Bought a Car on Finance since 2008? How much could you be owed back?

As covered recently by Money Saving Expert, Martin Lewis - Were you made aware that YOU were paying for the commissions paid to the Dealership by the Finance Provider?

Check compensation for all your cars
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As we have done for over 80,000 clients so far, let us help you discover if you were mis-sold your PCP or HP finance with a FREE, no-obligation check.

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Have you purchased at least one car on finance between 2008 and 2020? *
On Your Side Free Assessment
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Expert Advice Enforce Your Right
Are You Owed £1,000s?

Our Simple 3 Step Process

1.

Enquire

Complete our simple survey and provide your details to start the process, it only takes 2 minutes.

2.

Discover

We will gather and review your details to assess if you are eligible (and give you a rough idea of what your claim could be worth) completely FREE of charge.

3.

Claim

After the results, should you wish to continue the claim process, we will offer one of our Legal Panel firms that best suits your case.

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Why Can I Claim

If you purchased a car from a Dealership, it is likely that they put you in touch with a finance company to provide the actual loan on the vehicle. We assist in checking if you are due compensation if 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 it was actually you who was paying this commission by the way they applied the interest rate.

What Is Mis-sold Car Finance?

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. This was found to be happening at even the largest Dealerships including Audi, BMW, Mercedes and Land Rover (Black Horse) to name a few.

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.

All of this has meant that customers are now able to bring forward a claim, on various grounds, for financial compensation. The mis-selling of car finance has the potential to become the biggest compensation scandal of the decade as millions of customers come forward to claim what they are owed. Find out what you might be owed, start your free check with us today.

Start Your Check

Save yourself time and hassle - start the process with us today

Mis-sold Car Finance FAQ's

We assist clients in claiming compensation for the non-disclosure of commissions received by the Dealership from 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.

We assist clients claim compensation for the mis-sale of finance. This is usually if you were not provided different finance options to find the right fit for you. This can also be if you encountered unexpected charges at the end of the finance, or if you fell into payment difficulties as the finance was unaffordable.

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 – to find the best fit for you at that time?
  • Was the agreement affordable, or was the agreement properly explained to you – meaning you were left with higher-than-expected monthly repayments, unexpected charges or bill at the end of your agreement?

This is dependent on the amount of money borrowed, the interest rate charged, the commission model employed, and the repayment period. It will, however, most likely be hundreds or thousands of pounds. Once we complete our free check, we will be in a better position to advise on a rough compensation value.

You can make a claim for any/all finance agreements you had which were active after April 2008 – the combined values of these can also significantly influence the amount of compensation you could receive.

We are able to look at all vehicles you have purchased on finance that was active since 2008. This usually works by grouping vehicles financed with the same Finance Provider to make one larger claim.

There are certain aspects that could mean a particular finance agreement may not be eligible to be part of the claim though we will only know if this is the case once we conduct our free check and present our findings.

We offer a free assessment service. If we find merits for you to pursue a claim, we will inform you (and we do not charge you a penny for this service). At the time of presenting our results to you, we will offer to connect you with a law firm from our Panel where your case matches their criteria.We always let you know why this option would be best fit for your case and will let you what theirpercentage fee is for successful case. Of course, all our legal partners offer a risk-free, no-win no-fee service (though you may incur a charge if you cancel after the 14-day cooling-off period but before the end of the case – as long as you stay with them until the end of the case, you will not be charged if the case is unsuccessful). The success fee varies between law firms and can be anything from 15% + VAT up to 30% + VAT.

If you decide to move forward with a claim through one of our legal partners, we may receive a commission from them – that’s how we keep our service free for our happy clients.

Please note, that you can use your own legal representation to proceed with a claim through the Courts or submit a complaint directly with the lender and use the Financial Ombudsman if you are not happy with the outcome at no charge.

Provide us your details for any vehicles you have had on finance, and we will write to the Finance Provider and obtain all the necessary documents needed to conduct a Free, No-Obligation check. Providing us with copies of the car loan contract would help at this stage, but is not essential.

We will then assess your case(s) to see if you are eligible for a claim. If you are, we would find you the best suited Solicitor firm for you.

You can start the process by providing your contact details, and a member of our friendly team will be in touch to gather some basic details. Alternatively use our claim form to provide the details online (ensuring you provide all vehicles you have had on finance since 2008), and we can start the process straightaway – it takes about 2 minutes to complete.

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. You can start the process via our claim form.

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