Vehicle finance discretionary commission complaints
The Financial Conduct Authority says some customers may have been charged too much on their vehicle finance before 2021.
Get support with commission complaintsIf your customer wants the option to return the vehicle at the end of the agreement.
Customers put down a deposit and borrow the rest of the cost of the vehicle. They pay this remaining amount back monthly over the term of the agreement. At the end of the agreement your customer can pay the Option to Purchase fee to own the vehicle, or hand it back.
Available for cars, motorcycles and vans.
Your customer puts down a deposit of around 10% of the vehicle price and pays the remaining cost of the vehicle over the term of the agreement.
Monthly repayments are fixed during the agreement and spread equally throughout the term, including interest. The agreement is up to five years (60 months).
An optional balloon repayment is available, payable at the end of the agreed term. This can help to reduce the monthly payment amount.
When the final payment is made, customers can pay the ‘option to purchase’ (OTP) fee and become the legal owner of the vehicle, or hand the vehicle back to us and walk away.
If your customer is unable to keep up with their payments we may repossess the vehicle.
An introduction to Hire Purchase (HP), why your customers might consider it as a finance option and things to think about.
We offer a range of finance products depending on your customer’s budget and vehicle needs.
If your customer wants the option to change or upgrade their vehicle.
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