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.”

Joel Butler

Skydiver, coffee addict, DJ, Vignelli fan and critical graphic designer. Acting at the nexus of art and computer science to create not just a logo, but a feeling. I sometimes make random things with friends. Music specialist. Web enthusiast. Avid thinker. Introvert. Student. Beer advocate. Coffee expert. Pop culture guru.

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