Finance Withdrawn

DullGreyGuy

Brie said:

TheSpectator said:

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!

DCA is already banned

The Court of Appeal case goes beyond just DCA but is also considering "hidden" commission and fiduciary duties. I say "hidden" because in one of the cases it did state that the dealer would get a commission but it was it was only in the T&Cs and it was in the section labeled General Conditions. The court has taken the very odd position by saying most people dont read what they sign but thats the dealers problem not the signers problem. Legal commentators are having a field day. 

TheSpectator said:

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.

It does have an impact on customers as its ultimately paid for by the customer, so if the dealer got 50% of amount financed clearly the interest rate is going to have to be vastly higher than if they got 0.5%

However the customer can partially see the impact because they know the APR, what they dont know is how much of that is due to commissions and how much of that is to do with credit risk assessment. 

They also dont know that the dealer is offering them finance from X because that company pays 2% rather than Y who'd only pay the dealership 0.5%

CannySpender

Brie said:

So complaining about being lied to or misled by sales people equals making spurious claims?  

This is very different to PPI where people were sold something that was inappropriate or useless.  This is an arrangement between the finance provider and the car dealer.  There was no requirement to disclose details of this arrangement at the time, but apparently it is okay for the FCA and courts to make up rules and apply them retrospectively! Long term, these kinds of ambulance chasing claim culture will kill off commerce and make us all poorer.