Discretionary Commission Arrangement - BMW

Tinkerbell1981

Hi i have had the below response from BMW. Just wondering has anyone else had this and what to do? Any help will be much appreciated. Thanks

Dear Ms,

We sincerely apologise for the delay in responding to your DCA enquiry. Due to the age of your agreement we had internal issues locating your finance documents.

Thank you for your recent enquiry in relation to a Discretionary Commission Arrangement ("DCA").

 

Our records show that a commission of £589.11 was paid in relation to your/your client's agreement, however, due to the age of your agreement, we are unable to provide any detail as to the model or how the commission was calculated as we no longer hold any of the related documentation. Therefore, we are unable to confirm whether the commission model used was discretionary or not. As we are unable to confirm whether a DCA was in use, we have not treated your communication as a formal complaint.

 

If you have any further queries, please let us know.

Nearlyold

Can you remember how much you borrowed or what the interest rate was?  £589 commision might be high for a £5k loan but not for a £50k loan

dunstonh

Its a response that many have got or will get.     The FCA have acknowledged this as an issue and it will no doubt be in their report in 2025.    You now need to wait for that.

Tinkerbell1981

Nearlyold said:

Can you remember how much you borrowed or what the interest rate was?  £589 commision might be high for a £5k loan but not for a £50k loan

£10'700 10.9%APR

DullGreyGuy

Tinkerbell1981 said:

Hi i have had the below response from BMW. Just wondering has anyone else had this and what to do? Any help will be much appreciated. Thanks

Dear Ms,

We sincerely apologise for the delay in responding to your DCA enquiry. Due to the age of your agreement we had internal issues locating your finance documents.

Thank you for your recent enquiry in relation to a Discretionary Commission Arrangement ("DCA").

 

Our records show that a commission of £589.11 was paid in relation to your/your client's agreement, however, due to the age of your agreement, we are unable to provide any detail as to the model or how the commission was calculated as we no longer hold any of the related documentation. Therefore, we are unable to confirm whether the commission model used was discretionary or not. As we are unable to confirm whether a DCA was in use, we have not treated your communication as a formal complaint.

 

If you have any further queries, please let us know.

What help do you need? They've stated they dont have any records left, if it was over 6 years ago this is a fairly likely outcome and the fact they even know what commission was paid is a little surprising. 

When was the loan taken out? When was it repaid?

The FCA have acknowledged that many companies will have followed their legal obligations under GDPR/DPA and will have correctly deleted data. They will inevitably have to opine on what the outcome should be for those where no records exist.