DCA

Sparrow44

Last year I submitted a complaint to Mercedes on behalf of my friend using the Martin Lewis template for DCA claims in respect of two cars and they acknowledged it ok. However, their response is now that the car finance for these cars was not regulated and therefore they are not subject of any FCA ruling. Even though Mercedes itself is governed by the Financial Conduct Authority. Can anyone advise me is it that easy for them to dismiss the claims. Appreciate some advice, thanks.

sourcrates

I would just hang fire on this, as the regulator (the FCA) is now moving ahead with a mandatory compensation scheme due next year.

I would wait for further updates from them on how to proceed.

ManyWays

Were these leases rather than HP/PCP?
Were they personal finance or supplied to a business?
 

Sparrow44

Thanks very much for your responses ManyWays and Sourcrates, sorry it’s taking me a while to do simple things like finding my original post but I’m getting there. Also I’m getting the paperwork back from my friend to see what kind of loans they were.

Sparrow44

Hi ManyWays, they were personal loans, Lookers ‘Agility’ PCP loans.
The first car was bought in 2007 and the balloon payment was paid off by purchase of the second car in 2017. The balloon payment for that one was paid off by a bank loan upon return of the car to Mercedes in 2020.
My friend cannot find the agreements but she has:
1. Lookers ‘Vehicle Order and Agreement’ doc. 

2. The ‘Pre Contract Credit Information’ doc which show the various entities to be authorised and regulated by the FCA.
I’ll appreciate any further advice.
If it doesn’t look hopefull  then I will go back to Mercedes to clarify if they are truly dismissing the claim and either sit tight as sourcrates says or fall into the hands of a firm like Courmacs and then sit tight.

Isthisforreal99

Sparrow44 said:

Hi ManyWays, they were personal loans, Lookers ‘Agility’ PCP loans.
The first car was bought in 2007 and the balloon payment was paid off by purchase of the second car in 2017. The balloon payment for that one was paid off by a bank loan upon return of the car to Mercedes in 2020.
My friend cannot find the agreements but she has:
1. Lookers ‘Vehicle Order and Agreement’ doc. 

2. The ‘Pre Contract Credit Information’ doc which show the various entities to be authorised and regulated by the FCA.
I’ll appreciate any further advice.
If it doesn’t look hopefull  then I will go back to Mercedes to clarify if they are truly dismissing the claim and either sit tight as sourcrates says or fall into the hands of a firm like Courmacs and then sit tight.

How much was the finance?

The actual amount may make it unregulated.

XRS200

Sparrow44 said:

Hi ManyWays, they were personal loans, Lookers ‘Agility’ PCP loans.
The first car was bought in 2007 and the balloon payment was paid off by purchase of the second car in 2017. The balloon payment for that one was paid off by a bank loan upon return of the car to Mercedes in 2020.
My friend cannot find the agreements but she has:
1. Lookers ‘Vehicle Order and Agreement’ doc. 

2. The ‘Pre Contract Credit Information’ doc which show the various entities to be authorised and regulated by the FCA.
I’ll appreciate any further advice.
If it doesn’t look hopefull  then I will go back to Mercedes to clarify if they are truly dismissing the claim and either sit tight as sourcrates says or fall into the hands of a firm like Courmacs and then sit tight.

This doesn't sound right.  I doubt the 2007 loan balloon payment was made in 2017.  On the second one, you don't pay a balloon payment and return the car.

Sparrow44

Isthisforreal99 said:

Sparrow44 said:

Hi ManyWays, they were personal loans, Lookers ‘Agility’ PCP loans.
The first car was bought in 2007 and the balloon payment was paid off by purchase of the second car in 2017. The balloon payment for that one was paid off by a bank loan upon return of the car to Mercedes in 2020.
My friend cannot find the agreements but she has:
1. Lookers ‘Vehicle Order and Agreement’ doc. 

2. The ‘Pre Contract Credit Information’ doc which show the various entities to be authorised and regulated by the FCA.
I’ll appreciate any further advice.
If it doesn’t look hopefull  then I will go back to Mercedes to clarify if they are truly dismissing the claim and either sit tight as sourcrates says or fall into the hands of a firm like Courmacs and then sit tight.

How much was the finance?

The actual amount may make it unregulated.

Isthisforreal99 said:

Sparrow44 said:

Hi ManyWays, they were personal loans, Lookers ‘Agility’ PCP loans.
The first car was bought in 2007 and the balloon payment was paid off by purchase of the second car in 2017. The balloon payment for that one was paid off by a bank loan upon return of the car to Mercedes in 2020.
My friend cannot find the agreements but she has:
1. Lookers ‘Vehicle Order and Agreement’ doc. 

2. The ‘Pre Contract Credit Information’ doc which show the various entities to be authorised and regulated by the FCA.
I’ll appreciate any further advice.
If it doesn’t look hopefull  then I will go back to Mercedes to clarify if they are truly dismissing the claim and either sit tight as sourcrates says or fall into the hands of a firm like Courmacs and then sit tight.

How much was the finance?

The actual amount may make it unregulated.

Hi Isthisforreal99, the second car loan was about £47k and the first one I think about £35 k

Sparrow44

Hi XRS200, thanks and sorry I got it wrong for both cars, it looks like the balloon payment for the first car was made around 2010 and the second car was returned in lieu of the balloon paymen for that one,