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re Car Finance Hidden Commission Reclaim
ph62692
Posts: 1 Newbie
Within the time frame I was offered an early repayment finance deal at my Land Rover Dealership as a way of "earning more discount".
The idea was I would agree to a Black Horse finance deal at 5.9% interest on part of the money to be paid, with the intention that I would repay the whole of the loan after making I think 2 or three payments. Which I did.
Might I still qualify.
The idea was I would agree to a Black Horse finance deal at 5.9% interest on part of the money to be paid, with the intention that I would repay the whole of the loan after making I think 2 or three payments. Which I did.
Might I still qualify.
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Comments
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Just to be clear. Are you saying the dealer suggested you took out finance to get a dealer contribution and advised you that settling it early meant you got to keep the contribution but would only pay minimal interest?
Somehow, in that situation I doubt they would inflate the interest rate (5.9 doesn't sound horrendous) and if only 2 or 3 months how much interest do you think was involved?0 -
Please note that there is no "reclaim" of "hidden" commission - commission does not need to be declared, it's only if they used the DCA model AND gave you a higher APR than you could have qualified for in order to get more commission. 5.9% for car finance is a good deal, particularly given you repaid so quickly. Even if they used DCA, you're looking at paying very minimal sums for 2-3 months at most.
Note to be clear - you are not able to "reclaim" the commission the dealer gotSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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