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.
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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.
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You could be owed thousands in compensation from mis-sold PCP or HP agreements. No win, no fee. Quick, discreet claim assessment from legal experts.
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