Dodgy Finance Company Fees

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Sun 23 Feb 2014 10:19
Dodgy Finance Company Fees - Scottie Boy

Well thanks for deleting my post about extortionate fees from a certain finance company

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Sun 23 Feb 2014 12:23
Dodgy Finance Company Fees - oldroverboy.

Well thanks for deleting my post about extortionate fees from a certain finance company

Well, without knowing the original post,

Did the Op read the finance documents first?

Were any additional "costs" explained?

I am surprised at how many people don't read and understand before signing on the dotted line. One od swmbo's colleagues, young, newly qualified bought a car a couple of years back and the salesman sold them warranty, gap, ppi supagard, well someone had a good day, but when problems quickly started did not want to know and only when presented with leagl action by the parents concerned dealt with things, ( and surprisingly DID deal with things)

in a perfect world none of us would make an impulse expensive purchase and all car dealers would be perfect gentlemen too.

So Read and if you don't onderstand ask and if you still don't understand get someone independant to help.

Not all dealers are bad, they are there to make a living/profit. remember that.

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Sun 23 Feb 2014 12:46
Dodgy Finance Company Fees - leaseman

Under the Consumer Credit Act, all Document Fees, Arrangement Fees, Administration Fees, Facility Fees, Option to Purchase Fees and whatever other contrived names a Finance House uses in the provision of credit, must be taken into account when computing the Annual Percentage Rate (APR) which will be shown prominently on documentation.

This is so that consumers can compare the true cost of credit between competing lenders or brokers (and dealers are all brokers, remember).

The OP's main gripe was with the additional fee paid for a change of Registration Number for a cherished transfer. The actual fee will have been, as oldroverboy suggests, identified within the documentation, and was less than a quarter of what the DVLA charges for a similar transaction. Good value? Cost of Vanity? Debate!!

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Sun 23 Feb 2014 13:03
Dodgy Finance Company Fees - Scottie Boy

The main gripe was the motor dealer had already been paid for the plate transfer then this company of sharks sending out cash demands for something that was nothing to do with them. The car dealer in question is actually ok it os this despicable finance company I do not like. Yes it is all no doubt written into the small print, that doesn't mean I shouldn't have an opinion on it and to campaign for change against it. The substantial interest these sharks charge should be enough without all the other fees they add on , it is quite disgusting so it is

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Sun 23 Feb 2014 14:43
Dodgy Finance Company Fees - Scottie Boy

Oh I didn't realise an email had been sent to me advising the removal of my post, what was actually wrong with it? Was it dishonest in any way or are the company involved an advertiser or sponsor? Honest right enough eh?

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Sun 23 Feb 2014 16:00
Dodgy Finance Company Fees - Armitage Shanks {p}

The site has a policy, to protetct the owners from legal action, in the event that someone posts libellous comments. It is thus not permitted to make offensive remarks directed at a named company, even if you personally think they are honest and justified. Known as "No naming and Shaming", oviously!

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Sun 23 Feb 2014 16:45
Dodgy Finance Company Fees - Scottie Boy

Does that then mean we cannot name vehicle manufacturers for example if we have anything negative to say about them??? Oh dear, I am now awaiting a court order from Kia with regard to the scathing review I put on here about the Sportage I used to own.There was nothing in that e-mail that was not true, it stated the documentation fee of £195 which I believe to be excessive and a fee of £25 for ' updating their register' due to my number plate change which if you read the post properly stated this change to the car was paid to my supplying dealer and not as some stated a quarter of what the DVLA charge. The DVLA had indeed been paid the full amount. When I have normally bought cars I used either the big Spanish lot or the lot with the Black Beauty logo and they have been nothing but good. Yes they charged fees but more reasonable and not for the slightest little thing but oh no we cant voice our concerns about what we feel is unfair cheers guys

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Sun 23 Feb 2014 14:48
Dodgy Finance Company Fees - oldroverboy.

The main gripe was the motor dealer had already been paid for the plate transfer then this company of sharks sending out cash demands for something that was nothing to do with them. The car dealer in question is actually ok it os this despicable finance company I do not like. Yes it is all no doubt written into the small print, that doesn't mean I shouldn't have an opinion on it and to campaign for change against it. The substantial interest these sharks charge should be enough without all the other fees they add on , it is quite disgusting so it is

I agree with your point(s) but I am equally sure that next time you will negotiate points like this first. You might be pleasantly surprised how much finance companies/banks actually like repeat business from good customers.

However, enjoy the car and put it down to experience.

Happy Motoring.

ORB

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Sun 23 Feb 2014 16:50
Dodgy Finance Company Fees - Scottie Boy

You seem a decent sort of guy oldroverboy, the thing is if we just put it down to experience it allows it to go on & on unchecked. I am going to write a parlimentary petition on this matter but I merely placed the 'offending' article on here to try & make buyers aware of the company involveds astrinomical fees, done with the best of HONEST intentions!!

