Latest news with #cardealers
Yahoo
11 hours ago
- Automotive
- Yahoo
This Is How Chinese Automakers Game The System
Read the full story on The Auto Wire To say Chinese automakers don't play fair would be an understatement, but a recent report really blows the top off things. While it addresses one aspect of how the Middle Kingdom doesn't entirely play fair, we suspect it's just the tip of the to Reuters, which did some spelunking into Chinese government documents, plus interviewed car dealers and traders, China's automakers have been artificially inflating sales for years. The explosive report highlights how manufacturers will take brand new cars from the factory, shipping them to foreign markets as supposedly used vehicles. That sounds weird, but it's an underhanded way to inflate sales figures. Not surprisingly, those cars apparently are such garbage even Chinese consumers don't want them. Thus, they're disposed by being shipped to places like Russia, Central Asia, and the Middle East as 'zero-mileage' vehicles. There's been a price war going on in the domestic Chinese auto market, which has then spilled into other countries. Desperate, some automakers have turned to underhanded methods to show growth. But for years the Chinese auto industry looked the other way, sweeping the practice under the rug. From what we understand, there are plenty of other questionable if not downright unethical practices that are also going on in the business, with Chinese Communist Party leaders oftentimes directing such things. It's known Chinese political leaders love what's called gray zone warfare tactics. While those can take the form of fishing vessels taking over an area of the ocean or building villages in territories disputed as part of India, they can also be economic in nature. In other words, we're highly skeptical of all the praise far too many in the automotive industry have been heaping on Chinese automakers lately. With unbelievably low prices and incredible technological claims, we smell a rat, a communist one to be clear. This report from Reuters helps verify the CCP is using automakers in its gray zone aggressions against the West. Image via BYD Join our Newsletter, subscribe to our YouTube page, and follow us on Facebook.
CTV News
20-06-2025
- Automotive
- CTV News
Statistics Canada reports April retail sales up 0.3 per cent at $70.1 billion
SUVs for sale are seen at an auto mall in Ottawa, April 26, 2021. THE CANADIAN PRESS/Justin Tang OTTAWA — Statistics Canada says retail sales rose 0.3 per cent to $70.1 billion in April, helped by gains in sales at new and used car dealers. However, the agency says its preliminary figures for May point to a drop of 1.1 per cent for that month. For April, six of nine subsectors were up as sales at motor vehicle and parts dealers gained 1.9 per cent, boosted by a 2.9 per cent increase at new car dealer and a 2.1 per cent rise at used car dealers. Sales at sporting goods, hobby, musical instrument, book, and miscellaneous retailers rose 1.0 per cent, while furniture, home furnishings, electronics and appliances retailers gained 0.8 per cent. Sales at clothing, clothing accessories, shoes, jewelry, luggage and leather goods retailers fell 2.2 per cent. Core retail sales, which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers, gained 0.1 per cent in April. In volume terms, overall retail sales rose 0.5 per cent in April. This report by The Canadian Press was first published June 20, 2025.
