Does this affect any of you

[Rumour]

I really don't understand the need for a pay out! When these people bought a car they were told the cost and the total cost of the agreement and the payments! They agreed and signed a contract to that effect. How were they miss-sold? Next, cafes will be under scrutiny because they didn't tell customers that some of the cost of their coffee went to Mrs Miggins for cleaning!

 

[TeamRienza]

A note of caution regarding interest free loans.

It used to be the case that the loan was interest free, but if a payment was missed or the final payment was even a day late, the loan became interest added, and not necessarily just for the missed period. Interest would be charged on the whole loan for the whole of the agreed period.

This was common in the furniture trade.
Another case of the small print being crucial.

Davy

 

[YeoBlade]

I used to work next to a used car dealer, cheap stock, and was quite friendly with him and always chatting, he may have used XYZ finance on his sales and explained that depending on the customer and credit rating he could offer loans but with much higher APR %, rates if they were struggling to get the loan needed, and they were high rates! he would then get a monthly payment from the finance company for the additional higher interest rates he had manipulated out of the customer, so with maybe 20 cars he'd sold on finance still being paid off it was a nice little additional earner, But XYZ finance co. are having to repay these mis sold loans, not the dealer doing the dirty deed, but, was he just helping them out by getting them an car

 

[RichardHelen262]

A few years ago Helen decided she had seen a new Mercedes that she had taken a liking to,
So after some research she decided on the spec and colour and that Mercedes in Sheffield had the exact vehicle in stock,
So we went over to Sheffield and there it was sat in the showroom, after telling the salesman that we wouldn’t be requiring finance, they weren’t keen to sell it to us,
This went on for several months with different main agents within 100 miles of home, in the end we took out finance, then as soon as we got it home we paid off the finance.
I would never had thought it would be so difficult to buy a car

 

[YeoBlade]

A few years ago Helen decided she had seen a new Mercedes that she had taken a liking to,
So after some research she decided on the spec and colour and that Mercedes in Sheffield had the exact vehicle in stock,
So we went over to Sheffield and there it was sat in the showroom, after telling the salesman that we wouldn’t be requiring finance, they weren’t keen to sell it to us,
This went on for several months with different main agents within 100 miles of home, in the end we took out finance, then as soon as we got it home we paid off the finance.
I would never had thought it would be so difficult to buy a car

But you're buying finance, the car is just the tool needed to get the sale

 

[trevskoda]

They can give an interest free loan because they buy the goods at Trade price. Their selling price is a lot more than they buy for and can ffer 'interest free' to catch the eye of the Public.

They dont give the loan, its with a sep co and not connected with them, i phoned today and ask the girl, her reply was the people who take out long term 5 year payments are 15% or higher pay for you, so she said you being a short loan and monies up front to cut the bill will get no interest on loan.

 

[Fisherman]

A few years ago Helen decided she had seen a new Mercedes that she had taken a liking to,
So after some research she decided on the spec and colour and that Mercedes in Sheffield had the exact vehicle in stock,
So we went over to Sheffield and there it was sat in the showroom, after telling the salesman that we wouldn’t be requiring finance, they weren’t keen to sell it to us,
This went on for several months with different main agents within 100 miles of home, in the end we took out finance, then as soon as we got it home we paid off the finance.
I would never had thought it would be so difficult to buy a car

I bought several pre reg and second hand mercs over 25 years from dealerships in Glasgow, Oxford, Birmingham (twice), Manchester, Ayr, and my last one in 2017 from Perth. I always traded in my old one in and paid cash every time.

 

[trevskoda]

A few years ago Helen decided she had seen a new Mercedes that she had taken a liking to,
So after some research she decided on the spec and colour and that Mercedes in Sheffield had the exact vehicle in stock,
So we went over to Sheffield and there it was sat in the showroom, after telling the salesman that we wouldn’t be requiring finance, they weren’t keen to sell it to us,
This went on for several months with different main agents within 100 miles of home, in the end we took out finance, then as soon as we got it home we paid off the finance.
I would never had thought it would be so difficult to buy a car

As been in the trade for years you are correct on what you have found, in my day it worked like this, car £8000, profit £2000, you come in to buy and barter, they drop £1000 of price, you agree and sign the papaers for hp over 3 years, hp co give them a kickback of say £500, so infact the money they make cuts the £1000 loss they ageed to by half, win win for them as car sold, co i worked for had to sell 40 cars a mth to keep the dealership, so discounts for hp buyers is common, no way do they really want cash for discount.