BMW Finance auto response

cooperman1973

Hi there
i sent the claim off on March 21st this year, I received an auto response stating that they had received it and would be in touch. I have had nothing back as of yet? Has anyone else had the same experience or can advise my next step to push this?
thanks.

born_again

Nothing is going to happen till September till FOS decide if there is a case.

Which is explained in the MSE article
https://www.moneysavingexpert.com/news/2024/03/car-finance-reclaim-regulator-update/

Alikanas

Hi yes I have had the same experience, however I sent a follow up email and again absolutely nothing 

dunstonh

Alikanas said:

Hi yes I have had the same experience, however I sent a follow up email and again absolutely nothing 

Already answered as to why higher up.

[Deleted User]

They don’t have to give you a Final Response to a complaint until September but you can poke them for the commission info i.e. is there commission and is it DCA in the meantime. They should give you an answer if you ask. Seems a common thread that this is what people want to know but lenders are not being forthcoming. The FCA have said it will be helpful if as many claims are in a position to be dealt with as possible at the end of the review period by having the finance and commission data identified and ready. On the positive side my sources tell me BMW have the highest rates and values of DCA for mainstream lenders and Bott and Co have 4 published outcomes all with BMW on their website so keep on plugging and don’t lose sight of it!

DullGreyGuy

[Deleted User] said:

They don’t have to give you a Final Response to a complaint until September 

The 8 week clock will start when the report is published, currently targeted for the end of September; very few will get final responses in September if anyone at all given the anticipated delay. 

[Deleted User] said:

you can poke them for the commission info i.e. is there commission and is it DCA in the meantime. They should give you an answer if you ask. 

You can but for what purpose? Given the FCA typically instructs companies to be proactive and have oversight from a relevant third party. A number of people that are now getting excited about a letter saying their agreement did have DCA could become very disappointed in X months time when either the FCA decides it cannot retrospectively apply change or if it turns out your DCA actually was dealer giving up commission to get you a lower APR so no redress due!

[Deleted User]

For what purpose? People want to know and the lender has the information, if they hear it’s a £1500 DCA then they can get their hopes in line and diary it in. They hear its a £50 fixed commission they’ll not bother. Like it or not that’s what people are interested in. There wouldn’t need to be a retrospective rule change, CONC 4.5.2 existed in 2014 and CCA s140 in 2007/8, the two main points that fell out of the published FOS decisions, albeit there is more to consider in the review. Ofc it would be quite radical if they ‘did a PPI’ and said the 2021 amendments applied retrospectively but highly unlikely. Many experts don’t believe the good / bad DCA will affect anything. If they find the commission structure is a breach of CONC and CCA then the £s saved or gained are unimportant and the compensation should be punitive, not based on a £ for £ ratio. Given the commission was not paid by the consumer but by the lender to the dealer, you can’t compare apples with apples so to speak. The less commission the lender paid the better off they were, and they would be the ones in the wrong not the dealer. Wouldn’t be fair to not punish the lender because they paid less commission to the dealer when they created and allowed an unsuitable, regulation breaking commission arrangement and the dealer just used it to do their job. Cake and eat it. Whether the consumer saved or lost money isn’t important if the arrangement itself created an unfair relationship and broke CONC guidance. This would only matter if the consumer directly paid the commission as a fee (like a declared mortgage broker fee) or the commission payments came directly from their monthly payments (a la ppi). This is unique in many ways for consumer redress potential, especially at this scale. Yes you’re correct, September at the earliest for final responses, but unlikely in September for anyone. I should’ve been clearer.