Car Makers to get a reprieve?

justasimpleton

Hi,

I've read four articles today (Financial times that says the FCA hare to give the finance arms of Car Makers a reprieve from any claims?

Surely this can not be true.

I have had confirmation from BMW Finance that I was subjected to this, for two of my vehicles and awaiting Steliantis (Peugeot Finance) to respond (now oth FOS as it's been 52wks with no acknowledgement).

If the FCA are to give these a reprieve then that means no refund to myself and many others.

What would my / our options be then?

MattMattMattUK

https://forums.moneysavingexpert.com/discussion/6660791/car-makers-to-get-a-reprieve

Do you mean the articles from back in mid February?

The "reprive" was that that all interest was not going to be refunded on all agreements, which was an absurd decision in the first place and thrown out by the higher court decision.

The other "reprieve" talked about is related to DCA agreements when there is no evidence to show commission was paid and/or no record of the actual agreement itself, with people just claiming they had one.

The whole thing was put on hold by the FCA which is why you have not received as response. Those eligible will be contacted in due course, but you cannot escalate your complaint until you have received the compulsory response from the lender, any claims to the FOS before then will be rejected by default.

dunstonh

I have had confirmation from BMW Finance that I was subjected to this, for two of my vehicles and awaiting Steliantis (Peugeot Finance) to respond (now oth FOS as it's been 52wks with no acknowledgement).

its worth noting that having DCA doesn't mean you paid more. DCA means the standard terms were changed or are able to be changed.

For example, if the dealer lowered the interest rate to get the deal over the line, then that would be subject to DCA and you would be told your contract was subject ot DCA. However, in this case, you would have been financially better off. So, no redress.

Alternatively, it could be neutral. i.e. the dealer had the ability to use DCA but didn't. Many responses have said the dealer operated DCA. However, it doesn't mean DCA was applied to you.

Finally, where the interest rate was increased, these are the ones that are looking at redress.

So, you could be in the class that may get something but don't count your chickens yet.

Surely this can not be true.

You may wish to say which articles you are referring to as I don't believe there is anything new out this week from what was already known in the last few months.

I have had confirmation from BMW Finance that I was subjected to this, for two of my vehicles and awaiting Steliantis (Peugeot Finance) to respond (now oth FOS as it's been 52wks with no acknowledgement).

Complaints on motor finance have been suspended all that time. For nearly two years, people have been saying wait for the outcome as there is nothing to gain from putting in early complaints. The outcome should be known soon.

If the FCA are to give these a reprieve then that means no refund to myself and many others.

reprieve from what? - back to knowing what you are referring to…..

justasimpleton

Thanks

In my situation, I was refused by Peugeot Finance on the two vehicles that went to BMW Finance, both of these increased the value of the finance to £2.5k and £4k.

Luckily I have all agreements, and finance related material (Inc. the refusals).

MattMattMattUK

https://forums.moneysavingexpert.com/discussion/comment/81933217#Comment_81933217

Unfortunately you having the agreements does not show if discretionary commission was used or not, nor if it was used positively or negatively. That is one of the many reasons this is taking so long to sort out, if it ever goes ahead.