15 Jul, 2024

Mis-sold car finance scandal: could you be due compensation?

Missold car finance

Don’t worry, Auto Express isn’t about to join the bandwagon of claims-management firms advertising on social media and elsewhere, using well-known statements to get their claws into a share of any payout you – and millions of others – may one day be entitled to as a result of a ‘mis-sold’ car finance agreement.

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At issue are finance agreements including a non-disclosed Discretionary Commission Agreement between your lender and your dealer, allowing the latter to secretly tweak interest rates for more or less commission. DCAs were banned in 2021, but were commonplace before that, especially in the franchised/prime used-car sector.

Complainants say that dealers raising rates behind customers’ backs to earn extra commission was an unfair practice. They want customers to be compensated for any additional interest paid out, a view backed by two recent decisions by the Financial Ombudsman, which is sided with a pair of complainants claiming just that.

When you look at the numbers, it’s no surprise that so many claims-management firms want a slice of a future compensation pie. Around £40billion is lent on car finance every year in the UK and, after financial advice website Money Saving Expert launched its

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Renault expects ICEs, EVs to best sell side-by-side for decade

GENEVA — The Renault brand will probably continue to offer internal-combustion vehicles alongside a separate lineup of full-electric cars for the next 10 years, CEO Fabrice Cambolive said.

Renault Group CEO Luca de Meo in early 2022 said that the Renault brand would be selling only EVs in Europe by 2030 — ahead of the EU’s zero-emission mandate in 2035 — but he has also said that the pledge is dependent on market conditions. Demand for EVs in Europe remains high, but the rate of adoption has slowed in recent months, raising questions about the willingness of consumers to continue to pay higher prices for battery-powered vehicles.

Renault is building out its lineup to have full-electric offerings in every segment, with the Renault 5 small car its latest addition. It will complement the petrol-powered Clio, Europe’s No. 2-selling small cars in 2023.

“Our strategy is to have ‘two legs’ in every segment — an ICE [internal-combustion engine] lineup with hybrid technology and a full-electric vehicle,” Cambolive told Automotive News Europe at the auto show here on Monday.

Renault’s main rivals in Europe are taking different approaches to the EV transition. Stellantis brands such as Citroen, Opel and Peugeot offer combustion

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History Repeats Itself As Automakers Strike Deal With Independent Repair Facilities To Provide Access to Telematics Data

The Alliance for Automotive Innovation, a trade association representing US automakers and other manufacturers, announced on July 11, 2023 that it had entered into an agreement with trade associations representing independent repair facilities affirming the continued vitality of a 2014 agreement on automotive right-to- repair issues and declaring that “independent repair facilities shall have access to the same diagnostic and repair information that auto manufacturers make available to authorized dealer networks.”

In the original 2014 Memorandum of Understanding, automakers agreed to make repair tools and information available for vehicles available to the aftermarket on fair and reasonable terms, and committed to equip vehicles commencing in model year 2018 with a non-proprietary onboard diagnostic interface to provide access to vehicle diagnostic and repair information systems. The recently-announced 2023 Automotive Repair Data Sharing Commitment reaffirms this commitment, and prohibits OEMs from using telematics systems to “circumvent” the aftermarket access that was promised in the 2014 MOU. If specific telematic diagnostic and repair data is needed to complete a repair, and also provided to an OEM’s authorized dealers, the manufacturer must make the same information available to vehicle owners and independent repair facilities “if it is not otherwise available through a tool or

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KC-area auto repair shop shares tips to get your car ready for holiday travel

MISSION, Kan. — It’s almost time for the busy holiday travel to start, and professionals in Kansas City want to make sure you’re prepared.

More than 115 million people are expected to travel 50 miles or more from home over the last 10 days of the year for the holidays, according to AAA.

Johnson County Automotive Repair in Mission, Kansas, is encouraging regular inspections to your car year-round, but well in advance of your holiday travel.

“With cold weather, one of the big things we look at with a car is maintenance items,” Johnson County Automotive owner Alan Heriford said. “Cars (are) a lot better than they used to be, so if you maintain them properly, you don’t have to do a whole lot.”

He said even the simple checks can go a long way.

“We’re gonna check tires, make sure you got good tread on your tires, make sure they’re inflated the way they should be,” he shared. “We’re gonna look at wiper blades, that’s something everybody forgets until it’s too late, so having a good set of wiper blades is great.”

Heriford also said it’s been interesting to watch Kansas City’s response to severe winter weather changes over

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A Fight Over the Right to Repair Cars Takes a Wild Turn

The federal government’s stance in Massachusetts appears to conflict with its general views on the right to repair. In 2021, President Joe Biden ordered the Federal Trade Commission to create new rules making it harder for manufacturers to limit who can fix the devices they create.

Amid competing letters, statements, and legal paperwork there’s a fundamental question, one that Massachusetts tried to find the answer to: Who owns the resources of data created by today’s increasingly software- and computer-chip-enabled vehicles?

For decades, those advocating for the right to repair—that is, the idea that once you buy a product, you get to decide how to fix it—held up the auto industry as one that was doing it right. Car repair has long been the domain of the at-home tinkerer. As a result, independent auto repair shops and aftermarket parts manufacturers have made billions of dollars tuning and fixing vehicles.