The Sun
09-05-2025
- Automotive
- The Sun
Car finance mis-selling case: Everything you need to know
THE car finance mis-selling scandal is everywhere, with motorists queuing up to claim a share of what could be billions of pounds in compensation. It's claimed that dodgy car dealers were pocketing extra cash from high-interest car loans, leaving drivers worse off. 2 Check if you could claim for mis-sold car finance below My Claim Group There's an upcoming court case that will put this to the test. If successful, anyone with a car finance agreement signed between 2007 and 28 January 2021 could make a claim. Could you be in line for some car loan compensation cash? In this in-depth article, Sun Motors experts will explain what the car finance misselling scandal is and why it matters to you. We'll also show you how you can register a claim through trusted provider My Claim Group. What is the car finance mis-selling case about? The majority of cars sold in the UK are bought with finance agreements. These loans enable drivers to pay a deposit and then spread the cost of a new vehicle over several years. It was discovered that car dealers, acting as loan brokers, earned a commission based on the interest rate charged to the buyer for Personal Contract Purchase (PCP) and Hire Purchase agreements. These cover about 40% of all car finance agreements. The higher the interest rate charged to the consumer, the more commission the dealer made. Basically, car dealers were incentivised to make loan agreements with higher interest rates. The practice, known as discretionary commission arrangements (DCAs), has left many drivers paying hundreds and even thousands of pounds more for their vehicles. The practice was banned by the UK's money regulator, the Financial Conduct Authority (FCA) in 2021. The FCA is also exploring where mis-selling took place on non-discretionary finance agreements, where car dealers didn't set the interest rates. It's less likely (but not out of the question) that these loans will also be part of this mis-selling scandal. My Claim Group Car finance mis-selling - the timeline Here's a basic timeline of the current car finance misselling legal situation. Problem found (2019): The FCA found some car dealers were making more money by charging people higher interest rates for loans. New rules (2020): The FCA officially banned Discretionary Commission Arrangement (DCA), where dealers chose the interest rate to get more commission. Changes start (2021): The ban came into force, which could save drivers money – around £165 million a year. More rules (2023): A new rule called Consumer Duty came in, making sure companies put customers first. By the end of the year, over 10,000 people had complained about how commission was handled when they bought a car. Pause and review (2024): The FCA paused complaint handling so it could properly look into how car finance was sold, and whether people deserve money back. Court cases begin: Some companies challenged decisions in an attempt to block compensation. Court of Appeal ruling (Oct 2024): The Court of Appeal made a judgment in the Test Cases, finding that it was unlawful for car dealers to receive a commission from loan agreements unless customers were made aware of this. This opens the door for compensation claims from millions of motorists. What's next?: The FCA says it might bring in a refund scheme (called the Car Finance Redress Scheme). A final decision will come six weeks after the Supreme Court rules on the case. How do I know if I've been affected? If you're wondering if all this applies to you, here's how to find out. If you bought a car on finance between 2007-2021, you could have a claim. The easiest and quickest way to check if you're eligible to apply for compensation is to join one of the group claims against lenders. My Claim Group is one of the leading legal firms representing thousands of drivers on a no-win, no-fee basis. If you're confident of doing things yourself, you can use this MoneySavingExpert car finance misselling guide to make a free claim. Which firms are involved? The initial mis-selling scandal emerged after the FCA began investigating Barclays, says Which?. Some of the companies caught up in the finance scandal include high-street giants Lloyds, Santander and Barclays as well as Close Brothers. Don't worry if you don't know or can't remember who provides your car loan, My Claim Group can do all this for you. What is the average payout for a mis-sold car finance refund? The finance sector is taking this very seriously, with estimates for the total cost of compensation an eye-watering £16bn, says Which?. The massive figures represent the fact that DCAs were in place for almost 15 years, and could cover millions of loans. The situation is changing and there are several possible outcomes. If the Supreme Court sides with borrowers, the average compensation should be around £1,000. However, the precise amount depends on the amount of money borrowed and interest rates, so some could expect much higher payouts. Compensation could be paid on any loan agreement that has been mis-sold. This means you may be able to make multiple claims if you have owned cars and paid loans during this period. My Claim Group When will the Supreme Court make a decision? The Supreme Court is expected to make a decision on the car finance mis-selling scandal at some point in 2025. We can't be more precise than that at the moment. Don't worry, you won't miss the announcement. This is likely to be big news for the public (and potentially bad news for the banks) Is it worth putting in a complaint now? Yes, it's important that you register your claim as soon as possible. The sooner you get your claim in, the quicker you could get any compensation that you are due. The good news is that registering your claim is simple and takes a few minutes. How do I complain? If you think you've been mis-sold car finance, the first step is to contact the company that gave you the finance. If you're not happy with their final reply, you can take your complaint to the Financial Ombudsman Service (FOS). But be aware: you might have to wait a while for that reply. Because of the sheer number of claims, the FCA says companies no longer need to respond within eight weeks. Now, finance companies don't have to reply to complaints about commission until 4 December 2025. If you're unhappy with the response, or you don't receive one, you'll also get more time to take your complaint to the FOS. Normally, you'd have six months after getting a final response. For these complaints, you'll now have 15 months, or until 29 July 2026, whichever is later. As we've explained above, you can do this all yourself if you've got the time and the My Claim Group
