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RJEauto

Quickest FCA approval ever?

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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-

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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.

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Close are running a promotion of 12-14% commission depending on the advance from 1st February until end of March! 

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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. 

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We get 8.5% of the advance selling out at 10.9% APR

Less for subprime / dropping the rate

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8% with Blue easy to deal with. 

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Thank you all for your advice. Will get some Rep's in this week and see how it goes 

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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

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17 hours ago, sellect2 said:

There is no VAT on finance commission. 

 

This is correct, no vat, had our biggest ever commissions in January. 

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