Unfair Finance Rules Have The Used Car Market In TURMOIL! #Finance

do you charge an ad only on third party Finance companies where they charge us one so I would you know if they any admin fees well watch yours 300 quid fine had it on

but that’s it and then they’ve got the cheek to say oh can you knock the admin fee off or can you we have some commission yeah tell us yeah how much do the commission we’ll we’ll work something out I could I can live without the commission on deals but to to be to take to

swallow a 300 Feit in in a in a where everything’s being squeezed at the minute no do you know how much of pain those third party those third party deals can be so straightforward and Easy in such hand mes but they can be such a nightmare as well later on down the line we had someone else on

the podcast he’s got um Sheik and he’s he’s got motor foru and he Sussex he’s got 300 OD cars yeah and he’s he charges 650 quid admin fee for third party warrant um third party text-decoration: none;">Finance and he’s like know they’ll pay it it’s getting added on and I I like I think I’m going to do that I think I’m going to start 500 quid because at the end of the day it’s a bit like some customers you know some customers you say

something to them that’s reasonable and they’re like oh I don’t like that and you could lose the sale over it now I’m like good so I feel like if you got a third party deal and you say look it’s 650 quid admin fee and they’re like oh we won’t pay that all

right don’t worry then you don’t want to lose out on deals but at the same time we are doing more for for Less with them and then you’re dealing with two customers you’re dealing with zooto and the customer and it’s just the rolls down hill doesn’t it the

customer moans to them I’ve had it loads of times and they moan to that that Finance company so much that they know they can’t come to us because it’s not

covered under it but it takes so long the admin fees for them must be huge so they just refund them and then they try and get the money back off you well they they they also sell warranties so let’s be right they sell warranties they sell them at 12 some goes wrong with the first 6 months

they send them straight back to us anyway so it’s like we’re underwriting their warranty sale I don’t get that the warranties there sell is zo like they’re selling a third party warranty maybe it’s their own or maybe they’ve just done a deal with a with a

warranty provider but yeah they’re selling these customers 12 they’re notable and then and then for the first six they not are they on the last six well I know again there’s an argument rope isn’t it but what about an admin fee though just for selling do you’re not

fancy doing one no I mean I don’t cuz if you do it you have to notify aut Trader whether you do or not I don’t know but they say you have to so because then they don’t they they put a thing like no admin fee on your page or I’m sure they I don’t know if they put your

car in the order so like they virtually add it onto the price your car or do they add the do they show what it is and and it makes your car look dearer then because it is deer it’s the whole thing it’s like on eBay people used to sell something really cheap and Char 15 quid for delivery

so you’d end up at the top of the list wouldn’t you oh know there’s his off price it’s not it’s a quid bit more expensive but because they’ve loaded half of it into the into the to the delivery charge so um but so no I don’t and we’ll see what happens

as we move on into the future is it do we have to do it do we need to do it you know or as I say the margins realigned at the minute I feel like we have to do it yeah I’m getting more and more I’ve always had a deep like do you charge regardless this is what I’m saying I

don’t at all so you did you charge it for third party Finance until now but now I’m like I’m going to start saying like 500 quid for a thing because even on the cheapest

cars or whatever with your own Finance you’re probably going to earn a few hundred quid commission but in this case what pisses me off is we’ll we’ll do what you do

Finance company phone up say do you charge any admins Fe we don’t if you don’t and they’re like oh well we charge 150 good normally but we can probably wave

it and you’re like all right okay cool 300 good whatever it is and you’re like great yeah no worries and then the deal goes through when they pay out it’s minus the 150 quid the 300 quid and you got then then it’s your time wasted you check why Char say oh I don’t know

what’s happened with that you go around it for weeks to try and get 150 quid and it’s just only out of principle at that point because it’s not worth it yeah but the amount of time that you invest to get that 150 quid is notth it we just just like sake right next time but yeah

I’m going to start we we’ve had one recently and I forget the name of them he buying a four series 420d and he went through a third party and we said don’t I’ll use ours because we’ll probably get you a better rate anyway went through a third party and they wanted to

see the car who was buying off us was a part exchange that can came against the car that we’d sold they wanted to see the invoice for that so we sent them the invoice without the customer details on no we need to see it’s got the customer details on so immediately we got a gdpr problem

then they wanted to see my bank account to show that I’d made the purchase for the car or transferred the difference so blanked everything else out went no no we need to see all the transactions and you kind of think hang on a minute at what point is this just a transaction or is this a

little bit a little bit more than that it really is intrusive so probing right into your business for them like you say yeah you need to send me a bank send me your bank statement proving you’ve paid for this car how’s about you man no no cuz I because I’ve actually not paid for

it I you known it they’re on to us but the worst thing was they told the deal fell apart they told the customer I’m sorry the dealership just isn’t complain yeah oh yeah don’t yeah yeah yeah yeah on our band list good I’m not renewing my FCA I’m not doing

