Mis-Sold Car Finance

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Types of Claims

Mis-sold Car Finance Claims

We assist in claiming compensation for the mis-sale of finance on the vehicle. This is usually if you were not provided different finance options to find the right fit for you – often resulting in you paying more than you should have. This can also be if you encountered unexpected charges at the end of the finance, or if you fell in payment difficulties as the finance was unaffordable.

Secret Commissions Claims

We assist in claiming compensation when the Dealership did not disclose that they were receiving a commission for arranging your finance agreement with the finance provider. This is known as a 'Section 140' claim. Both the Dealership and Finance Provider were obligated to be transparent and inform you of the commissions being paid – and if was actually you who was paying this by the way they applied the interest rate.

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Our Simple 3 Stage Process

Enquire

Complete our simple survey, it takes less than 60 seconds.

Discover

We will gather your information and review your details to assess if you are eligible, FREE of charge.

Claim

Sit back and relax whilst we get your money back.

What is Mis-sold Vehicle Finance?

As one car dealer openly admits in a recent article, “frankly, we were getting away with murder. We weren’t treating customers fairly and were, in effect, charging them to earn us money.”

The FCA found that some dealerships and finance companies have been overcharging by up to £1,100 a deal. In some cases, it might have worked out better financially to opt into a hire-purchase package instead.

It was also established that within the motor finance sector, firms have been largely misinforming their customers in communicating commission structures often resulting in customers unknowingly paying more for their vehicle finance. On many occasions the fact that a commission was being paid was not communicated.

It is a requirement that any commission payment should be made clear to the purchaser as it could have an impact on their decision to proceed or negotiate further.

A Recent Financial Conduct Authority (FCA) investigation discovered widespread evidence of mis-selling on all types of vehicle financing options. It found that over 560,000 consumers were paying more than 50% more on their car finance than they should be.

Mis-selling was found on all motor vehicle types, including new and used cars, vans, motor cycles and motor homes/caravans, under all vehicle financing options such as personal contract hire (PCP), hire purchase (HP), contract hire or car loan. The most popular of these has been shown to be PCP agreements which involves lower monthly payments followed by a final lump sum or ‘balloon’ payment. As PCP’s are essentially interest-only loans, interest charges can be more expensive than anticipated.

The FCA found a increasing number of cases in which the broker was given discretion to adjust interest rates. Where a higher level of interest was charged to the consumer, a larger commission payment would be made to the dealership by the finance provider.

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Mis-sold Car Finance FAQ's

We assist clients in claiming compensation for the non-disclosure of commissions received by the Dealership by the finance provider. Both the Dealership and Finance Provider were obligated to be transparent and inform you of the commissions being paid. This is known as a ‘Section 140’ claim.

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?

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.

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.

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.

If you are able to locate any paperwork from your past and present vehicles then this will certainly help shorten our assessment process.

This is not a problem as we can request I from both the Dealership and/or the finance provider.

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.