'discretionary commission arrangements' (cars on finance)

[roverstillidie91]

Just for information. Decision due in September basically since 2007ish lenders have added discretionary commission basically to bump the amount of interest you pay so may be worth looking at.

In about 40% of car finance deals, there were hidden 'discretionary commission arrangements'. This is where lenders allowed brokers & car dealers to up the interest to increase their commission – so you overpaid, without knowing.

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

[Donnywolf]

I saw it on Martin Lewis and the online Forms on his Site made it dead easy to write a pro forma email

I had at least 4 deals   , one on Finance and 3 PCP deals

On his Site it gave a list of the Companies that had never added these payments and mine Hyundai Toyota x 3 were not on.that list so I bunged off 3 emails to them

They should reply ny 28 days but Hyundai  hadn't replied at 21 days so I asked them to at least confirm they had got my Email.  21 days later they haven't

Toyota replied in 14 days or so but said " we would like to advise that we have never applied discretionary commission arrangements to contracts "

So thanks but bugger off basically.

[redwine]

I had 2 finance deals. Black Horse still looking into but Santander confirmed discretionary commission did not apply with 14 days.