Car buyers overcharged £1,000 by dealers for loans, says watchdog
Jonathan Davidson of the FCA said:"We found that some motor dealers are overcharging unsuspecting customers over a thousand pounds in interest charges in order to obtain bigger commission payouts for themselves.
Instead of buying a car outright, a PCP allows consumers to rent a car over a three or four-year period. The FCA estimated that on a typical motor finance agreement of £10,000, higher broker commission can result in the customer paying around £1,100 more in interest charges over a four-year term of an agreement.Options include strengthening existing rules or other steps such as banning certain types of commission model or limiting broker discretion.
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