DCA Car finance claim

Clarence_cat

We put a complaint forward when Martin had brought this first to light last year about the car finance and how we could see if we were owed anything.
We have just had an email back from Black horse today to say that they have not found our agreement involved in a DCA, so they have not logged a complaint.
Obviously we are taking their word for it and just wondering if anybody else has had this from any of their car finance companies. Do we just accept this?
This was one of 3 cars we had finance on.
any feedback would be great

singhini

Just like you, i too emailed various finance companies using the MSE tool when this was first brought to light earlier in the year (1 to Blackhorse and 2 to BMW). I received confirmation emails back immediately.

Then BMW emailed me back a few months later saying my "finance agreement was not regulated by the Consumer CreditAct (1974)." ------> this was in regards to one of the agreements (not both).

Then on Tuesday 4th Nov while watching the Martin Lewis Show Live on ITV Martin said his template had been updated to now cover all 3 car finance miss-selling schemes ------> so i re-emailed BMW again just two days ago (on Wednesday) using the updated version of the tool with regards to both of my finance agreements. 

The exact wording on BMW's email to me was:

Thank you for your enquiry following the recent Financial Conduct Authority (FCA) announcement regarding discretionary commission arrangements on motor finance. You asked if we used a discretionary commission arrangement on any of the agreements you held with us.

Following a review, we can confirm that your above finance agreement was not regulated by the Consumer CreditAct (1974). As the FCA announcement only applies to discretionary commission paid in relation to regulated agreements, your agreement is therefore not in scope of the review.

BMW never got back to me with regards to the other finance agreement ------> hence why i sent the email on Wednesday ------> my thinking is, it takes 2 mins to generate the email and send it so why not. 

PS - When i sent my email on Wednesday i never got an automated confirmation email back (and still haven't).

dunstonh

We put a complaint forward when Martin had brought this first to light last year about the car finance and how we could see if we were owed anything.

Martin was not the first to bring it to light.  It has been a potential issue for a good number of years now.

Obviously we are taking their word for it and just wondering if anybody else has had this from any of their car finance companies. Do we just accept this?

Yes, they have.   And yes, you accept it as you won't have anything to prove otherwise.      Less than half are believed to have had DCA over the qualifying period of April 2007 to 2021.

Martin keeps pushing his template, but the reality is that the FCA scheme is still in consultation and remains at risk of further court cases, as the FCA is looking to go beyond the courts' ruling.    A template letter at this stage doesn't achieve anything.     Once the scheme is in place,  the instructions on what you need to do and what will or will not be in scope will be published.