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0% PCP
Shyboyblue
Posts: 1 Newbie
I took out a 0% Interest PCP in March 2023 with Mercedes Finance and am wondering if I could claim undisclosed commission fees. I am pretty sure the price of the car was loaded to compensate the interest free plan.
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Comments
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DCAs were outlawed in 2021!
Was it a brand new Mercedes from a franchised dealer?
If it was a rare model and you paid over list price then more fool you.0 -
a) DCA didnt exist in 2023.Shyboyblue said:I took out a 0% Interest PCP in March 2023 with Mercedes Finance and am wondering if I could claim undisclosed commission fees. I am pretty sure the price of the car was loaded to compensate the interest free plan.
b) It has been a common marketing method to shift the profits from one part of the deal to another. That is allowed.and am wondering if I could claim undisclosed commission fees.I have assumed you are not creating a joke thread. You may want to add a smiley if you are.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Similar query, except that this was in 2014...
PCP ("Agility") with Mercedes-Benz Financial Services UK Ltd. with an APR of 0.0%
Presumably, if no interest was paid, then no compensation will be due... or am I wrong?0 -
No interest = no possible refund1
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DCA was about inflating interest on deals to make more commission money but if it was 0% then it's logically impossible for DCA to have applied.N_the_Beancounter said:Similar query, except that this was in 2014...
PCP ("Agility") with Mercedes-Benz Financial Services UK Ltd. with an APR of 0.0%
Presumably, if no interest was paid, then no compensation will be due... or am I wrong?
Whether there would be any general commission issues related to finance is up to the FCA but it seems unlikelySam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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