Car Finance Issue being investigated

greenmeany

I purchased a car from Bristol Street Motors (aka Vertu) some years ago with finance. When I contacted them with a view to finding if I would be able to make a claim under the Investigation currently in progress using the MSE guidelines I was told that they do not keep records older than 6 years and were unable to help. Has anyone else experience of this and what advice can anyone give. Surely a firm as big a Bristol Street Motors should know if they are likely to be guilty of this commission business for loans.

MSE_ForumTeam5

We've moved this to the relevant part of the forum

dunstonh

When I contacted them with a view to finding if I would be able to make a claim under the Investigation currently in progress using the MSE guidelines I was told that they do not keep records older than 6 years and were unable to help

At the moments, complaints are suspended whilst the FCA carry out their review.    One of the things that FCA have said is that they are having difficulty as firms have destroyed data in line with the data protection requirements.    As the FCA have had this issue in obtaining info for its review, its going to form part of their report.

Has anyone else experience of this and what advice can anyone give. 

Lots of people.  And the advice is to wait until the FCA review is complete.

Surely a firm as big a Bristol Street Motors should know if they are likely to be guilty of this commission business for loans.

Not necessarily.
DCA could be used positively or negatively.  It was also available to use but doesn't mean it was used on individual cases.

Used positively refers to lowering the interest rate and not increasing it.  e.g. during a promotion or new car launch.  Or trying to get a sale over the line.
Used negatively, is where they increased the rate and dealer pocketed the difference.
Available but not used means they had the functionality available for the dealer use it but the dealer chose when to use it.  Most that had it available would be like this.

greenmeany

Thanks for the advice, I will watch and wait.

greenmeany

Update is that I have unearthed some paperwork indicating that the finance was with Peugeot, so will have to wait and watch some more.