Author Topic: car finance claim  (Read 281 times)

MRCLICKCLICK

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car finance claim
« on: February 12, 2025, 01:15:17 PM »
Is anybody aware of claims against Honda re car finance - I know lots of other car firms are being claimed against - but any re Honda?

Kremmen

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Re: car finance claim
« Reply #1 on: February 12, 2025, 02:36:22 PM »
The interest on the 5 years I got far outweighed the benefits so I won't be joining this latest claim culture
Let's be careful out there !

ColinB

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Re: car finance claim
« Reply #2 on: February 12, 2025, 03:50:31 PM »
The issue is that many car finance contracts were not transparent about the commissions being earned by finance providers, dealers, salesmen, middlemen, etc. So folks may have overpaid unknowingly, which is actually illegal. This is the MSE info:
https://www.moneysavingexpert.com/reclaim/reclaim-car-finance/

Were Honda guilty? This article appeared last year ...
https://cardealermagazine.co.uk/publish/honda-pulls-car-finance-and-delays-customer-handovers-in-wake-of-close-brothers-ruling/309334
... so they were certainly worried about it. Not sure what's happened since then, it's all gone quiet.

Lord Voltermore

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Re: car finance claim
« Reply #3 on: February 12, 2025, 04:58:31 PM »
My quick interpretation is the  scandal was because agents, including car dealers were able to increase the lenders rate of interest  and keep the extra for themselves. Buyers thought it was the official rate and  non negotiable.   Sharp practice certainly  ,        But in Rip off  Britain there are loads of things where we pay a premium price  without knowing which middle men are fleecing us. Or by how much.  . 

Tropical fruit for instance., grown in the tropics, arrives in europe by ship.  It can be a fraction of the price in supermarkets in other parts of europe  . They have the same  losses due to deterioration.   I dont mean things like oranges, tomatos etc grown in europe  with shorter distances to truck  than the UK.    Someone's taking a big cut.   Fruit wholesale markets  ,supermarkets ?      I want compensation.  I will take it in bananas.     I eat more bananas than monkeys.(  I couldnt eat a whole monkey.  )
My IQ test came back negative
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Lincolnshire Rambler

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Re: car finance claim
« Reply #4 on: February 13, 2025, 11:28:29 AM »
As many people purchase cars using the various finance options the driving factor is the monthly cost to get behind the wheel . I suspect many purchses are made without any regard to how that relates to the overall cost and whats involved . My nephew sold Volvo cars and moved to BMWs and Mini before leaving the industry. Each option was inreality sold as a monthly add on and now in built factory items are released for use by monthly subscription. Dealers using finance companies in some cases to agree deals between themeselves wouldnt stop sales to those customers whose only regard is “ that monthy payment “-if that works many customers arent bothered by tbe detail never mind the contractual small print .

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