If you purchased a vehicle on finance during, or after 2007 then it is likely that the car finance was mis-sold to you due to the car dealership failing to disclose commission they were paid by the lender for setting up your car finance.
It is estimated that up to 99% of the 31.7 million car finance agreements arranged by car dealerships since 2007, included a commission payment.*
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If you purchased a vehicle on finance during, or after 2007 then it is likely that the car finance was mis-sold to you due to the car dealership failing to disclose commission they were paid by the lender for setting up your car finance.
It is estimated that up to 99% of the 31.7 million car finance agreements arranged by car dealerships since 2007, included a commission payment.*
Analysts estimate that up to £30 billion compensation could be due to consumers, due to the widespread non-disclosure of commission.
*See: https://www.fca.org.uk/publication/consultation/cp24-22.pdf , Annex 2, Pg30.
The amount of compensation you may be entitled to is dependent on several factors, including the amount of finance your lender provided, the date the finance was taken out, the duration of the agreement, the interest rate you paid and the value of the commission payment your Lender made to the car dealership.
The Financial Conduct Authority, confirmed in their publication Our work on motor finance – final finding – March 2019 that on a typical motor finance agreement of £10,000, a Discretionary Commission Arrangement typically resulted in consumers being overcharged £1,100 over a four-year agreement.*
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You do not have to use a law firm, or claims management company to make your claim. You can claim directly yourself for free to your lender, and then to the Financial Ombudsman.
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