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Mis-Sold
Car Finance
Have you bought a new or used car using finance in the last ten years?
If you have, that finance agreement may have been mis-sold to you, and you may be able to claim hundreds, if not thousands of pounds in compensation.
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Contact us today, and we'll check your car finance agreement and tell you how much you may be able to claim in compensation.
Get expert PCP and HP claims advice You could be owed thousands in mis-sold car finance Check your eligibility in just sixty seconds
What Is
Mis-sold Car Finance?
Who Can
Claim?
Mis-sold Car Finance?
Mis-selling was discovered on all motor vehicle types, including new and used cars and vans under all vehicle financing options such as personal contract hire (PCP), hire purchase (HP), Contract hire or a car loan.
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Lenders systematically incentivised brokers and car dealers to charge their customers higher interest rates so they could receive higher commissions themselves.
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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.”
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Another dealer said their agreements with their lenders “let us car salesman adjust the interest rate on customer loans in order to boost our commission.
Am I Eligible For A Refund?
Have you signed a PCP or HP agreement between 2007 and 2021? If you have, you could be eligible to make a car finance claim and receive compensation.
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Hidden “discretionary commission arrangements” were part of around 40% of car finance deals before January 2021. Lenders allowed brokers (including car dealers) to increase interest rates so that they could earn a higher commission.
If you signed one of these car finance agreements, you might have overpaid without knowing. With the Financial Conduct Authority (FCA) investigating after the ban of these arrangements, you could be due a refund of thousands of pounds.
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You have nothing to lose from making a claim if you believe you’re eligible. You can’t be blacklisted or receive a different service if you make a complaint. So, if you took out a PCP car finance agreement before 28 January 2021, making a claim could get you a great result
How Much Could I Reclaim?
It is estimated that the average amount of compensation for a mis-sold car finance compensation claim is around £3200. In some cases, the amounts can be considerably higher.
The exact amount you may be able to claim will be dependent on several factors. These include;
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The size of the loan. The larger the loan, the more you'll be able to claim.
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How long ago you signed up for the loan. The longer the loan period, the more you'll be able to claim.
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What interest rate you were quoted, and how much difference there is between the rate quoted and the rate you should have been quoted.
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Find out today if you have been the victim of undisclosed commission payments between brokers and lenders when using finance to purchase a new or used vehicle.
Car Value
APR
Claim Amount
£30'000
6.9%
£5'986
Our check is 100% free. Once we present the results of our assessment we will recommend for you to use one of our panel of Solicitors, but you are under no obligation to proceed.
*Our Solicitors work on a no win no fee basis (subject to exclusions)
An FCA investigation revealed that the average customer on a £10,000 PCP agreement over four years has been overcharged by more than £1,100*
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