Audi FCA Motor Finance Comp Scheme Response

Retsulc

Morning all,

I used the martin lewis template re: FCA Motor Finance Comp Scheme and after many months I finally got the response back from Audi and need advice. In a nutshell :

How we reached our decision

We reviewed the agreement in line with the scope of the FCA scheme. As part of this review, we checked:

The amount borrowed, the interest rate applied, and the date and term of the agreement.

The payment history, including any overpayments, early settlement activity, and any cancellation or withdrawal of the agreement.

The commission and arrangements in place when the agreement was entered into.

Our Decision

The evidence we reviewed confirms that commission of £690 was paid in relation to your agreement. However, we did not identify any relevant arrangement.

For an agreement to be eligible for compensation under the scheme, it must include at least one of the following:

A Discretionary Commission Arrangement (DCA).

A High Commission Arrangement.

A Tied Arrangement, where an agreement between the retailer and lender existed which offered exclusivity or priority to offer credit.

As a result, the agreement does not meet the eligibility criteria for compensation under the scheme rules. This means there was no unfair relationship created under the scheme rules and no compensation is due.

We appreciate this may not be the outcome you were hoping for. If you disagree with our Provisional Redress Decision, you can submit a formal objection. Details explaining how to do this can be found in our FAQ guide.

So now I am being asked if I want to Accept, object or opt out.

I knew it was too good to be true!

So not sure what to do now, I guess that's it and I just give up.

If anyone can advise then please let me know.

Thanks,

Vince

dunstonh

They are saying that you are not eligible because you suffered none of the issues that can lead to redress.

Ayr_Rage

You have not been subject to any adverse scenarios as identified by the FCA.

You took a punt and the result is that your finance company complied with the rules.

Time to move on, you can't flog a dead horse.

MasterG83

I sold Audi finance for twelve years, the rate you were offered is nearly exclusively VWFS, unlikely there were any hidden deals you could have had but didn't.

In fact if you had a used car you would have also benefitted from 2 years free servicing and extended warranty.

LukeB_92

The three options are not quite the same thing, which may help you decide.

Accepting is accepting that provisional decision for that agreement under the scheme.

Objecting makes sense if you think the decision is wrong on its own facts, rather than just disappointing - for example the wrong agreement, dates, interest rate or commission figure, another agreement that has not been considered, or evidence that one of the three listed arrangements actually did apply. Objecting without anything new to point to is unlikely to change the outcome, because commission being paid on its own is not enough under the scheme - it has to fall into one of those categories.

Opting out is different again - it takes you out of the scheme for that agreement and leaves other routes to consider, but those routes can involve time limits, cost and a lot more uncertainty, so it is not automatically better than accepting.

Before you reply, check the deadline in the letter, keep a copy of the full decision and the original agreement details, and check whether you had any other finance agreements in the relevant period - those would need to be looked at separately.