In 2012, Massachusetts voters became the first to bring the concept into the modern age by requiring automakers to add an onboard port that allowed anyone with a cheap tool to access a car’s data. The law led to a nationwide agreement, where automakers guaranteed independent repairers and owners would have access

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Buying a car has never been more expensive, assuming you can even find one — here’s why

Just as it did for nearly every facet of the global economy, the pandemic plunged Canada’s new car market into upheaval, throwing supply and demand completely out of whack.

Factory shutdowns due to COVID-19 made for widespread shortages of parts, filtering down to a historic lack of finished vehicles for sale on dealer lots. And on the demand side, consumers were far less eager to buy what was available, as the economic uncertainty had them holding on to their existing cars much longer than usual.

Three years later, most of the weak links in the supply chain have been fixed, and customers are finally in the mood to buy a new set of wheels again, only to face a new conundrum: prices are higher than they’ve ever been — and that’s if you can even find a car for sale.

Jennifer Nemet knows this first hand. She was in the market for her dream car, a plug-in Toyota Rav4 Prime, but says she was shocked when her local dealer told her how long she should expect to wait for one.

Jennifer Nemet is shown sitting in her new car.
Jennifer Nemeth, pictured in Edmonton on June 5, went to a different automaker when she was told there would be
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Jaguar Land Rover pushes back BEV rollout, focuses on plug-ins

Mardell indicated that the more mainstream EMA cars would come 12 months after the two electric Range Rovers, with the Jaguar models following after that.

Mardell said JLR would be prepared to delay the launch of the Range Rover Electric to ensure the EV was perfect. “If it takes a few more months to get to that point, then the team will be allowed it,” he said.

JLR said 16,000 people had joined the waiting list for Range Rover Electric. The company has not disclosed prices, although JLR Chief Financial Officer Richard Molyneux said on the earnings call that the EV’s price would be high enough to keep the company’s much improved profit margins.

Automakers have seen demand for EVs cooling, especially at the higher end of the market, which has had a knock-on effect on development. “What you have seen from other OEMs is that the race to BEV is starting to stutter a little,” Mardell said.

Plug-in demand ‘surprise’

JLR has navigated the collapse in demand for diesel vehicles with a shift to plug-in hybrids, which it now offers across its Land Rover lineup, as well as on the Jaguar F-Pace and E-Pace SUVs.

Last year across Europe,

1 min read

Daycare center left damaged after being struck by stolen car on Chicago’s South Side

Car crashes into South Side daycare


Car crashes into South Side daycare

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CHICAGO (CBS) – A car slammed into a daycare center on the city’s South Side overnight.

The crash left damage outside of the daycare in Calumet Heights along Stony Island near 88th Street.

Tamera Fair, the CEO of Premier Child Care Centers, said she found out about the crash around 10:30 pm Saturday.

She says police told her that the car was stolen.

“Whoever crashed it fled the scene. The keys were in the car, no broken windows, the steering column was not tampered with. So, we really don’t know what happened. We’re going to ask our neighbors if we can look at their cameras and see if we can get some answers from there,” she said.

Fair says this isn’t the first time a crash like this has happened.

They’re waiting on the Building Department to find out if they can reopen on Monday.

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GM scales back electric vehicle and self-driving car plans as new labor deals will cost it $10B

General Motors says it is pumping the brakes a little on its plans for electric vehicles and self-driving cars as new labor deals signed with unions in the US and Canada will cost it almost $9.3 billion US.

Despite those costs, the automaker says it plans to buy back up to $10 billion US of its own shares, while also increasing its dividend by 33 per cent.

The buyback was the equivalent at Tuesday’s closing price to nearly a quarter of GM’s common stock. Its shares were down about 14 per cent this year before rising 10 per cent to $31.92 on Wednesday.

The Detroit automaker also lowered 2023 profit expectations after the US strike by the United Auto Workers (UAW).

GM has struggled to increase its stock price as it dealt this year with the UAW strike, and with problems at its Cruise self-driving vehicle unit and rollout of its new electric vehicles.

The $9.3 billion US in additional costs through 2028 is for agreements with the UAW as well as Canadian union Unifor, and translates to about $575 per vehicle over the life of the deals.

“Finally, some good news for GM, and this was a strong outlook

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Carvana Starts the Slow Climb Back Up to Recovery

From the March/April 2024 issue of Car and Driver.

Ernest “Ernie” Garcia III had a dream. Armed with a degree from Stanford and a $100 million investment courtesy of his father, Ernest Garcia II—the billionaire behind DriveTime, a major used-car dealership chain—­Garcia III was uniquely well situated to give his audacious vision a shot. In 2012, he cofounded Carvana, an e-commerce platform for selling used cars. He hoped one day it would become the Amazon of secondhand-car sales, an online operation where you might buy a pre-owned vehicle with no in-store visit, hard sell, or haggling and have the new-to-you car or truck delivered to your home. Though supportive—Carvana began as a subsidiary of Drive­Time before being spun off—Garcia the Elder was skeptical, according to his son, and, for years, he was not alone.

“Probably a different company would swing at [this idea] every couple of years ­until someone eventually cracked the nut. U­ntil that happened, there would just be failures, and ­people would probably think, ‘Oh, see, it doesn’t work,’ ” Garcia III, Carvana’s CEO, explains to Car and Driver. “When the reality was, it was just really hard to build something that was good enough to where

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