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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.
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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Complete our simple survey, It takes less than 60 seconds.
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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 a 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 PCPs 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.
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.
Save yourself time and hassle - start the process with us today