Home Auto Dealers How car dealers cause buyers on car loans to pay £1,000 too much in interest

How car dealers cause buyers on car loans to pay £1,000 too much in interest

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How car dealers cause buyers on car loans to pay £1,000 too much in interest

The Financial Conduct Authority located significant use of such ­commission fashions — where fees are linked to hobby bills — can lead to “conflicts of the hobby” that aren’t accurately controlled by lenders.

On a £10,000 mortgage, the general interest has to be around £2, three hundred.

But a few dealers are charging £three, four hundred — a boom of nearly 50 consistent with a cent.

Jonathan Davidson, from the FCA, labeled the exercise “unacceptable” and introduced: “We will act to deal with damage because of this business model.”

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