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Finance Withdrawn

CannySpender
CannySpender Posts: 4 Newbie
First Post Photogenic
edited 31 October at 3:51PM in Praise, vent & warnings
Thanks to this poisonous campaign, I have now had a finance offer withdrawn. Great.  So I chose a car, was made an finance offer, I was happy with the repayments and other terms, but before I got to sign up the offer has been withdrawn.  Now what am I supposed to do?  I was happy to sign because I was happy to take responsibility for my own financial decisions.  This problem has been brought about by freeloading ambulance chasers who seen to think that everyone owes them something.  If you too were happy with the offer back in the day, why do you get to change your mind now and claim?  I fully expect that when the lenders have sorted out their terms and conditions that I will be able to get a new offer of financing for this, but I fully expect to cost a lot more!  Nothing is free in this life.  People would be wise to heed that fact.
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Comments

  • born_again
    born_again Posts: 16,844 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Fail to see what you rejection has to do with the finance reclaim.
    I would guess it has more to do with your affordability of the finance under FCA regulations.

    While you may be happy to take responsibility for my own financial decisions. That does not wash with lenders, & the regulations.
    Life in the slow lane
  • A recent appeal court decision has retrospectively rewritten the rules for car financing arrangements.  So, all offers have been blocked pending the lenders deciding how to handle it.  Hopefully just a delay, but I feel they are likely to charge more if they have to cover off all these spurious claims.
  • TheSpectator
    TheSpectator Posts: 99 Forumite
    10 Posts
    edited 31 October at 4:57PM
    Fail to see what you rejection has to do with the finance reclaim.
    I would guess it has more to do with your affordability of the finance under FCA regulations.

    While you may be happy to take responsibility for my own financial decisions. That does not wash with lenders, & the regulations.
    There was an article the other day based on the Court decision that all car finance commission was unlawful if not disclosed/no customer consent and several finance providers were removing themselves from the market to take stock, even where finance had been agreed but not finalised as with the OP.

    As has been said before somebody will pay for all these compo claims and ultimately the finance companies will get it back from us, the consumer.
  • Hoenir
    Hoenir Posts: 4,471 Forumite
    1,000 Posts Name Dropper
    Fail to see what you rejection has to do with the finance reclaim.

    Close Brothers immediately ceased to underwrite any new business. No doubt other finance companies specialising in this field took a not too dissimilar attitude. 
  • DullGreyGuy
    DullGreyGuy Posts: 13,923 Forumite
    10,000 Posts Second Anniversary Name Dropper
    Fail to see what you rejection has to do with the finance reclaim.
    https://www.closemotorfinance.co.uk/customers/help-centre/faqs/applying-for-vehicle-finance

    For example the above, Close have said they aren't accepting any new motor finance applications at the moment. Would imagine some others will have followed. No doubt wanting to review their documents and procedures to ensure commissions are obvious enough especially as the CoA said having it in the General Conditions was too hidden and many wouldn't have read it (despite generally it being the case that someone not reading the terms cannot use that as a defence)

    The OP also said they'd had an offer thats been withdrawn, it's not that they just applied and were rejected. 
  • Brie
    Brie Posts: 12,411 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    So complaining about being lied to or misled by sales people equals making spurious claims?  
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • TheSpectator
    TheSpectator Posts: 99 Forumite
    10 Posts
    edited 31 October at 5:24PM
    Brie said:
    So complaining about being lied to or misled by sales people equals making spurious claims?  
    What difference does it make to the customer if commision was paid by the finance company. We are not talking about the discretionary commission here so there is zero impact on the customer.
  • Hoenir
    Hoenir Posts: 4,471 Forumite
    1,000 Posts Name Dropper
    Brie said:
    So complaining about being lied to or misled by sales people equals making spurious claims?  
    With many vehicle manufacturers owning their own finance companies. The impact could spread far and wide. 
  • born_again
    born_again Posts: 16,844 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Thanks for the correction. 👍
    Life in the slow lane
  • Brie
    Brie Posts: 12,411 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Brie said:
    So complaining about being lied to or misled by sales people equals making spurious claims?  
    What difference does it make to the customer if commision was paid by the finance company. We are not talking about the discretionary commission here so there is zero impact on the customer.
    I assumed that's what the OP was talking about!
    I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards.  If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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