Car finance

victoria1969

How do I find a old car finance company 

TadleyBaggie

Bank statements?

CliveOfIndia

As above, old bank statements would show payments going out to it.  Or else you could look at your credit reports - depending on how long ago you had the finance, it could well still be registered on one or more of the three CRAs.

dunstonh

Re FCA PS24/1

The FCA have announced a pause, for a 37 week period (approximately 9 months) between 11 January and 25 September 2024, the requirement on firms to provide a final response to a complaint about motor finance agreements with discretionary commission arrangements (DCAs) within 8 weeks of receiving the complaint - This will mean, unless the firm decides to respond to a complaint, consumers will not be able to refer their complaint to the Financial Ombudsman during the pause. Once the pause ends, the 8-week time limit will be reinstated and, unless the FCA take further action, consumers will be able to refer complaints to the Financial Ombudsman again.

The pause to the 8 week rule will apply to complaints received by firms on or after 17 November 2023 (as these complaints would be less than 8 weeks old when the rules took effect) and on or before 25 September 2024. For complaints received during the period the pause is in place the 8 weeks will start to run from 26 September 2024.

 The FCA are also undertaking work in the motor finance sector with a skilled person to determine the best way forward.

Lece

In relation to the ongoing car finance issue, I've seen that the recommendation is to put a complaint in so that it is at least in the system. Would anyone know who specifically I am addressing the complaint to please as none of the articles on this site actually say? So, my car finance from Black Horse was sold when I purchased a car via Trade Centre UK. So would it be the former or the latter who receives the complaint please? Thanks in advance.

Nasqueron

Lece said:

In relation to the ongoing car finance issue, I've seen that the recommendation is to put a complaint in so that it is at least in the system. Would anyone know who specifically I am addressing the complaint to please as none of the articles on this site actually say? So, my car finance from Black Horse was sold when I purchased a car via Trade Centre UK. So would it be the former or the latter who receives the complaint please? Thanks in advance.

You would send your complaint, and evidence to the seller - though what documentation do you have that you had finance or evidence that they inflated your APR to get commission? You should note also you would need to have been affected by this sort of variable commission, if you weren't then complaining you were miss-sold is a bit silly

dunstonh

Lece said:

In relation to the ongoing car finance issue, I've seen that the recommendation is to put a complaint in so that it is at least in the system. Would anyone know who specifically I am addressing the complaint to please as none of the articles on this site actually say? So, my car finance from Black Horse was sold when I purchased a car via Trade Centre UK. So would it be the former or the latter who receives the complaint please? Thanks in advance.

Its an opinion.  At this stage, it will go in a pile and not be actioned.   Whereas if you wait, you may find the FCA say you need to do nothing and the firms involved will be forced to refund and you can then act at that point.

So, whether you write now or write later, it makes no difference.   nothing will be done with it at the moment.

Lece

dunstonh said:

Lece said:

In relation to the ongoing car finance issue, I've seen that the recommendation is to put a complaint in so that it is at least in the system. Would anyone know who specifically I am addressing the complaint to please as none of the articles on this site actually say? So, my car finance from Black Horse was sold when I purchased a car via Trade Centre UK. So would it be the former or the latter who receives the complaint please? Thanks in advance.

Its an opinion.  At this stage, it will go in a pile and not be actioned.   Whereas if you wait, you may find the FCA say you need to do nothing and the firms involved will be forced to refund and you can then act at that point.

So, whether you write now or write later, it makes no difference.   nothing will be done with it at the moment.

Thank you.

Lece

Nasqueron said:

Lece said:

In relation to the ongoing car finance issue, I've seen that the recommendation is to put a complaint in so that it is at least in the system. Would anyone know who specifically I am addressing the complaint to please as none of the articles on this site actually say? So, my car finance from Black Horse was sold when I purchased a car via Trade Centre UK. So would it be the former or the latter who receives the complaint please? Thanks in advance.

You would send your complaint, and evidence to the seller - though what documentation do you have that you had finance or evidence that they inflated your APR to get commission? You should note also you would need to have been affected by this sort of variable commission, if you weren't then complaining you were miss-sold is a bit silly

There's nothing silly about it. There's clearly been an issue between the times stated and as I'm one of these people, I'd like it to be investigated. If I've been affected by paying more than I should have done then I want to know, as do many other people I suspect.

Nasqueron

Lece said:

Nasqueron said:

Lece said:

In relation to the ongoing car finance issue, I've seen that the recommendation is to put a complaint in so that it is at least in the system. Would anyone know who specifically I am addressing the complaint to please as none of the articles on this site actually say? So, my car finance from Black Horse was sold when I purchased a car via Trade Centre UK. So would it be the former or the latter who receives the complaint please? Thanks in advance.

You would send your complaint, and evidence to the seller - though what documentation do you have that you had finance or evidence that they inflated your APR to get commission? You should note also you would need to have been affected by this sort of variable commission, if you weren't then complaining you were miss-sold is a bit silly

There's nothing silly about it. There's clearly been an issue between the times stated and as I'm one of these people, I'd like it to be investigated. If I've been affected by paying more than I should have done then I want to know, as do many other people I suspect.

I said it would be silly to complain you were unfairly given a product that you weren't, not that you shouldn't investigate.

I think perhaps you misunderstand the case at the moment - just because you had finance in this period, doesn't mean you were affected. Not all car finance sales were done with the variable commission rate, plenty were sold perfectly legitimately with an APR that suited your credit risk profile. A high APR doesn't mean they inflated your rate to get more commission, just as a lower one doesn't mean they didn't.

Again though, what documentation / evidence do you have that you had finance and that they inflated the APR in your case? You are accusing them of miss-selling, the burden of proof is on you to show this