Car finance refunds of over-charging

[Mike4]

Martin Lewis was on the R5 at lunchtime today launching some sort of substantial car finance refund scheme. It seems that car finance interest rates could be selected by the car dealer to yield higher or lower commission and the punter was not informed of this unfair iniquity (by today's standards), so is now entitled to get the excess interest paid, back. Which can run well into four figures apparently.

My curiosity has been piqued as I spent a short time flogging windows for a double-glazing company and the same thing happened. If the salesman 'sold' finance with the windows he/she got a further commission depending on what interest rate finance they 'sold'. The finance commission at the highest rate massively exceeded the commission paid on the window sale, so I'm wondering if that nice Mr Lewis knows this.

I have the feeling he or his staff read this forum so I wonder if this is next....

[AJC5001]

This was covered in the first half of Tuesday's Martin Lewis Money Show, available on ITVX catchup.

It is also covered in the Moneysavingexpert weekly email herehttps://www.moneysavingexpert.com/latesttip/?utm_source=MSE_Newsletter&utm_medium=email&utm_term=06-Feb-24-56584e960644ebd96ca-65c284813f2baa149cfcc54842873a69&source=CRM-MSETIP-56584e960644ebd96ca&utm_campaign=nt-viewonlineheader&utm_content=1

Adrian

[Mike4]

This was covered in the first half of Tuesday's Martin Lewis Money Show, available on ITVX catchup.

It is also covered in the Moneysavingexpert weekly email herehttps://www.moneysavingexpert.com/latesttip/?utm_source=MSE_Newsletter&utm_medium=email&utm_term=06-Feb-24-56584e960644ebd96ca-65c284813f2baa149cfcc54842873a69&source=CRM-MSETIP-56584e960644ebd96ca&utm_campaign=nt-viewonlineheader&utm_content=1

Adrian

Can't see any mention of double glazing finance interest rate fraud in your link....

[AJC5001]

This was covered in the first half of Tuesday's Martin Lewis Money Show, available on ITVX catchup.

It is also covered in the Moneysavingexpert weekly email herehttps://www.moneysavingexpert.com/latesttip/?utm_source=MSE_Newsletter&utm_medium=email&utm_term=06-Feb-24-56584e960644ebd96ca-65c284813f2baa149cfcc54842873a69&source=CRM-MSETIP-56584e960644ebd96ca&utm_campaign=nt-viewonlineheader&utm_content=1

Adrian

Can't see any mention of double glazing finance interest rate fraud in your link....

My reply was to the subject line of your OP, namely "Car finance refunds of over-charging". I deliberately didn't quote your OP.

Sorry

Adrian

[UncleEbenezer]

My curiosity has been piqued as I spent a short time flogging windows for a double-glazing company and the same thing happened. If the salesman 'sold' finance with the windows he/she got a further commission depending on what interest rate finance they 'sold'. The finance commission at the highest rate massively exceeded the commission paid on the window sale, so I'm wondering if that nice Mr Lewis knows this.

I think the double-glazing salesman has moved on somewhat. After all, the number of places without it ain't what it used to be!

I recently had some doors and windows replaced, by a company that (obviously) supplies double-glazing. They didn't do a sales job, rather I went to them to ask for a quote. I paid by creditcard for the Section 75 and because interest rates are no longer zero on an extra month's savings, and I don't recollect any attempt whatsoever to sell me a finance deal.

[DrFfybes]

Surely there is more to it, people tend to be able to compare deals very easily these days so shouldn't be paying more from one dealer than another, so perhaps this is mainly applicable to used car sales?

I wonder if other factors are also fudged, eg a higher interest rate for the sales commission, at the expense of a bigger discount on the sale price or a better p/x which would lower the profit of the business and reduce their VAT.

Paul

[UncleEbenezer]

Surely there is more to it, people tend to be able to compare deals very easily these days so shouldn't be paying more from one dealer than another,

You're looking at the wider picture. That is not how to generate a misselling scandal!