Car Finance Claims

[Hammy]

seems to be a big thing around social media etc via motonovo , blackhorse and a few other hp companies from what i have read seems they were offering dealers a % cut if signing customers up to a higher rate of interest
from before 2021

 

[Maccy]

I've got a few claims in, one with Paragon and 2 with BMW. Yes I knew what I was signing, but if there's an option for some free compensation then why wouldn't you?

Paragon have confirmed that my agreement was subject to discretionary commission, BMW have acknowledged the request but haven't stated if either agreement had it. I think they have until September to confirm.

 

[Hammy]

the wife had hp with moto novo back from 2018 so probably going to try see what happens did you have to go threw one of them claims companies or direct to the hp companies ?

 

[[TW]Fox]

Yes I knew what I was signing

This is my problem with all this.

The information on how much it would cost was available at the time the deal was agreed. If you didn't like this, you had the option to decline the deal. Many of us didn't like this and therefore didn't take out such a deal, as was our choice at the time. Others did like this, valued the deal offered and took it out, knowing the cost, as was their choice at the time. It was no secret that car finance through dealers was often expensive and that if you shopped around, you could obtain funding elsewhere for less.

Quite why this has now become the latest thing I really don't understand. Why is it an issue that dealers were able to profit through car finance? You're buying a product and service from them, the price is stated up front, if it's not to the consumers liking they could and should have gone somewhere else?

I'm clearly on the incorrect side of this argument as it's been decided it's an issue, but I don't understand why.

 

[Maccy]

the wife had hp with moto novo back from 2018 so probably going to try see what happens did you have to go threw one of them claims companies or direct to the hp companies ?

I followed the guidance from MSE, put the email template together and sent it direct to the finance companies - https://www.moneysavingexpert.com/reclaim/reclaim-car-finance/

Never use a claim company, ever.

This is my problem with all this.

The information on how much it would cost was available at the time the deal was agreed. If you didn't like this, you had the option to decline the deal. Many of us didn't like this and therefore didn't take out such a deal, as was our choice at the time. Others did like this, valued the deal offered and took it out, knowing the cost, as was their choice at the time. It was no secret that car finance through dealers was often expensive and that if you shopped around, you could obtain funding elsewhere for less.

Quite why this has now become the latest thing I really don't understand. Why is it an issue that dealers were able to profit through car finance? You're buying a product and service from them, the price is stated up front, if it's not to the consumers liking they could and should have gone somewhere else?

I'm clearly on the incorrect side of this argument as it's been decided it's an issue, but I don't understand why.

I don't think you're on the "incorrect" side of this argument, I can appreciate both sides.

 

[Hammy]

This is my problem with all this.

The information on how much it would cost was available at the time the deal was agreed. If you didn't like this, you had the option to decline the deal. Many of us didn't like this and therefore didn't take out such a deal, as was our choice at the time. Others did like this, valued the deal offered and took it out, knowing the cost, as was their choice at the time. It was no secret that car finance through dealers was often expensive and that if you shopped around, you could obtain funding elsewhere for less.

Quite why this has now become the latest thing I really don't understand. Why is it an issue that dealers were able to profit through car finance? You're buying a product and service from them, the price is stated up front, if it's not to the consumers liking they could and should have gone somewhere else?

I'm clearly on the incorrect side of this argument as it's been decided it's an issue, but I don't understand why.

yea i know what your saying but to be honest most people like us never even read thew the agreement etc just was told it was passed and be so much per month and never told us about various fees etc set us down a pile of paper work and a pen

 

[Hammy]

I followed the guidance from MSE, put the email template together and sent it direct to the finance companies - https://www.moneysavingexpert.com/reclaim/reclaim-car-finance/

Never use a claim company, ever.


I don't think you're on the "incorrect" side of this argument, I can appreciate both sides.

cheers going to fill that in and see how it goes

 

[jaybee]

Any time there has ever been the ability to claim for any miss sold finance product or compensation, I never, ever qualify. I feel left out.

 

[Kenai]

This is my problem with all this.

The information on how much it would cost was available at the time the deal was agreed. If you didn't like this, you had the option to decline the deal. Many of us didn't like this and therefore didn't take out such a deal, as was our choice at the time. Others did like this, valued the deal offered and took it out, knowing the cost, as was their choice at the time. It was no secret that car finance through dealers was often expensive and that if you shopped around, you could obtain funding elsewhere for less.

Quite why this has now become the latest thing I really don't understand. Why is it an issue that dealers were able to profit through car finance? You're buying a product and service from them, the price is stated up front, if it's not to the consumers liking they could and should have gone somewhere else?

I'm clearly on the incorrect side of this argument as it's been decided it's an issue, but I don't understand why.

I think I sit on the same side of the argument.

If we're going to compensate people because they agreed to a 5% APR finance deal and it turns out if they'd walked away there was a 3% APR deal available, is the next step is compensating people because a dealer sold them a £25,000 car that they would have sold for £22,500 if the customer had walked away?

The argument MSE present of "It's an unfair practice, as consumers weren't told, and many – thinking it a fixed price – didn't negotiate." to me is very tenuous, as if people were being forced into signing such deals. Sure, you might not realise you can negotiate a finance rate but you still had the obvious choice of not making the deal if you felt the price/deal offered wasn't acceptable to you. You could equally argue some consumers don't realise the price of the car is negotiable.

 

[BUDFORCE]

I used to do this at one point.

We would get passed a "decline" book from a mainstream finance company then try to place the deals elsewhere, with subprime usually.

However one of the companies we used offered personal loans, some of the declined deals we had, had nothing to do with the person having bad credit or whatever, but none of this was ever explained.

So we would ring the dude up and be like, you know you got declined for finance, we can place it for you, it'll cost X amount, the rates were actually not terrible, but you could literally just apply for a personal loan yourself for maybe 2-3% interest cheaper.

But people don't know, so we would place it on a personal loan, perfect prime credit customer and they would get charged 2-3% over odds and we would get a nice commission off it, usually about £1500 a pop.

The whole sector was dodgy AF though, pre FCA regulations so, about 2010-2013 (something like that) literally the wild west of finance agreements. I could tell you stories of all sorts of really dodgy stuff that went on.

 

[Richie]

This is my problem with all this.

The information on how much it would cost was available at the time the deal was agreed. If you didn't like this, you had the option to decline the deal. Many of us didn't like this and therefore didn't take out such a deal, as was our choice at the time. Others did like this, valued the deal offered and took it out, knowing the cost, as was their choice at the time. It was no secret that car finance through dealers was often expensive and that if you shopped around, you could obtain funding elsewhere for less.

Quite why this has now become the latest thing I really don't understand. Why is it an issue that dealers were able to profit through car finance? You're buying a product and service from them, the price is stated up front, if it's not to the consumers liking they could and should have gone somewhere else?

I'm clearly on the incorrect side of this argument as it's been decided it's an issue, but I don't understand why.

I'm with you on this one.

The car trade, including the finance side, is one of the most heavily regulated sectors out there however people still have the "all car salesmen are just dodgy sharks" attitude so treat them as such. The possibility for "free money" as well as a perception of "doing over car dealers who are ALL dodgy" is a dream come true for some. It also allows the consumer to wash any responsibility of a bad deal/experience away as "it must have been the dodgy salesman as I would never have agreed to it normally"