Car Finance Goodwill Payment From Repayment Difficulties

ManyWays

400ixl said:

ManyWays said:

You can also use the MSE tool to check if VWFS (and any other finance lenders) charged you any discretionary commission, it's here https://www.moneysavingexpert.com/reclaim/reclaim-car-finance/. 

Thought that the VAG group including VWFS had already confirmed they did not do discretionary finance.

I can't see them listed as "never used DCA" on the MSE page? Is there another list?

Nasqueron

ManyWays said:

400ixl said:

ManyWays said:

You can also use the MSE tool to check if VWFS (and any other finance lenders) charged you any discretionary commission, it's here https://www.moneysavingexpert.com/reclaim/reclaim-car-finance/. 

Thought that the VAG group including VWFS had already confirmed they did not do discretionary finance.

I can't see them listed as "never used DCA" on the MSE page? Is there another list?

The answers on the forum for this topic seems to vary, a lot of people have been told no DCA, some have been told they had it (but no clarification if positive or negative)

Bladerunner014

I also received the goodwill gesture email from VWFS but the email just doesnt feel legit - no branding, some questionable grammar. What have been people's outcomes with this?

Nasqueron

Firstly - why not just ring VWFS?

Secondly - given they say they are making a goodwill payment and a few people have had it, it seems to be legit. However, go to the site directly, not on the link and check it all. Similarly do not email based on the link

[Deleted User]

From my insight working in the industry, Volkswagen Financial Services definitely did DCAs and paid some form of commission on nearly all sales of new and used vehicles. DCA isn’t on all their sales, they also had fixed commission arrangements, but DCA was certainly on enough to warrant checking. Estimates for different lenders are around 40-60% of sales DCA with some much higher in specific time periods. The exact figures will all come out in the wash in a few years. Some lenders did not use DCA and these tend to be specialist firms where it wouldn’t benefit their business model e.g. bad credit lenders. The MSE non DCA list ties up with this.

[Deleted User]

With the goodwill payment, it is common for lenders to do proactive reviews where they may have made an error, for example in managing financial difficulty. Sometimes thry are instructed to by the FCA, other times they are preempting the instruction. Banks did this a lot, I got one from Lloyds about my credit card years back due to a miscalculation glitch. This is done to ward off later claims / complaints and to bolster customer loyalty and faith in lenders as they are ‘doing the right thing’. During Covid breaks some lenders mismanaged how they charged interest in line with the guidance, it sounds like they are correcting that and compensating you for it. If you want more information and to check it’s legit you could contact them before accepting it. Also check the wording on any acceptance to ensure you are only accepting payment for that error and not agreeing to never sue to complain about the finance at all. Lenders can be crafty like that.