Please read below that will inform you why there are claims for car finance due to being mis-sold.
The FCA found approximately 560,000 customers have paid out over £300 million more in car finance per year than was necessary
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
If you have bought a car through a finance deal before 28 Jan 2020, you could be one of the thousands in the UK to be owed mis-sold car finance compensation.
Contact us through our handy online form, or by calling us at 020 3890 6430 Once you answer some of our simple questions, you can sit back, relax, and let us do the rest!
We throughly look through your contract with your supplier, and see if you’re entitled to a claim.
If you are being overcharged, we’ll find out by how much, and ensure that you get back what you overpaid from your supplier!
Sometimes hidden in broad daylight and plain sight, contracts contained the term that there “may” be commission payable to the intermediary, that’s the car dealership to you and me.
In most cases this was never pointed and in some cases there was no reference to it all!
The Mystery Shopper
The Financial Conduct Authority (FCA) investigated 122 motor resellers in a “mystery shopper exercise”. This included 37 franchised retailers (acting as a franchisee for a motor manufacturer), 60 independent retailers (smaller, local dealerships), 14 car supermarkets and 11 online brokers (offering either finance-only solutions or an introduction to a franchised retailer).
The outcome of this investigation revealed that very few of these “brokers” actually told the mystery shopper that there was any commission involved at all.
Only 1 of the 37 franchised retailers, 4 out of the 60 independent retailers, 2 of the 14 car supermarkets and 4 of the online brokers.
The FCA says that it could not go through with the purchases (obviously) so could not confirm if the subject of commission was brought up later. It does not sound very likely, especially if you are just about to buy a car that you have set your heart on. What or how would you change your mind?
The FCA reckons that as a result of this, car buyers have been ripped off to the tune of an eye-watering £300million per year in additional interest charges.
Expertise you can trust
Our team of experienced professionals understands PCP Vehicle Claims inside and out. We know the tactics brokers use to maximise their profits at your expense, and we’re here to put an end to it.
No Win, No Fee
Worried about upfront costs? Don’t be. Our “No Win, No Fee” policy means you only pay us if we successfully recover funds for you. That’s our assurance of dedication to your financial success.
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You do not need to use a claims management company to make your complaint, you can do this yourself for free. If your complaint is not successful you can refer it to the Financial Ombudsman Service yourself for free, click here. The customer must lodge a complaint first before it can escalate to the Financial Ombudsman Service.
PCP Vehicle Claims is a trading style of Mark Leckie, a business authorised and regulated by the Financial Conduct Authority and entered onto the Financial Services Register under reference number 834008.
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