CAR FINANCE SCAM SCANDAL! CAR MARKET IN BIG TROUBLE!

[@weflipcarsUK]

Thanks for watching! If you enjoyed the video please remember to like & subscribe & follow us on our motor trade journey

[@bigkaswrx8115]

I worked at a car dealership in around 2016/2017 when used car finance became really popular. So much so the commission from the finance became 25-30% of the sales profit, this allowed my dealership to reduce prices and they were selling 6-8 cars a day. (50 car showroom, 4 man operation). I remember customers coming in for a £10k car and walking out with a £30k car after "encouragement" from the finance company. I knew then that this was simply creating a massive bubble due to pop eventually. We are seeing it now with hyper inflated car prices.

[@originalmace]

All that will happen is brokers will simply put the money in the metal to make up for the loss in commission, the customer wont end up any better off, new and used car prices will simply go up.

[@jasonbutlerfinancialwellbe2412]

I think the implications are slightly wider than just disclosure. The judgement said that dealers and finance companies have a duty of care and have to put the customer’s interest first. This has been central in the financial services sector for decades. The selling process of finance will need a serious overhaul.

[@trickyfocus]

Finance turns a cheap car into an expensive car

[@DanielJones-qb7kr]

Or it gives people who couldn’t afford it mobility and options to get to work, travel on holiday, buy shopping . . .

[@megregs7]

Thankyou Liam and chris, total integrity as usual....🙏

[@andyspencer1010]

My motto is if I can't pay for it I ain't buying it 👌👌👌have a blessed evening guy's 👌

[@weflipcarsUK]

You too Andy👌

[@jaycam2886]

I'm looking for a car however im finding so many cars over the guide price by thousands!!!!!

[@markfoakes6779]

It’s pretty simple really, those taking huge commission out of the finance and charging a higher interest rate are in a bit of trouble,, those that already offer a lower interest rate with little commission will be fine, I think that was a hasty rule by thecourt, and there will be some middle ground.

[@myrants5836]

I'm glad Close Brothers are appealing this decision. Also, why should consumers have the right to know what profit you make on the products you sell? Finance is a product. Do Supermarkets disclose what profit they make on a loaf of bread or a jar of jam? How far does transparency go? Businesses have the right to make a profit and are entitled to discretion on them. The Motor trade can be a tough place and it seems it's been hit with one thing after another to make the job harder.

[@weflipcarsUK]

Fair point about finance being a product, good way of putting it👌 But you’re absolutely right about the motor trade being hard. We can see both sides, but just feel that if all the info is given to the customer it will be easier all round. Thanks for watching & taking the time to comment👍

[@alanwood4968]

So you don`t want to loose your profit from selling a car? you want to make money on the car deal then make a profit from selling finance so the finance has to make money and the bank. while the customers pays all the increases and non of the others lose anything. rum if you ask me. You can see how much money is being made by the amount the banks are going to pay for its lawyers that really tell us how much we have been skimmed for any deal. Does the tax man or VAT man make any money from this. Gosh we are getting as greedy as the yanks.

[@Gunzyibo]

We started printing the commission and getting the customer to sign it as of last Saturday

[@weflipcarsUK]

Good move👌 Thanks for watching👍

[@billdornan4379]

Came from Shifting Metal. Kindest regards

[@weflipcarsUK]

Big up Joe of shifting metal👍 Thanks for watching

[@stevenwhite8923]

SCAMMING THE PUBLIC

[@wayne2socialmedia]

Thats why ive always gone direct to banks, better deals. Car supermarkets will have to start selling cars insteading of finance, puting them on a level playing field and having to put margins in those cars, I get a £25,000 1% loan from Tescos under wrighten by RBS and Barclays from July.

[@aceace5457]

it came from everyone lol theres no justice without life . look at me never say anything bad to anyone , always giving and never takin , always be happy no matter what the outcome is, i was up there in the clouds twice and god said it is not time for you so came crashing down and woke up 5 weeks later out of a coma , i wont say what happened to me but its been 30 years and 52 now , so enjoy life . regards.

[@dangerpainter]

Who’s your broker? I could do with a chat with them!!

[@ipreferfreedom162]

Not a problem??? You are kidding yourselves fellas

[@NonConformist-ys4wr]

If you cant afford to buy a car ...... then dont buy it 🤤..... finance is for 🧟‍♀️ debt slaves ..... crack on

[@markfoakes6779]

And kill the economy at the same time!

[@GrahamNewman-mq7gr]

When are we going to have a "FULL INVESTIGATION INTO FINANCIAL CORRUPTION IN STOCK MARKET MANIPULATION ". STOCK BROKERS PUSHING FINANCIAL PRODUCTS THEY HAVE INTEREST IN Ect. Fund managers loosing investors millions.

[@safc2951]

All rigged