Trident 24 Posted May 20, 2017 After some opinions/guidance. We are FCA approved and in our ads, as advised by close, we advertise our starting rate as this " Finance from 4.9% flat APR, subject to acceptance" Can't see myself how this can be construed as misleading, it's a fact... Autotrader rang me yesterday to discuss this free finance tool they are doing, and said we have m isleading information in our ads that needs removing, all finance information needs to be through the finance calculator, when i questioned who's rules this broke is it FCA or Autotrader, she fluffed and said FCA and our advertising terms and conditions. So, if a customer uses the calculator surely it will be the rate of 4.9% which is our starting rate, but this will be 'subject to acceptance' im assuming, so how is it any different from what we say above... is this just AT trying to squeeze again? Share this post Link to post Share on other sites
whitestone679231 113 Posted May 20, 2017 I love the bit about autotraders "free finance tool" is this next years price increase ;-))) Share this post Link to post Share on other sites
Trident 24 Posted May 20, 2017 It most certainly is, they know how to send a line out to catch a fish, trouble is they didn't realise they were poisoning the water from all the sewage their pumping out and killing off the little fish... quiet day today Share this post Link to post Share on other sites
umesh 336 Posted May 20, 2017 Free at the moment - but it is going to be chargeable form next year !! Personally I've had no deals/ proposals from it- has anyone else had any response ? Share this post Link to post Share on other sites
Codeweavers Shaun 5 Posted May 26, 2017 (edited) On 5/20/2017 at 9:18 AM, Trident said: " Finance from 4.9% flat APR, subject to acceptance" Can't see myself how this can be construed as misleading, it's a fact... Just thought I'd try and be helpful on the compliance bit - if you apply the above statement to the FCA concs on financial promotions it wouldn't be compliant. First thing - if you have a cost of credit you need a representative example (the interest rate being a cost of credit) which needs to be at least as prominent as the cost of credit that triggered it, if you are offering any incentive to enter into a credit agreement without showing a cost of credit, i.e. making a statement such as "Excellent finance rates available" then you have to have an APR statement which needs to be more prominent. 2 things on your line - you have the term 4.9% flat APR is this a flat rate or an APR as it can't be both (therefore could be deemed to be misleading) and you don't have a representative example but are quoting a cost of credit. Something like "Finance available subject to acceptance 4.9% APR Representative" would be more compliant (if indeed your rate is APR not flat rate which I suspect its probably not) Edited May 26, 2017 by Codeweavers Shaun Share this post Link to post Share on other sites
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