebecca1

I used the MSE template and wrote to Mercedes Benz Finance as I took out a PCP in 2018. 
This is their reply today: 

After checking our records, we can confirm that we did not pay a discretionary commission to the dealer. As your agreement was not subject to a discretionary commission model, we would therefore not uphold your complaint.

Does anyone want to comment about this as I don't have any means of checking this statement. 

Thanks   

 

Nasqueron

rebecca1 said:

I used the MSE template and wrote to Mercedes Benz Finance as I took out a PCP in 2018. 
This is their reply today: 

After checking our records, we can confirm that we did not pay a discretionary commission to the dealer. As your agreement was not subject to a discretionary commission model, we would therefore not uphold your complaint.

Does anyone want to comment about this as I don't have any means of checking this statement. 

Thanks   

 

Comment on what please? You asked them to check if your deal had DCA, they confirmed it did not, you were not miss-sold. What else is needed here? They won't pay you a refund for something you didn't pay in the first place.

Most car sales didn't use DCA so this is to be expected

dunstonh

rebecca1 said:

I used the MSE template and wrote to Mercedes Benz Finance as I took out a PCP in 2018. 
This is their reply today: 

After checking our records, we can confirm that we did not pay a discretionary commission to the dealer. As your agreement was not subject to a discretionary commission model, we would therefore not uphold your complaint.

Does anyone want to comment about this as I don't have any means of checking this statement. 

Thanks   

 

You made a complaint accusing them of wrongdoing by charging DCA.  They have rejected your complaint saying they didn't use DCA.

As most dealers didn't use it, then outcome is not unexpected.

iang26brixton

I submitted an email using MoneySavingExpert's email template tool to my car financier Vauxhall Finance 6 weeks ago.  Having received no acknowledgement or response to my email (I have checked my junk/spam folders), I called Vauxhall Customer Service.  They advised Vauxhall is working their way through all such customer emails received and responding to them.  I'd be interested to know if any forum members have yet received response from Vauxhall to their email please, and if so how long did you wait for a response?

Jim_Bruce

I bought a Skoda in 2020 with finance via VW Financial Services and sent an enquiry using Martin's amazing template. I received a quick acknowledgement and four hours later, another reply saying that my particular agreement WASN'T discretionary interest. I'm happy to accept this. 

roach3

I’ve sent in 9 enquiry templates 3 to Honda 
4 to vw and 2 to ford.
the 4 sent to vw resulted in them initially just sending back my template as I sent it with no additional info, almost as if the bounced.
Ive since had 3 from vw saying they are looking into it due to the volume of claims.
yesterday I received 2 from Honda saying they DID use the DCA so that’s a start.

one of the Honda though I can’t remember the reg so I just put the dealers address in.

so all in all not a bad start.

DullGreyGuy

K_S said:

If I recommended a more expensive mortgage 

And here in lies a big difference... you are an advisor, according to your signature, and as such are held to a different standard. Non-advised sales are different, the sales person cannot recommend anything they can only present the facts and the buyer has to decide if its good value or not etc. 

In my world of insurance the buyer is entitled to know the commission the sales company is receiving however this only really works in the flat rate sales commissions whereas deals with larger sellers will often involve some form of profit commission depending on the performance of the book of business they bring and the existence of such an arrangement has to be disclosed but not the mechanics of it. 

An insurance broker in principle is free to add whatever level of commission they want onto the premiums in principle, though normally contained within a range in practice. It's up to the buyer to decide if they are happy to pay 25% commission or would rather see if another broker will charge a lesser commission. One difference however is the broker can add value beyond just the sales process and whilst heretical thinking on this forum it may be better to pay 25% commission to a broker that will help you with any future claims for free etc than pay 22.5% to a different broker who'll charge you another fee each and every time you call them. 

andyc11111

I've had a response from BMW Finance this morning as follows:

'We can confirm that a fixed commission was paid to the retailer and the interest rate on your agreement was set by us, not the retailer.  Therefore we can reassure you the fixed commission had not impacted on your interest rate'

it then goes on to say that my enquiry has been closed.

Any ideas what I should do next or just leave things for now?