Home | News & events | Press releases | Shoosmiths to claw back dealer commission refunds for GE

Shoosmiths to claw back dealer commission refunds for GE

13 June 2008

Shoosmiths is to recover motor dealer commission refunds for GE Money, one of the world's leading finance providers.

The national law firm’s Lender Services team will recover the refunds from car dealers for which GE Money provides finance packages.

While clawing back these commissions is normal practice within the industry, and part of the agreed terms and conditions between dealer and GE Money, many dealers have not repaid the amounts due.
 
Gill Payne, head of collections, said: “Added up, all those commission payments are a significant sum, and clients are now seeking help to claw them back from dealers who are refusing to pay, particularly in the current economic climate as more people find they are unable to keep up car finance repayments.

“This type of recovery is usually handled by clients in-house, and we believe that as a supplier we’re unique in providing this service.

“But we don’t just collect the debt, we really have to understand the client’s business too in that some accounts will be rolled up into new business, and that’s something that has undoubtedly helped us win this work.”

GE Money is the trading name of GE Capital Bank, one of the world’s leading consumer finance services to consumers, retailers and car dealers. In the UK, GE Money offers credit cards, fixed-term retail credit, loans, and vehicle finance. It also operates retail branded credit cards for fashion retailers, department stores and supermarkets.

For further information please contact:
Name: Alastair Gray
Phone: 08700 864096
Email: Alastair.Gray@shoosmiths.co.uk

Email this page

Get in touch

Gill Payne

Head of Collections (Associate Equivalent)
T: 08700 86 3017
I: +44 (0)1604 54 3017
E: gill.payne@shoosmiths.co.uk