RJEauto 18 Posted January 28, 2019 Hi All, After working myself up for month's about submitting our FCA application I finally did it last Tuesday (22nd). With some guidance notes from a local finance rep it was relatively straight forward and painless. I set myself up to be waiting a month or two at least before receiving approval so I was astounded to see the email today saying we're good to go, less than a week from submission!! Few questions now if you can help / don't mind sharing - for anyone that doesn't want information public but is happy to help, please pm me What finance companies are you mainly using for prime and sub-prime? What sort of average commission should I be expecting from 4-7k stock? Appreciate that will vary depending on amount of business being put through but would be good to see some indication for someone very new to the industry. Thanks in advance -Kelly- Share this post Link to post Share on other sites
Mark101 536 Posted January 28, 2019 I use Close for prime and they refer automatically to Jigsaw for subprime (but no comms with Jigsaw). Depends on term but about 5% of payout in commission. Share this post Link to post Share on other sites
James01 21 Posted January 28, 2019 Close are running a promotion of 12-14% commission depending on the advance from 1st February until end of March! Share this post Link to post Share on other sites
Nick M.K. 574 Posted January 28, 2019 I use Close for prime. Commission depends on the interest "sellout" flat rate at which you do your deals. Blue pays slightly higher commission than Close. First Response for subprime. Their service is excellent. Subprime commission is as low as 2% but at least you get something. Share this post Link to post Share on other sites
BCC 9 Posted January 28, 2019 We get 8.5% of the advance selling out at 10.9% APR Less for subprime / dropping the rate Share this post Link to post Share on other sites
Tom 164 Posted January 28, 2019 8% with Blue easy to deal with. Share this post Link to post Share on other sites
RJEauto 18 Posted January 29, 2019 Thank you all for your advice. Will get some Rep's in this week and see how it goes Share this post Link to post Share on other sites
RJEauto 18 Posted March 8, 2019 Hi All, Done our first 2 finance deals yesterday. One with £400 commission, one with £120. Question is, how do you record this for VAT purposes? Do I have to include the commission in my sale price and therefore increase my margin VAT or do I input a monthly invoice for the finance commission, if so, does this attract any payable VAT? Thanks Kelly Share this post Link to post Share on other sites
sellect2 19 Posted March 8, 2019 There is no VAT on finance commission. Share this post Link to post Share on other sites
Dealer 54 Posted March 9, 2019 17 hours ago, sellect2 said: There is no VAT on finance commission. This is correct, no vat, had our biggest ever commissions in January. Share this post Link to post Share on other sites
