Volkswagen Braces for Huge Financial Hit From FCA Motor Finance Scheme
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5 Articles
Volkswagen braces for huge financial hit from FCA motor finance scheme
The German car giant Volkswagen is preparing to disclose a massive hit from the City watchdog’s £9bn motor finance redress scheme, months after it joined a group of rivals in mounting a legal challenge to its implementation. المصدر: skynews business The post Volkswagen braces for huge financial hit from FCA motor finance scheme appeared first on khbrknews.
German car giant Volkswagen is set to reveal the huge financial impact on its finances from a nine billion pound (256 billion crowns) compensation scheme for car financing, months after it and a group of rivals launched a legal challenge to the scheme. Sky News reported on Tuesday that the impact on Volkswagen will be in the hundreds of millions of pounds.
At the end of last week, Volkswagen announced a massive recall due to possible steering problems, affecting up to four million cars across the group. Now, it is facing billions in compensation from customers for mis-sold financial products.
In the British car finance system, in certain schemes the commission received by the dealer was linked to the interest paid by the customer.
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