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Sun 23 Feb 2014 16:57
Dodgy Finance Company Fees - Bromptonaut

Scottie,

If we're to make any sense of this you need to repost it as a simple factual narrative without using words like dodgy etc.

EG - I bought a car from dealer X using Acme Finance. Set out what you expected to pay together with the charges levied over and above that and the reasons Acme Finanxe used to justify them. See the 'sticky' post about naming and shaming.

The site owners do not have the resource to deal with complaints and potential legal action when posters allege misfeasance etc.

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Sun 23 Feb 2014 17:18
Dodgy Finance Company Fees - Scottie Boy

forget it why bother

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Sun 23 Feb 2014 18:25
Dodgy Finance Company Fees - Armitage Shanks {p}

As you say, if you can't comply with the site rules, don't bother!

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Sun 23 Feb 2014 18:30
Dodgy Finance Company Fees - Avant

I have replied to the OP's E-mail. Thanks for your support everyone: I should just emphasise that there were as far as I know no untriths in the original which I deleted - but there were some potentially defamatory comments which couldn't appear on a public forum.

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Sun 23 Feb 2014 19:07
Dodgy Finance Company Fees - leaseman

Scottie Boy. You praise the dealer and critisize the Finance House.

The dealer will have earned a substantial commission for introducing your business to the Finance House.

The dealer should have known the procedure required for notifying the cherished plate transfer to the Finance House.

Ask the dealer to pay the £25 out of the commission they earned from the Finance House.

Let us know how you get on with your cherished dealer.

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Sun 23 Feb 2014 19:35
Dodgy Finance Company Fees - Scottie Boy

It was not a cherished plate dealer leaseman, it was just a straight trade in one car for another but I take what you are saying , do not worry though I have not missed with the dealer either. I called them yesterday to be told by a business manager ' I will look into it and call you back' Just as well I did not hold my breath as I am still waiting.

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Sun 23 Feb 2014 19:32
Dodgy Finance Company Fees - Scottie Boy

Yes you certainly did reply to my e-mail. I am assuming you are at the very least a Professor of Proper English given the cheeky remarks about my spelling

.Even if 'ne'erdowell' were spelt correctly, it could still make us liable for defamation.

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Sun 23 Feb 2014 20:10
Dodgy Finance Company Fees - alan1302

Yes you certainly did reply to my e-mail. I am assuming you are at the very least a Professor of Proper English given the cheeky remarks about my spelling

.Even if 'ne'erdowell' were spelt correctly, it could still make us liable for defamation.

Sounds more like you have bypassed your sense of humour.

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Sun 23 Feb 2014 20:45
Dodgy Finance Company Fees - Scottie Boy

Not so much a sense of humour bypass as I do not like people being snide

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Sun 23 Feb 2014 20:49
Dodgy Finance Company Fees - oldroverboy.

Scottie,

My remark was "put it down to experience", but you apparently already had experience of 2 other finance houses. Next time, use them.

But sometimes, these things make us (and yes even me!) realise that things change.

And I am Mr paranoid when it comes to getting a new car.

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Mon 24 Feb 2014 08:18
Dodgy Finance Company Fees - Scottie Boy

Aye me too mate , one thing for sure I wont ever use the company involved again. I have been doing a fair bit of research online about them this weekend and the stories are horrific! Stories of people missing one payment and them sending heavies without warrants to repo cars that have had well over 50% of the balance paid on them which ia totally illegal. I am not the type of person who misses payments however if this was to happen to me I would not hesitate to call the police and have their heavies arrested like the common criminals they are. These reports I have to add are not one offs, also phoning people at all hours of the night harrassing them something terrible , makes you wonder how they still have a licence

Edited by Scottie Boy on 24/02/2014 at 08:20

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Sun 23 Feb 2014 23:01
Dodgy Finance Company Fees - alan1302

You seem a decent sort of guy oldroverboy, the thing is if we just put it down to experience it allows it to go on & on unchecked. I am going to write a parlimentary petition on this matter but I merely placed the 'offending' article on here to try & make buyers aware of the company involveds astrinomical fees, done with the best of HONEST intentions!!

The fees aren't illegal and would have been stated in any T&Cs so they have done nothing wrong. You have just learnt you should read the small print first.

It's not a problem telling people about the compnay you just can't make out that they are dodgy and tying to rip yo off when they are just doing what they would have said.

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Mon 24 Feb 2014 08:21
Dodgy Finance Company Fees - Scottie Boy

That does not mean it is right does it??

