santander car finance crazy rule

[peopletotrust]

HI FOLKS,PLEASE READ THIS AND SEE IF IT MAKES SENSE.

MY CAR COMPANY OFFERED OUR CUSTOMER A 58 REG AUTO ASTRA WITH 3YRS WARRANTY.1OWNER+LOW WARRANTED MILES FSH FOR UNDER £5000.

SHE MANAGED TO GET FINANCE FROM SANTANDER,BUT THEY REFUSED TO DEAL WITH ME DUE TO MY COMPANY BEING ONLINE.

WE HAVE A CCL LICENCE FROM THE OFT AND ARE ANTI MONEY REGISTERED.WE HAD A SHOWROOM FROM 1987 TILL 2003 AND TURNED OVER £ 1.3 MILLION ON FINANCE P/A DUE TO OUR LOWEST RATE OFFERS AND 3YRS WARRANTY.

THE ONLY DIFFERENCE NOW WE ARE ONLINE,SAVING CUSTOMERS LOADS OF CASH DUE TO VERY LOW OVERHEADS.

MY CUSTOMERHAD TO BUY:mad2: A 2006 ASTRA AUTO FOR £5000 FROM A LARGE MAIN DEALER.

CONCLUSION-

SANDANDER WOULD RATHER DEAL WITH A MAIN DEALER WITH HIGH OVERHEADS AND OFFER CUSTOMERS AN OLDER CAR FOR THE SAME MONEY AS OUR 2YR NEWER CAR.

ITS MADNESS.

OUR CUSTOMER HAD NO OPTION AND WE LOST OUT+SANTANDER NOW OWN AN OLDER CAR.

HAVE ANY MEMBERS ENCOUNTERED THIS PROBLEM.

WE ARE REPORTING THIS MATTER TO THE OFT AND WILL REPORT BACK WITH ANY NEWS.

[MARTIN3030]

Welcome to the site.

Is this a policy that is only seen by Santandar ?

There must be some reasons for it.

Unless you can show that they are breaching regulations,then how do you suppose that the OFT will over rule a commercial decision ?

The OFT have previously investigated vehicle finance provided by motor dealers,the most high profile case was Carcraft.

 

http://www.thisismoney.co.uk/money/cars/article-2059478/OFT-criticises-vehicle-supermarket-Carcraft-making-clear-finance-agreements.html

[peopletotrust]

For companies like santander to dismiss legal online car dealer is unfair.

And any unfair trading is an offence.

It makes no sense for santander to buy a 2006 car from a main dealer,but not purchase a 2800 car with lower miles and 3yrs uk wide warranty for the same money.

It smacks of protectionism

and therefore could be deemed as a cartel.

What do you think?

I know what my customer thinks!

[MARTIN3030]

I think it would be an idea to find out if this is a practice or policy that is seen with other Financial Institutions,and what are the benefits or negatives to them in doing so.

[jbscotland]

Santander, Black horse and other Car Finance suppliers prefer to accept finance from reputable dealers preferably with large turnover. This is just what they do. If they accept 50-200 applications in one day from Car Supermarkets, they are more likely to accept customers with less favourable credit due to the amount of applications. Also at large car supermarkets the customer is more likely to accept 10-15% APR as opposed to the smaller retailer.

[ponypony]

thank you