Hi everyone - I am just wondering if anyone has any knowledge that they could share.
You have probably seen all the adverts online from companies offering to claim back interest for people who had a car on finance with black horse and a few other banks .
Knowing that these companies take a massive chunk of any payment you get , I wrote directly to black horse, and it turns out we were part of a Discretionary commission arrangement (dca)
From what I understand, the bank (black horse in this case) let the car dealer choose what to charge, and the more interest they charged, the bigger commission they received- we never got a say in this - we were just told that was the company that the dealer delt with .
Is this how it works? If that’s so , surely it’s the dealer ship that has been dishonest/ cheeky to get a better commission on their sale ?
I’m just wondering if I have understood this correctly, mainly because it’s a local dealership that I have bought 4 cars from over the years and I trusted them.
I didn’t think I fully understood it until black horse wrote and told me that it was applicable to us - I assumed it was black horse in the wrong
Have I understood it correctly? Thanks