Discretionary Commission

Ashsav

I used Martin’s template letter and sent it to black horse. Received a reply saying that the discretionary commission was applied to my car loan. I’m wondering if there is a way to find out what the interest rate should have been when I took out the loan for my car so I can try to work out how much I was overpaying?

dunstonh

 I’m wondering if there is a way to find out what the interest rate should have been when I took out the loan for my car so I can try to work out how much I was overpaying?

You may not have overpaid.  You may have underpaid or it may be neutral.  

Initially, they are checking if DCA was available to be used.   But DCA could mean your interest rate was lower. e.g. during a promotion period for a vehicle or if they were trying to get a sale over the line.   So, as it stands all you know is that it moves onto the next stage and you need to wait until late 2025 (possibly 2026 or later depending on legal cases).