Lady Vader would have more fun. She drives faster than me and has no idea what a Speedo is or, indeed where it is!
Coupe? We just chopped ours in for a 4 door 3 series. Great looking car but the long doors are a pain in the arse/lower back/knees/ankles trying to get in/out of them in car parks. I’ve put in a couple of claims, one on PCP the other on HP, the others were on 0% so don’t qualify. Seeing as the claim period is up to 2021 then there is obviously a practice they stopped doing after this date, if it was all above board then they would still be doing it?
Just read through the link to money saving expert on the first page of this thread and fill in the form at the bottom, it generates an email for you to send to the relevant finance company
These days ‘commission’ seems a bad thing. The idea of someone actually making money from you and encouraging you to buy one thing over another because the comm was more seems like stealing babies to many modern ideologues….
These days, if you buy something and it doesn't work out, you can make a case that it's the vendors' fault for selling you what you wanted it seems.
The issue is not about commission, nor is it about making profit/margin. The case is based on the fact that the interest rates were misrepresented as 'bank' interest rates which are typically not negotiable. This meant people didn't realise a) there was commission, and b) that they could be challenged. It gave an unfair advantage to the dealer and is in breach of FCA guideline, etc.
Except it wasn’t at the time. No one will be prosecuted. It’s hindsight penalties again. And if you wanted more off you negotiated. If you weren’t savvy enough or wanted it far more than the salesman wanted the sale, you paid the inflated price and he got more of a bung. Used to happen in all sales life.
Yep, appreciate FCA guidelines are retrospective; that is no different to many HMRC Tax situations, etc. The FSI is trying to clean up it's act and the FCA is also trying to show it's not a toothless wonder. The motor & bike industry (amongst many others) also has a well earned reputation for fleecing unsuspecting customers... just because you can, doesn't mean you should. Many purchasers are vunerable, not as well informed, etc. so I feel no sympathy for the finance companies. I think this will have little impact on the dealers who just probably worked within quite loose parameters set by their lending partners. Reap what you sow and all that...
I’m waiting for GAP insurance to be hit. A £100 product sold for thousands in the 2000’s and even now £500 plus. 75% of the cost. I wonder if finance companies will go after dealer networks to recover the cost: at the end of the day they did the deal, not finance co. Guaranteed they are looking at it
Interested in why you believe GAP is a potential mis selling. IME, all you are offered, is another insurance product that is intended to make up the difference in what the car insurer pays you for a total write off and what you paid for it, for a set period of time. That’s pretty straight forward, unless I’ve got the wrong end of the stick. Andy
I see the latest finance offer on Scramblers is 50% deposit, 2 years no repayments and then final 50%, all interest free, subject to terms and conditions of course. Andy
Do you know what gap insurance is? (Not piss taking, genuine question) Here’s mine from bmw few years ago. 435 xdrive, 56k cost car. 500 gap policy that, in event of write off, will pay difference between pay out and the original price. That policy will cost dealer about 100, so they make 400 profit. Of you take pcp, you are mad not to take gap imho. You can buy gap far less if you search around but k always go dealer as it’s easier hth
Yes - I know what gap insurance is. I think I get you now, you're simply complaining about the mark up by the dealer, I thought your point was was more complex than that. Unless there's a cartel, surely you just go elsewhere? They (the dealer) might be making good money from these policies, I'm not sure that qualifies as mis-selling? Unless there's governance on margin made on insurance, or the seller is obliged to tell the buyer to try elsewhere first. Also, are you suggesting that the dealers buy and resell insurance? I'm not sure this is how it works, earning commision from the underwriter is more likely.
My point was this will be another scandal on the horizon and am surprised they allow this level of commission given current climate. they broker the deal. They either buy direct from a provider or buy via their finance arm (most main dealers imagine). I worked in this area selling the core gap to dealers for about 5 years back in the 2000’s
Gotcha... I find the whole idea of buying yet another insurance policy (gap) to insure against another insurance provider not providing what they ought to be, pretty sicking in the first place.
