CA auto Finance Update

robb84

Received this email tonight, has anyone else received similar and what's the next step?

We refer to your communication regarding Finance Agreement number ********, in which you requested confirmation of whether we paid the dealer/broker any commission for your introduction to us.

 

After reviewing our records, we can confirm that a commission was paid to the dealer/broker. As a result, we will treat your correspondence as a formal complaint.

The model(s) and amount(s) of commission paid in your agreement are:

Discretionary commissions: £1750

Other commissions: £806.14

  

Kind regards,

 

CA Auto Finance UK Ltd

TadleyBaggie

You wait, like the rest of us.

robb84

Sorry I wasn't very clear, I'm aware we have to wait but my previous reply 2 years ago never had a figure of DCA and other commission. What I'm trying to understand is is the figure quoted based on the FCA ruling and this is the amount that will be repaid back?

Nasqueron

They were likely holding back on giving data until the cases finished so they knew what to repay

Commission is allowed however, it was the excess commission that should be refunded

Per the MSE article:

To get technical (skip this if it confuses you), the regulator will usually take the mean average (add these two up and then half the total) of:

• 17% of the interest you paid (it's assessment of the typical cost of the 'market distortion' caused by mis-selling), or 21% of the interest you paid for pre-April 2024 agreements
• The total commission paid to the dealer or broker (this is generally a higher amount and is what the court has ordered paid in some cases).

We worked out someone who took £20,000 finance in 2010 on a typical DCA would be likely to get around £1,600 back including interest (£1,000 before it).

With £10,000 finance taken in 2018, it would be around £600 back including interest (£450 before). Yet depending on circumstances, the actual numbers can swing wildly.

Just wait until they issue any refund, don't assume anything