Bought a Car on Finance in the last 10 years?
Did you receive poor/little advice on finance options? Were you made aware that YOU were paying for the commissions paid to the Dealership by the Finance Provider?
Claim compensation for current and past vehicles
Quick and simple process to check eligibility
No-Win, No-Fee Guarantee*
Please remember - Checking to see if you have a claim is 100% free and you are under no obligation to proceed
What Is Mis-sold Vehicle Finance?
Widespread evidence of mis-selling of all kinds of auto financing alternatives was found during a recent Financial Conduct Authority (FCA) inquiry. It was discovered that more than 560,000 individuals were overpaying for their auto loans by more than 50%.
All forms of motor vehicles, including new and used cars, vans, motorcycles, and mobile homes/caravans, were discovered to have been missold, regardless of the type of financing used, such as personal contract hire (PCP), hire purchase (HP), contract hire, or a car loan. PCP arrangements, which include reduced monthly payments followed by a final lump sum or "balloon" payment, have been demonstrated to be the most popular of these. Interest fees may be more than expected because PCPs are effectively interest-only loans.
The FCA discovered a rising number of instances where the broker was granted the authority to change interest rates. In cases when the consumer was charged a higher interest rate, the finance provider would give the dealer a bigger commission.
The FCA discovered that some dealerships and financial businesses were charging up to £1,100 more than necessary for each contract. In some circumstances, choosing a hire-purchase arrangement may have been more advantageous financially.
It was also discovered that in the motor financing industry, corporations have been substantially misinforming their customers when it comes to explaining commission structures, resulting in customers paying extra for their vehicle finance without even realising it. The fact that a commission was being paid was not always communicated.
Any commission payment must be made transparent to the buyer, as it may influence their decision to proceed or negotiate further.
Contact us.
2 King Street Nottingham
NG1 2AF
Types of Claim
We can assist you in obtaining compensation for the mis-sale of automobile financing. This is frequently the case if you were not given a variety of financing options to choose from in order to find the best fit for you – resulting in you paying more than you should have. This might also be the case if you were hit with unexpected costs at the end of the loan, or if you were having trouble making payments because the loan was too expensive.
We assist clients in obtaining compensation for the Dealership's failure to disclose commissions received from the credit provider. Both the Dealership and the Finance Provider were required to be open and honest with you about the commissions that were paid. A 'Section 140' claim is what this is called.
We assist clients in obtaining compensation for financial mis-selling. This is frequently the case if you were not given a variety of financing options to choose from in order to find the best fit for you. This might also be the case if you were hit with unexpected costs at the end of the loan, or if you were having trouble making payments because the loan was too expensive.
Save yourself time and hassle - start the process with us today
FAQs
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If you answer ‘No’ to any of the below, you may be eligible to make a claim:
Were you advised of the commissions that were being paid?
Were you offered the best interest rate available?
Were you offered various finance options based on your circumstances, and informed how they differ?
Was the agreement unaffordable, or was the agreement not properly explained to you?
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Claim amounts vary across consumers. The exact amount of your compensation will depend on factors such as:
The size of the loan – the larger the finance agreement, the more you can claim
The difference between the interest you were given and what you should have been given when you entered the finance agreement. The longer ago, the more you can claim back
You can make a claim for any/all finance agreements you had which were active after April 2008.
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It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.
We offer a free assessment service. If we find merits to pursue a claim, we will inform you. From here you have a choice to proceed with one of our panel Solicitors where we will inform you of the Solicitor and their fee structure. All our legal partners offer a risk-free, no-win no-fee service.
If you decide to move forward with a claim through our legal partner, we may receive a commission from them. You will never need to pay us anything – that’s how we keep our service free for our happy clients.
Claims for the non-disclosure of commissions must be made through a law firm as it is a litigated process. You can make a claim for mis-sold finance yourself directly to your lender, and submit to the Financial Ombudsman Service if you are not happy with the response.
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If you are successful in claiming, you do not have to give the vehicle back. The only instance where you may not receive the entire compensation you are owed is if you are in arrears with your finance payments. Some of the compensation may be used to bring your account up to date.
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If you are able to locate any paperwork from your past and present vehicles then this will certainly help shorten our assessment process.
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This is not a problem as we can request It from both the Dealership and/or the finance provider.
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No, the claim will be brought against the finance provider. The Dealerships acts as the broker and as an ‘agent’ of the finance provider. It is the responsibility of the finance provider to ensure their ‘agents’ are adhering to the relevant FCA regulations.