DCA and Volkswagen

simont485

I purchased a VW Golf in 2010 using a PCP Contract.

I used this website and the request letter to email VW Financial Services regarding the DCA.

Just had a response from them stating that a  DCA was not used on the PCP agreement. 

Anyone else had this from VW?

DullGreyGuy

simont485 said:

I purchased a VW Golf in 2010 using a PCP Contract.

I used this website and the request letter to email VW Financial Services regarding the DCA.

Just had a response from them stating that a  DCA was not used on the PCP agreement. 

Anyone else had this from VW?

VW do their own finance dont they? Would logically be unlikely that a manufacturer would offer DCA when they can control their profit margin and their dealers commissions from all other aspects. Third party credit is different as its the finance houses only bite at the cherry. 

simont485

DullGreyGuy said:

simont485 said:

I purchased a VW Golf in 2010 using a PCP Contract.

I used this website and the request letter to email VW Financial Services regarding the DCA.

Just had a response from them stating that a  DCA was not used on the PCP agreement. 

Anyone else had this from VW?

VW do their own finance dont they? 

I have no idea. I would guess they borrow the money from somewhere though.....

Nasqueron

simont485 said:

DullGreyGuy said:

simont485 said:

I purchased a VW Golf in 2010 using a PCP Contract.

I used this website and the request letter to email VW Financial Services regarding the DCA.

Just had a response from them stating that a  DCA was not used on the PCP agreement. 

Anyone else had this from VW?

VW do their own finance dont they? 

I have no idea. I would guess they borrow the money from somewhere though.....

From their profits yes.

You bought from VW, they didn't use DCA, you weren't mis-sold - surely that makes you happy?

Nasqueron

simont485 said:

DullGreyGuy said:

simont485 said:

I purchased a VW Golf in 2010 using a PCP Contract.

I used this website and the request letter to email VW Financial Services regarding the DCA.

Just had a response from them stating that a  DCA was not used on the PCP agreement. 

Anyone else had this from VW?

VW do their own finance dont they? 

I have no idea. I would guess they borrow the money from somewhere though.....

From their profits yes.

You bought from VW, they didn't use DCA, you weren't mis-sold - surely that makes you happy?

Nasqueron

simont485 said:

DullGreyGuy said:

simont485 said:

I purchased a VW Golf in 2010 using a PCP Contract.

I used this website and the request letter to email VW Financial Services regarding the DCA.

Just had a response from them stating that a  DCA was not used on the PCP agreement. 

Anyone else had this from VW?

VW do their own finance dont they? 

I have no idea. I would guess they borrow the money from somewhere though.....

From their profits yes.

You bought from VW, they didn't use DCA, you weren't mis-sold - surely that makes you happy?

DullGreyGuy

Nasqueron said:

simont485 said:

DullGreyGuy said:

simont485 said:

I purchased a VW Golf in 2010 using a PCP Contract.

I used this website and the request letter to email VW Financial Services regarding the DCA.

Just had a response from them stating that a  DCA was not used on the PCP agreement. 

Anyone else had this from VW?

VW do their own finance dont they? 

I have no idea. I would guess they borrow the money from somewhere though.....

From their profits yes.

You bought from VW, they didn't use DCA, you weren't mis-sold - surely that makes you happy?

Other parts of the group issue securities which are also used to fund lending however the CEO for their lending entity state its about having diversified liquidity sources and they could continue current lending levels without these if needs be. 

Being interrelated entities it naturally begs the question of when you buy a car with a  £30,000 loan if the lending entity actually hands over the £30k immediately like it'd have to were it an independent third party or if it pays out a much lower amount initially and the entities crystallise the rest over a longer time thus reducing the immediate need for cash. 

BuzzyMunch

I have had a reply that suggests there was a DCA on a 1 year old car I purchased in 2012 with VW Finance. I then PX this car for a brand new car after 2 years (again through VW Finance). Would the DCA have affected the PX value of the car (i.e. raised it) therefore affecting the loan I took out for the brand new car (which hadn't got a DCA)?

dunstonh

Would the DCA have affected the PX value of the car (i.e. raised it) therefore affecting the loan I took out for the brand new car (which hadn't got a DCA)?

No........

[Deleted User]

It is worth going back to Volkswagen and asking for your commission information regardless.  That it is not DCA is one thing, but if there is volume commission, head office payments and even fixed commission then having this information is useful.  What is not being made clear (and I am broken record styling on replies) is that CONC 4.5.2 which has been in place since 2014 is one of the main rules under consideration in the review.  This covers DCAs AND volume / head office payments.   Lenders should only enter into these commission arrangements with dealers if they can justify the extra work undertaken by the firm.  However most lenders were entering into agreements that included volume and performance commission with any dealer.  If you get that commission info out of VW and there is that type of commission too, then you may still have a claim when the review outcome occurs.  Also the goal posts are moving and may extend the review as there are court cases / appeals covering non DCA commission (the type they have told you that was paid).  If the outcomes go in the consumers favour this may change the reviews stance on non DCA commission and, if it doesn't, it may open doors for litigation claims as an alternative.  Knowing the commission types and amounts paid on your finance gives you the knowledge and choice to progress these now or later.  If they do say volume / performance was paid I would ask them to investigate it as a complaint due to CONC 4.5.2 and if the response was unsatisfactory, refer it to FOS. Tbh I'd do it for just fixed commission. A non DCA complaint is not affected by the pause so you have the standard 8 weeks to a response and 6 months to refer to FOS.  Also as a final point, lenders get things wrong.  The amount of times something wasn't there or wasn't the right sort, only for it to come out in the wash in part 18 (litigation not complaints) was astounding.  The amount of people told initially they never paid PPI, only to check again or refer to FOS as they were certain they did... and look, PPI!  Probably over a million.