Discretionary Commission Arrangements

[MaximusE]

MSE could have been clearer on the no list.

As for Black Horse:

https://www.financial-ombudsman.org.uk/decision/DRN-4188284.pdf

Interesting. The video Martin Lewis posted on X had a specific section they showed on screen where companies had confirmed the had now DCA and Black Horse was definitely listed.

They’d be in trouble with the ombudsman if they said they hadn’t when I’m fancy they had.

Might be worth me filling the paperwork on for my BlackHorse PCP then.

 

[HenryT]

Dealer volume bonus looming? Sale must be completed before month end.

New Citroen EV at £11,500 discount

(See earlier comments)

 

[Oxid8ter]

I've had a reply from VWFS asking me for info to confirm I am the same person that had the policy. All well and good, except they ask for the agreement term and monthly payment - would be fine if the agreement wasnt from 11 years ago...

 

[DoricJim]

Just sent off 6 agreements to BMW, one to Land Rover and one to Hyundai. Waiting now begins

Handy tool on the MSE website.

 

[Lord Farquad]

I've had a reply from VWFS asking me for info to confirm I am the same person that had the policy. All well and good, except they ask for the agreement term and monthly payment - would be fine if the agreement wasnt from 11 years ago...

Interesting tack by VWFS to try and make it harder.

I’ve got one with them, 7 with BMW and 1 with Black Horse all submitted.

Given all the checks you have to complete to get finance, I’ll be telling them I am definitely the same customer….look I even have the same bank account….now toddle off and calculate my compensation thank you

 

[trickytree1984]

I bought a car (from a dealer, ages ago). Can you explain this please?

I was a cash buyer. Dealer offered me 0% finance over 3 years. I said "I'm happy to pay cash, upfront. What's the discount for cash?"

Absolutely no discount for cash. Well OK, fair enough, I'll take the finance.

So I had the use of the money, over 3 years, and the finance company was without the use of that money ...

So my question is: How was money made?

I'll tell you now, 0%...you are owed and will get sweet FA. No matter what commission was made (it will be none), you lost nothing so you are owed nothing. The FCA are interested in one thing and one thing only. Did you pay a higher rate when you could have been offered a lower one. If yes, you'll likely get the difference. In your case...

 

[Masklin]

Just got this from Black Horse…

“We’ve received your request

Dear Customer

We’ve received your request to check if there was a discretionary commission arrangement on your motor finance agreement with us. We’re experiencing a high number of enquiries at the moment and it’s taking longer than usual for us to respond.

We’ll get back to you as soon as possible. If we need further information, we’ll get in touch with you using the contact details you’ve provided.

Thank you for your patience while we look into this for you.

Yours sincerely
Customer Services”

 

[AndyWarrington]

Just got this from Black Horse…

“We’ve received your request

Dear Customer

We’ve received your request to check if there was a discretionary commission arrangement on your motor finance agreement with us. We’re experiencing a high number of enquiries at the moment and it’s taking longer than usual for us to respond.

We’ll get back to you as soon as possible. If we need further information, we’ll get in touch with you using the contact details you’ve provided.

Thank you for your patience while we look into this for you.

Yours sincerely
Customer Services”

Ditto - amazing it landed just before of the Martin Lewis show aired

 

[speedyranger74]

Just got this from Black Horse…

“We’ve received your request

Dear Customer

We’ve received your request to check if there was a discretionary commission arrangement on your motor finance agreement with us. We’re experiencing a high number of enquiries at the moment and it’s taking longer than usual for us to respond.

We’ll get back to you as soon as possible. If we need further information, we’ll get in touch with you using the contact details you’ve provided.

Thank you for your patience while we look into this for you.

Yours sincerely
Customer Services”

Yesterday received the same email.

 

[pharwood]

Just got this from Black Horse…

“We’ve received your request

Dear Customer

We’ve received your request to check if there was a discretionary commission arrangement on your motor finance agreement with us. We’re experiencing a high number of enquiries at the moment and it’s taking longer than usual for us to respond.

We’ll get back to you as soon as possible. If we need further information, we’ll get in touch with you using the contact details you’ve provided.

Thank you for your patience while we look into this for you.

Yours sincerely
Customer Services”

Ditto

 

[Pagemakers]

Just got this from Black Horse…

“We’ve received your request

Dear Customer

We’ve received your request to check if there was a discretionary commission arrangement on your motor finance agreement with us. We’re experiencing a high number of enquiries at the moment and it’s taking longer than usual for us to respond.

We’ll get back to you as soon as possible. If we need further information, we’ll get in touch with you using the contact details you’ve provided.

Thank you for your patience while we look into this for you.

Yours sincerely
Customer Services”

Same here

 

[Oxid8ter]

Most of mine they seem to be trying to worm their way out of it. The majority of them have replied with "We could not find a record of your agreement" despite me providing agreement numbers as part of the initial information I offer up.

Be interesting to see how many others fine this, or if I am just SOL.

 

[JoeJoeTheJoey]

So how far back can you claim, I had two agreements from 2009, is that too long ago to claim back? Would be tough finding all the reference numbers. Can they trace back using my name and address you think?

 

[Pagemakers]

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

 

[Pagemakers]

Had conclusive replies from all the claims I lodged apart from Tesla/Black Horse who’ve sent me 3 delaying emails so far.

 

[JoeJoeTheJoey]

Thanks, I've submitted for 3 vehicles dating back to Dec 2009 with Black Horse and one from 2012 with Toyota Finance Services. All have just sent confirmation they have received my enquiry. Waiting game now I guess.

 

[Mark_T]

The APR on my Model S from 2018 was only 2.5%, not sure there was actually room for any commission on that...

 

[Zilla91]

Had VWFS and Santander come back today saying there were no agreements in place. Just waiting for the two BMW ones

 

[NewbieT]

So it looks like finance companies panicking, share prices slumping….but in reality very few DCAs in place.

 

[Bootneckshuffl]

Reply back from finance company

“Yes there was a DCA in place for your agreement and no commission was paid to the dealer for the introduction”

That’s it, zippo. Massive waste of time.