Car Finance Reclaim

[Srdl]

After PPI and the Diesel Emissions Claims, the latest action is recovery of overcharging on car finance. Apparently, some dealers added margin to finance charges to increase their commission and it is now being investigated by The Financial Conduct Authority with the prospect of an eventual order for refunds to consumers who lost out.

Martin Lewis is all over it and it’s easy to register your potential interest. I took finance initially on both the Merc and the Mini, to guarantee a residual value after three years, but repaid both early,

https://www.moneysavingexpert.com/reclaim/reclaim-car-finance/

 

[Blobcat]

Another thing I'm not entitled to...

I must stop paying for things outright when I can afford them and just sign up to every finance and credit agreement so I can claim something back in xxx years time...

 

[DSK]

Another thing I'm not entitled to...

I must stop paying for things outright when I can afford them and just sign up to every finance and credit agreement so I can claim something back in xxx years time...

Old fashioned ways are best and makes you think twice about spending it.

£90k for a depreciating modern complex **** box designed to be scrap in 5yrs on tick or £90k cash for a Lotus Carlton? No prizes for working out where your money is most safe!


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[littlebrooklyn]

After PPI and the Diesel Emissions Claims, the latest action is recovery of overcharging on car finance. Apparently, some dealers added margin to finance charges to increase their commission and it is now being investigated by The Financial Conduct Authority with the prospect of an eventual order for refunds to consumers who lost out.

Martin Lewis is all over it and it’s easy to register your potential interest. I took finance initially on both the Merc and the Mini, to guarantee a residual value after three years, but repaid both early,

https://www.moneysavingexpert.com/reclaim/reclaim-car-finance/

I saw a link about that online yesterday and registered an interest in it as we bought our previous car on finance. Wasn't my idea as I like to pay cash for cars but Keith saw a car he liked and he wanted it so that's how he paid for it. Took me ages to remember all the details but eventually got all the relevant information and emailed them.

 

[Srdl]

Another thing I'm not entitled to...

I must stop paying for things outright when I can afford them and just sign up to every finance and credit agreement so I can claim something back in xxx years time...

Rightly or wrongly I was concerned about what the GLC would be worth if we had another oil crisis or high CO2 emission cars went the same way as diesels. So I suppose finance was a sort of insurance so that I had a guaranteed value after three years. Once I had decided to keep the car long-term, I repaid the finance early.

Edit… and it was about the time I got my State Pension, so I just let the government pay the monthly repayments for me!

 

[Blobcat]

Rightly or wrongly I was concerned about what the GLC would be worth if we had another oil crisis or high CO2 emission cars went the same way as diesels. So I suppose finance was a sort of insurance so that I had a guaranteed value after three years. Once I had decided to keep the car long-term, I repaid the finance early.

You kids getting everything on tick...

 

[JT1]

We had two cars over 4 years on PCP through Mercedes Finance.

Martin Lewis had a couple of (incomplete) lists, those that probably did the discretionary interest thing and those that had stated they did not - Mercedes finance were in the former, so I'll be going for it, plus a Volvo 2 years before that.

Next thing I'll be looking for is "have you been mis-sold an extended warranty on your sofa/TV?dishwasher/whataver"

 

[Larkone]

Next thing I'll be looking for is "have you been mis-sold an extended warranty on your sofa/TV?dishwasher/whataver"

If you bought an extended warranty on whitegoods then yes you were mis-sold

 

[smudgelab]

Got mine on 23rd April from Merc' so just a few months out of eligibility to claim...

 

[Srdl]

You kids getting everything on tick...

My mind might think I’m 16 but my body usually disagrees

 

[DSK]

If you bought an extended warranty on whitegoods then yes you were mis-sold

I used to work for perhaps the biggest name in that sector.

When they asked which employees don’t have the free warranty for one appliance that employees are entitled too, I was the only one in about in about 300 folks who raised their hand, proudly, knowing what was going to come.

When asked why not, and it’s FREE, I simply stated;

If your average appliance (tv, fridge, washer) breaks down, would you rather;

A. Go through the call centre, engineer assessment, repair/replacement process which can take days to weeks.

B. Log onto curry’s and buy another one and have it delivered within 24 hours?

Appliances easily last 5 years trouble free. Let’s say an appliance costs £600. Would you rather spend £600 to buy the appliance and a further £600 over 5yrs (£10 p/mnth) having a warranty on it which costs you £1200 in total. Or, would you spend £600, let’s say after 5 years it breaks, you spend another £600 and be up and running immediately? This is cost neutral but, the time and energy saved is priceless!

They tried to justify the warranty service sheepishly and said people can’t afford big bills at a given point in time. I replied well that’s largely a matter of how one manages their money.

Couldn’t even make me take it for free!


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[rf065]

We bought a sofa and some other things years ago, turns out we signed for the sofa on credit, and then added things like table lamps etc to the order. Shop told us not to worry, they would sort out the paperwork for us. We were told we would pay X amount per month for 2 years. Turned out the monthly payments were far higher than what we were quoted.
After numerous phone calls we were told the difference was because we opted for PPI insurance, which we didn't.
Shop insisted the PPI box had been ticked, we said not by us.
Only when Martin Lewis took up these cases and provided a example letter to send them were we refunded.
Some really shady practices used to take place in normal business.

 

[Trev1964]

When I was selling cars for a living, up selling finance rates for extra commission was standard practice.
Made lots of money from it.
Often made more money from finance commission than the actual car sale.

I've not been in that industry since 2001, I dare say it's still been common practice in the meantime.

 

[Frontstep]

A true and salutory tale on finance,

I was told what I wanted was on Ebay (pallets of solid oak flooring) so as it wasn't far off I went.

The house many millions worth had two new Range Rovers outside and was all tickety boo and new.

So went into the large garage and sure enough the flooring and many other things were in there, after agreeing prices on quite a few things I got the story.

So the breadwinner was a sportsman who moved into a new sport and hadn't won a dime for a year and couldn't meet his payments so everything including his wife's fancy underwear was up for sale.

The house where we had a drink was similarly stripped and he was a very unhappy man who needed his mood to play well and consistently so the decline was rapid.

Living beyond your means has a cost far beyond money.