Problems at Volkswagen: very heavy fines for them

Buying a car today is not at all simple, costs have increased significantly and it is becoming difficult to afford even the simplest car. In particular, a basic subcompact car is almost always higher than at least i 10.000 euros and all you have to do is add a few options to make the price skyrocket. Not to mention electric cars, whose cost is much higher than endothermic ones. This is ultimately one of the main reasons for the crisis in the automotive sector, which adheres to state incentives to be able to guarantee affordable prices to their customers.

Just for this reason, people usually choose to buy the car in installments to feel less of the burden of the money going away. Among the most popular methods is certainly that final installment maxi. In practice, you buy a car with a low or even zero down payment, you pay small installments for 3-4 years which often include services and then at the end you return the car or pay a lot for refinancing or refinancing. the rest. However, many will have noticed that most manufacturers today offer deferred payments through their own financial institutions.

Volkswagen in the eye of the storm

All this happens because by doing so the Brand earns not only on the car sold, but also on the interest of the user to the financial institution that gave borrowed money to buy the car. It is not a coincidence that many brands promote financing in exchange for cash payments with bonuses. Recently one of these companies linked to a German car giant ended up in the eye of the storm, we talk about Volkswagen Financial Services UKthe company that supports customers in buying cars in Great Britain for the Teutonic brand.

Britain’s Financial Market Conduct Authority (FCA) has, in fact, imposed a heavy fine on Volkswagen of 5.4 million pounds which is equivalent to approximately 6.5 million euros. It appears that he is being accused of not dealing fairly with their customers who were in financial difficulty as a result of collecting interest. in fact Volkswagen has agreed to pay further individual compensation of 21.5 million pounds​​​​to 110,000 buyers who would have suffered from damages that should be provided, according to a statement. Fcato the negligence of the company dealing with financing contracts.

Previous records with other companies

This type of action, in recent years, has also been carried out against some banking giants in the United Kingdom such as HSBC e Barclays from Lloyds. The FCA has stated that the vehicles bought by these people should not be considered luxury goods, but essential tools for work and family life. Indeed for this reason, according to the British consumer protection regulations, Volkswagen should have proposed different and more advantageous purchase methods compared to expensive financing for less affluent consumers. Volkswagen Finance UK is one of the most important companies in its sector and provides its services not only for cars of the car brand of the same name, but also for Porsche e Scoda. This is certainly not a happy time for the Teutonic giant, who is suffering like everyone else crisis of the department.