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance cannot be asked it no Broker last night about none;">Finance and he was saying to me that there’s certain lenders that they have that are just doing a flat really low rate and paying a very very very very modest commission to the dealer and some of his dealer friends were saying there is no way I am taking the all the rights

that this Finance agreement will afford this consumer over and above normal for 100 quid a deal there’s no way I’ll just tell people get bank

Loan get personal Loans I think I think you are and you’ll see lots and lots of people do I’ve got this emails coming through you got to do this bit of training you got to do that bit of training oh you got this fee to pay you got your fee you got this

fee to pay are you got to make make sure the customer gets this bit of paper then I hear these stories of like 24 months later an ingenium engine goes and someone says oh the none;">Finance company have sent an engineer out it was definitely a fault of point of sale and you’re like why and oh the commissions are now only this much and you’re like you got got a vulnerable customer or you you’re just going for a divorce I got to note

you’re a vulnerable customer it’s like nah sorry just can’t be asked with it no go like say go and get a bank Loan Jamie do do you do you need your Finance

commissions for your business we’ve not run a business that relies on Finance commissions but if I look at how much Profit we’ve made this year

if we’d have earned no Finance commission over those seven months then the result for the first six months of the year would be even more terrible than it already is and I say terrible

we’re making something but again take that Finance commission out that would probably have Haled The Profit that we’ve made in this first six months well we

flying you can just live without it you know and again everything restores to normality so if nobody had Finance commission everybody would have to make that extra it’s all built in

isun consumers like yeah dealers you know they’ve been stiffing on Finance all time we’re glad to see it was coming what all the dealers saying I’m going to

bin it off I’m going to get rid of this Finance company that none;">Finance company so what you going do you’re going up paying higher rates you’re going to pay higher rates higher fees all these things where it’s like none;">Finance commissions have been disclosed and they’re trying to claw money back all the time and whatever it’s not helping anyone it really isn’t it’s certainly not helping the end consumer because hey it’s just going to put people out of business it’s

going to put prices up we’re going to have to start finding ways to make other money because people seem to think as a car dealer you’re just having it away I had someone in a comments on a YouTube CashNews.co saying oh you know you you seem all right as a car dealer but I don’t

think you still seem like a chancer because you bought I was looking at a part exchange car and I was like oh we bought this for 600 Quid it’ probably be 1,600 quid or 1,800 quid on someone’s for want like oh you’re trying to Triple your money your chart it’s like I know you

sell it for that you said it for that and see how much fun you have you’re also the person that the comment that says the customer had that car for six months has got a bad clutch you should put one in for him on that Profit it doesn’t matter how many times you put out

a CashNews.co that goes I started off with 2K margin 2 and a half K margin and I’ve just made 400 pound out this car and I’ve still got up to 600 month 6 months before someone come back and then you show another car that’s got another 2K Mar they straight back in the comments

going that’s outrageous you should have given more for that car we did one recently about getting absolutely shafted on an X5 did everything we possibly could genuinely trying to help the customer and he basically played the rules the consumer rights acts and the F put a bit on

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance completely screwed us yeah and then in the comments below someone to put oh good you’re dodgy car dealer anyway I’m glad it’s come the other way and I thought

for once it’s always for once is it the other way for once cost me 10 grand now it’s that for once comment you always getting there as well is I’m glad dealers like who’s getting sha the stories you’ve hear about getting someone get shafted is someone’s had a car

for eight months and the exhaust has rotted out or the or you know the cats needed replacement or our lower arms need dodgy dealer he must have known in advance that it was going to happen the thing with like Jamie was saying earlier customers being more informed about their rights and whatever and

it’s great that’s perfect you know we all play by the rules so you’re happy to play by the rules but the problem is they’re using it as like hacks you know this is a way you can get a car and have it and if like like the at the Teslas yes and you know he’s like oh

I’ll have them for 12 months and I can send them back scot-free it’s depreciated 40 Grand on whatever it’s like you bastard that’s that’s what you’re saying us car dealers are like oh that’s the irony fair game though makes we’re fair game we are

we’re fair game but they’re on the phone to me every week going you can’t go to a dealer and buy a car at 4 three grand anymore you know I’m struggling to find a good car at that price point why why why why hello everyone just want to say a very quick thank you to everyone

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