Mis-sold Car Finance

nickjdavis said:
Seems like any settlements are a long way in the future, if they happen at all...

www.bbc.co.uk

Car finance scandal branded 'an unholy mess'

Aggrieved car buyers who feel they were mis-sold a loan should complain to their lender, MPs hear.
www.bbc.co.uk
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It's pretty much nailed on to happen, it's just a shame about the delays. I don't expect to see anything until the end of next year at best.
 
4LEX said:
Has anyone submitted a claim over this?

I've only taken out car finance once in order to build my credit rating up but it turns out my deal was mis-sold. I emailed the company a few weeks ago and they confirmed that was the case.

The situation is all claims are paused for the time being due to waiting on the FCA ruling in late September.

If anyone had car finance before January 21st 2021, email the company and check if you were mis-sold. Don't use the tinpot legal firms offered to act on your behalf for 45% commision! Do it yourself as it's very easy.
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I have to admit I haven't looked into mine, I have had plenty of finance deals over the years. Haven't kept the paper work tho so wouldn't know where to start, credit report maybe? Do they go that far back?
 
PJ87 said:
I have to admit I haven't looked into mine, I have had plenty of finance deals over the years. Haven't kept the paper work tho so wouldn't know where to start, credit report maybe? Do they go that far back?
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The dates are from 2007 to 2021. If you had car finance then, definitely claim. I'm not one for claim/blame culture usually but I've got no time for insurance or finance companies so this is fair game.

Can you go back through your bank statments? Do you remember what dealerships you used? Contact them and ask for details? You can let a claims firm deal with it but be prepared to wave goodbye to 25-40% of anything you're entitled to.
 
4LEX said:
The dates are from 2007 to 2021. If you had car finance then, definitely claim. I'm not one for claim/blame culture usually but I've got no time for insurance or finance companies so this is fair game.

Can you go back through your bank statments? Do you remember what dealerships you used? Contact them and ask for details? You can let a claims firm deal with it but be prepared to wave goodbye to 25-40% of anything you're entitled to.
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The dealer I used for 2 of the cars is long gone

Dunno if I'm with the same bank anymore lol I love to jump around for the £

Off top of my head 2006 I had one so that's out
Then 2008

The next car was bank loan
Then 0% finance deal so that was fine

Stayed with that car a long time

Think post that the last available one will be 2018

So possibly 2 of my car loans (one Mitsubishi one honda) will be questionable

Cheers just need to hunt down the information, I guess if I can't find it I can just do the firm way
 
4LEX said:
The dates are from 2007 to 2021. If you had car finance then, definitely claim. I'm not one for claim/blame culture usually but I've got no time for insurance or finance companies so this is fair game.

Can you go back through your bank statments? Do you remember what dealerships you used? Contact them and ask for details? You can let a claims firm deal with it but be prepared to wave goodbye to 25-40% of anything you're entitled to.
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And how many people who had a car loan during that time window will say they got a worse deal that way than sourcing a seperate loan?..zero.
This is just revenue raising for a certain few companies, as will the next one be.
 
Bunkermagnet said:
And how many people who had a car loan during that time window will say they got a worse deal that way than sourcing a seperate loan?..zero.
This is just revenue raising for a certain few companies, as will the next one be.
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It's about dealers failing to dislose the commission they were getting from the lender. A sneaky practice which was banned in 2021 by the FCA.

It's not revenue raising at all, customers had potentially inflated interest caused by dealers pushing them to certain lenders, where they made money from the commission. I expect you were on the side of the Post Office too.
 
PJ87 said:
The dealer I used for 2 of the cars is long gone

Dunno if I'm with the same bank anymore lol I love to jump around for the £

Off top of my head 2006 I had one so that's out
Then 2008

The next car was bank loan
Then 0% finance deal so that was fine

Stayed with that car a long time

Think post that the last available one will be 2018

So possibly 2 of my car loans (one Mitsubishi one honda) will be questionable

Cheers just need to hunt down the information, I guess if I can't find it I can just do the firm way
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Go to Money Saving Expert and use their template tool. Helps if you know the finance firm that you had the contract with.

 
I put in a claim with the finance company for my latest PCP, using the Martin Lewis template. I had a previous PCP with the same lender, but didn’t include that as it was interest free.
Got a reply after about a month, which covered both policies (ie including the one I hadn’t mentioned) to advise no DCA was included.
 
It's crazy how many of those finance deals were mis-sold. I haven't personally dealt with this, but I've heard similar stories from friends.
 
GreiginFife said:
Nothing as yet. The action is still working through the courts at the moment.

Last 3 of my cars have all been 0% or 1% deals so doubt there’s owt in it for me.
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Thanks. I’ve had four cars on dealer finance. Low finance rates but might be worth sending a claim in to Mini, Audi and Ford.
 
KenL said:
Thanks. I’ve had four cars on dealer finance. Low finance rates but might be worth sending a claim in to Mini, Audi and Ford.
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Worth a shot. It’s about commission arrangements rather than a lower rate deal elsewhere.

I suppose, technically, I could have been sold a zero percentage deal because the dealer got maximum commission on that. I benefit from it but so did the dealer. An extreme example of course.
 
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