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MSE News: Car finance redress scheme details confirmed
Comments
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There is no ruse, firms get massive fines for pretending they don't have data or falsely trying to stop claims. Asking for relevant information is perfectly legitimate
If you had finance taken out in 2024 you cannot have had DCA as it was banned in January 2021. You may have a separate commission related complaint which you can ask them to look into.
Note that commission model is not a problem, even the FCA acknowledge that and it's obvious that sales people get commission, the issue is if it was excessive (35? 39? % was quoted) or if it was DCA
Sam 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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I had a car on finance through a grandad in 2013 who then passed away later that year. Everything was then passed to my other nan as there was no will or probate in place. Unfortunately, a couple of years ago my nan also passed away but there was a will and probate. Although I was paying for the car each month, would I still be able to make a claim? If I can make a claim, would this also have to go through the probate process?
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The person who took out the finance would be able to complain, if it was your grandad, then your grandma then the executor of their estate but you might struggle to get anywhere with this given you didn't take the finance out and presumably you aren't the executor for the will
Sam 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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So, I’m confused. Lexus confirmed we have two valid claims, when we bought our cars finance with Toyota was automatic, no discussion, and the rate was non negotiable too. Now I understand dealers can wriggle out of a claim because it was obvious there was a link between the brand and the dealer, but this is very unfair because they never even suggested an alternative and we assumed ( ? ) there was no option available.
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That isn't wriggling out of anything. If you use Toyota finance, then it's pretty clear it is linked to Toyota cars and their dealers. There is no need to spell out that they are linked like that.
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 -
I posted yesterday but my post has disappeared?
We had two qualifying claims, with Lexus, which they confirmed. Our agreement was with Toyota Finance, no alternative was offered, at a set rate, again, no discussion, it was presented as fait accompli. Now I understand they can get out of the lender part of redress because we should have realised the link? Is this correct, because I believe this is fundamentally unfair, we had no idea a PCP was negotiable.0 -
Your post is still present, Dunstonh's answer above is correct
If you buy through Lexus (owned by Toyota) using Toyota finance, there is no requirement for them to spell it out as it's obviously linked therefore you cannot claim miss-selling under the contractual tie rules as this only applies if it's hidden
Your suggestion that you didn't know you could negotiate is immaterial as a) you can't prove that and b) was something you would have complained about at the time or walked away if you were not happy with the rate.
Sam 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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Your earlier post set out the key facts. nothing you have posted again changes the situation.
Most customers will be aware that they are free to arrange car finance with any lender, not just the one introduced by the dealer. However, the FCA has recognised that some customers may be less astute and might not appreciate this, particularly where it is not obvious that the lender is connected to the dealer. In those cases, there can be additional protections where the lender was not clearly part of the same corporate group.
In your case, the agreement was with Toyota Financial Services for a Lexus purchase, so the finance provider and the brand were clearly within the same group.
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 -
I'm in the same boat. I had 3 PCP in the period.
2 have been acknowledged that they received commission (1 was for DCA and the other for an Introduction commission).
For the 3rd, they are saying NO INTRODUCTION COMMISSION was paid to the dealer. But no mention of DCA.
So, I'm going to resubmit my claim for the 3rd one again for ANY COMMISSION via MSE "Free Complaint Tool".0 -
So, I'm going to resubmit my claim for the 3rd one again for ANY COMMISSION via MSE "Free Complaint Tool".
They have answered the question. You asking multiple times isn't going to change that answer.
If they didn't pay any commission, then by default, it could not have been discretionary commission.
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
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