Mis sold car finance

Rye93_2

Hi,

I was curious about all this mis sold interest rates and such that's been in the news and with MSE. Basically, I followed the advice of sending the email draft that's available on MSE to my previous broker which was Blue Motor Finance. They've emailed me back saying they can confirm that they didn't miss sell any interest.

I applied for my car via Evans Halshaw and was accept for finance with Blue Motor. This was well in the time of these claims seem to be happening. 

I just wanted to ask, should I accept the words from Blue Motor from my email or could this be me getting fobbed off and ask for this to be looked into more in depth? 

I'm more curious than anything to see if I have been charged more than I should have been and let's be honest, if something is due back, who wouldn't say no. 

Thanks everyone in advance for any advice.

singhini

If its not going to cost you anything and you got them time, then no harm in asking "for this be be looked into more in depth" (As you say, your more curious to see if you've been charged more than you should have been).
satisfy that curiosity IMHO

Ayr_Rage

In view of the legal implications they are not going to lie to you.

If they have confirmed no discretionary commission has been paid then there won't be any redress for that.

As for the FCA investigation into the whole of the market, then you'll have to wait for the their verdict on who, if anyone, should be paid any compo and for what.

ValerieBiscuit

Morning 
ive just received a reply from Toyota finance saying that they have no record of our finance agreements ( 4) I supplied them with the agreement numbers from our bank statements when I sent them the application letter from MSE . They are also saying that it’s their final response and we do not have any right to complain to the financial ombudsman because they can’t find any records.  

However at the bottom of the email they are saying if we can provide additional information.. which is the same as we’ve already provided ! They will review our claim under a new complaint.. I find this bizarre . Are they just stalling for time and can they be allowed to get away with saying this is their final response. Has anyone else had this kind of response from Toyota finance or any other car finance company ? 

MattMattMattUK

ValerieBiscuit said:

Morning 
ive just received a reply from Toyota finance saying that they have no record of our finance agreements ( 4) I supplied them with the agreement numbers from our bank statements when I sent them the application letter from MSE . They are also saying that it’s their final response and we do not have any right to complain to the financial ombudsman because they can’t find any records.  

However at the bottom of the email they are saying if we can provide additional information.. which is the same as we’ve already provided ! They will review our claim under a new complaint.. I find this bizarre . Are they just stalling for time and can they be allowed to get away with saying this is their final response. Has anyone else had this kind of response from Toyota finance or any other car finance company ? 

How long ago was the finance? More than six/seven years ago they will have destroyed the records as they were legally required to have done so it would be up to you to supply the full contract.

Nasqueron

ValerieBiscuit said:

Morning 
ive just received a reply from Toyota finance saying that they have no record of our finance agreements ( 4) I supplied them with the agreement numbers from our bank statements when I sent them the application letter from MSE . They are also saying that it’s their final response and we do not have any right to complain to the financial ombudsman because they can’t find any records.  

However at the bottom of the email they are saying if we can provide additional information.. which is the same as we’ve already provided ! They will review our claim under a new complaint.. I find this bizarre . Are they just stalling for time and can they be allowed to get away with saying this is their final response. Has anyone else had this kind of response from Toyota finance or any other car finance company ? 

There is no "stalling for time", it's an FCA led investigation. They are not being "allowed to get away with" anything, if there are no records, they cannot say if you were affected 

It's perfectly normal for closed finance paperwork to be destroyed after a set period - typically they keep it for 6 years then remove under GDPR but equally can store it as long as they can justify it. Agreement number doesn't mean anything if the paperwork is gone, it's only useful if they archived it and that could find it.

Plenty of other people are in the same position. The FCA final decision will clarify this e.g. they might say to Toyota that if 99% of people had DCA on their finance, they should assume you did and should pay you something back; equally they may say no-one was affected so there was no refund due