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Mon 24 Feb 2014 10:01
Dodgy Finance Company Fees - Scottie Boy

Anyway it certainly has been interesting , tbh I was raging when I put the initial post on and I have now calmed down a bit. I am totally againt any finance company whether car, personal or whatever handing out fees like confetti and think this practice whether legal or not should be halted and a clear system of a number of payments over a set term should be all there is on an ageeement. No doubt current fees would be amalgamated into this system but there would be no nasty surprises for the consumer. Having said that though I am as equally opposed to those individuals out there who think nothing of taking out loan after loan with the intention of then taking out a trust deed to avoid paying back what they owe to the finance houses. I take the view these individuals are no better than theives and as usual the honest consumer ends up paying for these people defaulting. It is a complicated business alright. I for one though always pay up in full as thats the way I was brought up and even tho I have to take out finance to fund new cars it is quite a satisfying experience to kmow I can!!!

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Mon 24 Feb 2014 10:10
Dodgy Finance Company Fees - Collos25

Following along a similar path Garages in the UK that charge a selling fee on top of the asking price are to be avoided ,who thinks these money grabbing schemes up because thats all they are.

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Mon 24 Feb 2014 11:01
Dodgy Finance Company Fees - nortones2

The finance industry seems to be rotten all the way through: tinyurl.com/pdrf84g

Pensions rip off publicised. Similar theme: charges hidden.

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Mon 24 Feb 2014 11:06
Dodgy Finance Company Fees - Scottie Boy

This is also very true , I assume you are referring to the forecourt fee, obviously the garages who operate this system are not making any profit on the asking price!!! I once knew of a lad who was employed by a car valeting company who were used by a huge car retailing chain. The lad I knew who worked for them was paid an absolute pittance and out of that pittance they docked insurance costs out of his wages!!! I mean whatever happened to employer liability insurance? No doubt it was in the small print they were self employed but oh their wages were atrocious!

Edited by Scottie Boy on 24/02/2014 at 11:08

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Mon 24 Feb 2014 11:12
Dodgy Finance Company Fees - gordonbennet

The easy way to avoid this is not to take finance out on depreciating assets, don't pay for financiers celebrity lifestyles.

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Mon 24 Feb 2014 11:45
Finance Company Fees - Scottie Boy

In the ideal world yes Gordon that is the way to go but unfortunately I cannot do that at the moment but my actual monthly payments are easy enough to manage, my gripe was over fees charged although it was more the amount as opposed to the fees themselves. It kinda leaves a sour taste in the mouth for example when banks such as RBS charge them when tgey were bailed out with our money time after time

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Mon 24 Feb 2014 12:15
Finance Company Fees - RT

The problem with finance of any form, from loan to pension, is that very few people understand the product properly - but everyone thinks they understand it enough to get a good deal!

I'm old school when it comes top money, very old school - paid the mortgage off after 12 years, do my own pension/investments and only spend money I've actually got - the problem with modern society and financial expectation is that very few are as prudent.

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Mon 24 Feb 2014 15:04
Finance Company Fees - Andrew-T

... paid the mortgage off after 12 years, do my own pension/investments and only spend money I've actually got - the problem with modern society and financial expectation is that very few are as prudent.

Delayed gratification is a lost art - it doesn't occur to many people these days, and many of them wouldn't know what it means.

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Mon 24 Feb 2014 15:12
Finance Company Fees - oldroverboy.

The problem with finance of any form, from loan to pension, is that very few people understand the product properly - but everyone thinks they understand it enough to get a good deal!

I'm old school when it comes top money, very old school - paid the mortgage off after 12 years, do my own pension/investments and only spend money I've actually got - the problem with modern society and financial expectation is that very few are as prudent.

Ditto and absolutely agree.

It also makes it so much more fun when looking for a new car, and letting them prepare a deal on the basis of finance, (which can be a more persuasive deal) and then paying the whole thing off within the cooling off period.)

Edited by oldroverboy. on 24/02/2014 at 15:14

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Mon 24 Feb 2014 15:18
Finance Company Fees - skidpan

It also makes it so much more fun when looking for a new car, and letting them prepare a deal on the basis of finance, (which can be a more persuasive deal) and then paying the whole thing off within the cooling off period.)

Exactly what I did. £1000 deposit contribution if you took out PCP. Paid off within 14 days, had to pay admin fee (which I knew about) but kept £1000. Great offer, wonder how many actually do it.

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Mon 24 Feb 2014 21:16
Finance Company Fees - Avant

That makes a lot of sense. In the past I haven't been able to: this time I could have done, but the Octavia is on 0 % finance.

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Tue 25 Feb 2014 15:16
Dodgy Finance Company Fees - Scottie Boy

Last Say On The Matter.....................................

epetitions.direct.gov.uk/petitions/61324

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