The Financial Conduct Authority (FCA) has discovered that undisclosed car finance commissions may have caused customers to pay over £1000s in extra interest charges. If you financed a car through PCP or HP between 2007 and January 2021, you could be eligible for a refund.
The dealer might have unfairly received an undisclosed or discretionary commission from the finance company. This means you could be a victim of car finance mis-selling and might be due a substantial refund.
Sign up today and get registered before the claims start.
It can be challenging to determine if you’ve been mis-sold car finance. According to the FCA, you might have been mis-sold PCP or HP finance if any of the following apply:
You bought a car under a finance scheme (such as hire purchase or PCP) before 28 January 2021.
There was a discretionary commission arrangement between your lender and broker.
You were unaware of the commission earned by the dealership.
You were not informed of additional costs like damage charges.
If any of these situations apply to you, or if you felt pressured into a finance agreement, you may be eligible to make a claim.