Mis Sold Car Finance Claims
Mis Sold Car Finance
Have you been been mis sold a car finance agreement?
Mis-selling a car finance package means that you have either received misleading advice, you weren’t given all the information about a deal or the risks weren’t made clear to you.
Mis sold car finance usually leads to you ending up with a deal that you cannot afford and a car that doesn’t suit your needs or financial means.
Have you had car finance of £10,000 or more within the last 10 years, you could be owed thousands!
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We DO NOT charge you for our services. Our service is a FREE assessment of your Mis Sold Car Finance. We are paid a recommendation fee at the point at which your claim is deemed successful by the solicitors handling it. You are not required to use a claims management company to make your complaint and can make the claim yourself for free, either by complaining directly to the finance company first and then by making a complaint to a financial complaint service such as The financial Ombudsman Service https://www.financial-ombudsman.org.uk/
Start your Mis Sold Car Finance Claim now
For a FREE no obligation assessment and check if you have a claim – You may be entitled to claim up to 10,000 in compensation and repairs fixed.
What is Mis Sold Car Finance
Making a Mis sold car finance claim
In March 2019, the Financial Conduct Authority (FCA) concluded that car dealerships and vehicle financing companies and firms had substantially misinformed their customers.
Car dealerships did not communicate their commission structures which leaves customers paying more than they needed.
The mis-selling of PCP is unfortunately incredibly common.
The FCA found over 560,000 instances in which consumers were paying 50% more than they should’ve been on their car finance.
Many lenders were found to be incompliant with FCA standards on assessing creditworthiness, including affordability.
Many lenders were found to have focused disproportionately on credit risk to the lender as opposed to the affordability of the buyer.
Our dedicated panel of expert solicitors collect the facts about each car finance agreement and consider if there have been any breach of their agreement.
The solicitors will then carry out an initial assessment of your case and then instruct a professional to complete a report.
What’s The Difference Between PCP Car Finance and Hire Purchase?
Two of the most popular ways to finance a car are PCP (Personal Contract Purchase) and Hire Purchase (HP). So, what’s the difference between the two?
PCP car finance is essentially a way to lease a car. You make monthly payments for an agreed period of time, usually 2-4 years, and then have the option to buy the car at the end of the term.
With PCP finance, you can also choose to hand the car back at the end of the term and walk away – you don’t have to purchase it.
Hire Purchase is a traditional way to finance a car. You make an initial deposit and then monthly payments for an agreed period of time. At the end of the term, the car is yours.
Hire Purchase can be a good option if you want to own the car outright at the end of the term. It can also be a good option if you have a bad credit score, as it’s usually easier to get approved for HP than PCP.
PCP can be a good option if you want lower monthly payments and the flexibility to hand the car back at the end of the term.
Did you know?
The FCA found over 560,000 instances in which consumers were paying 50% more than they should’ve been on their car finance.
Hidden commission is an instance in which a dealership or salesperson sells you a finance agreement from a lender.
If you were not informed about this commission, that is a hidden commission.
The lender must inform its consumers of every fee within a transaction at the point of vehicle sale. If the dealership failed to do so, it is classed as fraud.
Liability may then lie with the finance provider and broker.
You must also gather all the evidence needed to lend documented support to your claim for the claims process.
Your evidence could include copies of letters and credit agreements.
Indicators of Mis Sold Car Finance include:
- Commissions
- Adequate explanation
- Interest rates
- Affordability
- How much commissions
- Repairs
- Final payment
- Hard selling
The lender did not disclose that they were receiving a commission for arranging your finance agreement.
You were not provided with an adequate explanation of the finance deal you were sold.
The salesperson did not provide complete transparency with the interest rates charged for all loan options, as well as how they may differ
The salesperson convinced you to purchase a financial package that was unaffordable.
The lender told you about sales commissions, but not how much.
The salesperson did not make it clear who was financially responsible for any repairs to the vehicle that may be needed.
Your final payment is more than you expected. Depending on the kind of lease you have, your final payment may be bigger to cover the cost of any damage, excess mileage or other expenses.
A car dealer used hard-sell tactics and you felt under pressure to buy. For example refusing to let you leave until you buy it, using scare tactics to convince you, or using guilt to force you to buy it – like telling you they’ll lose their job if you don’t.
If you have experienced any of the above, or even if you are unsure about the situations, we will be able to review your agreements and inform you if you are entitled to a claim.
Get in contact with us as soon as possible to see how much you could be entitled to. Do not let lenders let you fall victim to mis-sold vehicle finance.
Totally stress-free...No Win No Fee
Our qualified team are equipped with everything that it takes to handle your claim journey, from beginning to end.
After 18 years, we are well placed to make sure that you’re in receipt of a comprehensive litigation package, designed to protect both you and your family.
Times change, and with it so does the nuances of the legal sector. We grant you access to solicitors who will ultimately guide you towards the most advantageous outcome to your case.
Frequently asked Questions
Do I Have a mis sold car finance claim?
You may be eligible to claim compensation if you have bought a new or used vehicle on a finance agreement in the last ten years.
The mis-selling of Personal Contract Purchase (PCP) applies to all types of vehicle, including new and used cars, motorcycles, and motorhomes/caravans.
How much compensation can I get?
The average amount of compensation received for mis-sold finance is in the region of £1,100, however some instances could return a considerably higher amount.
The amount of compensation depends upon:
- The size of the loan acquired, with higher loans being eligible for a higher claim.
- The quoted interest rate, and the difference between the rate you were quoted and what you should have realistically been quoted.
How DIYPI can help with a mis sold car finance claim.......
With access to the top PCP lawyers in the country our experienced team will find the right lawyer for your case and work hard to gain you the full amount of compensation you deserve.
Our friendly team treat each claim with the upmost care and attention to ensure that we secure you the most fair and reasonable financial outcome possible.
With a free claims assessment and No Win No Fee* policy, you’ve got nothing to lose.
*What is 'No Win No Fee'?*
A No Win No Fee agreement, also known as a Conditional Fee Agreement (CFA) in the legal world, is an arrangement between a claimant and solicitor. In simple terms a ‘No Win No Fee’ arrangement means that you will not pay a fee if your claim is unsuccessful.
*No Win No Fee * typically customers pay 25% of the amount recovered to our solicitors, although this will be subject to your individual circumstances and the actual fee may be more or less than this.
If you cancel the claim after the cooling-off period of 14 days you may be charged a cancellation fee by the solicitor.
